Shares of Titan Company rose over 3% in early trade, with the stock trading around Rs 4,225 on the NSE, after the company reported a robust Q3 FY26 business update and multiple brokerages upgraded their outlook or reiterated positive views.
The rally follows Titan’s disclosure of strong revenue momentum across consumer businesses, led by a sharp acceleration in its jewellery segment. Overall consumer businesses reported around 40% year-on-year growth during the quarter, supported by broad-based expansion across jewellery, watches, eyecare and emerging categories. Domestic business grew 38% YoY, while international business surged 79% YoY.
Jewellery leads growth momentum
The jewellery business remained the key driver, recording 41% YoY growth in Q3 FY26, a sharp acceleration from 18% YoY in the first half of FY26. Growth was supported by higher average selling prices amid elevated gold prices and steady consumer demand across segments. Titan’s brands including Tanishq, Mia, Zoya and CaratLane delivered strong performance, while the company also launched its lab-grown diamond brand ‘beYon’ toward the end of the quarter.
Brokerages highlighted that while jewellery margins may moderate year-on-year due to an adverse mix, EBIT growth is expected to remain strong given the scale of revenue expansion.
What brokerages said
Goldman Sachs maintained a Buy rating on Titan and raised its target price to Rs 4,850, citing sharp revenue acceleration led by jewellery, along with strong growth in watches, eyewear and international operations.
Citi reiterated a Neutral rating with a target price of Rs 4,125. The brokerage noted that standalone domestic jewellery (excluding bullion) grew 40% YoY, significantly ahead of its estimates, driven largely by higher ASPs, flattish buyer growth, and a doubling of gold coin sales. Citi also highlighted store additions at Tanishq and strong growth at CaratLane.
Nomura retained its Buy rating with a target price of Rs 4,500, calling the Q3 update a significant beat, with consolidated sales growth (ex-bullion) of about 40% YoY, well above expectations.
Segment-wise performance
During the quarter, watches grew 13%, led by strong festive demand, eyecare rose 16% on higher omni-channel sales, and emerging businesses grew 14%, supported by fragrances and women’s bags, though Taneira saw a modest decline.
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