Macquarie has maintained its ‘Outperform’ rating on Titan while cutting the target price to ₹4,000, reflecting concerns over higher lease costs, potential gold price inflation, and Trump’s tariff-related policies that could impact demand.
According to Macquarie, lab-grown diamonds (LGDs) remain a long-term industry trend, but adoption is likely to be gradual. Titan’s cautious approach to LGDs—choosing to wait until there is stronger consumer acceptance—has been viewed positively by the brokerage.
The report also notes that smaller organised jewellery players could face a sharper impact from rising gold lease costs, giving Titan a competitive edge. Despite the near-term headwinds, Titan’s brand strength, operational efficiency, and product diversification position it well for sustained long-term growth.
