Titan Company Shares Rise 2% as JPMorgan and Other Analysts See Up to 28% Upside After Call

Shares of Titan Company, India’s largest jewellery retailer, climbed 2% on Friday to hit a day’s high of Rs 4,295 on the BSE, extending their winning streak to a fourth straight session after brokerages reaffirmed a positive outlook on the stock following the company’s latest analyst meeting. The stock gains came even as broader sentiment around gold and jewellery demand remained cautious amid a volatile macro backdrop.

Demand expectations have been under pressure from multiple factors, including reduced hopes of interest rate cuts, higher oil prices tied to tensions in the Iran conflict, an increase in import duties and Prime Minister Narendra Modi’s appeal for consumers to avoid buying gold for a year to help support the rupee. Despite these challenges, Titan presented ambitious medium-term growth targets for FY26 to FY30, aiming to double both consolidated revenue and EBIT over the period. This implies a revenue and earnings CAGR of about 20% through FY30.

Within its domestic jewellery portfolio, which includes Tanishq, Mia and Zoya, Titan expects 2 times revenue growth and 1.9 times EBIT growth. CaratLane is projected to deliver even faster expansion, with management targeting 2.3 times revenue growth and 2.5 times EBIT growth, or about 25% CAGR, supported by premiumisation and operating leverage.

Brokerage houses remained constructive on the company. JPMorgan maintained a Buy rating with a target price of Rs 5,400, indicating upside of about 28% from current levels. The brokerage said Titan’s core jewellery business continues to benefit from structural growth drivers, especially the formalisation of the jewellery market. It also noted that Titan gained 50-60 basis points of market share in FY26. JPMorgan said near-term demand trends remain encouraging, with buyer growth rebounding in the fourth quarter as customers returned to the market amid rising gold prices, wedding-related purchases and better traction in studded jewellery.

JPMorgan added that Titan’s ability to keep demand resilient in a high-gold-price environment remains a key strength. The company’s strategies, including 18-carat and 14-carat jewellery, lightweight products, exchange programmes and grammage-based purchase plans, are helping make jewellery more affordable and accessible.

Motilal Oswal also reiterated a Buy rating, with a target price of Rs 5,250, suggesting upside potential of 24%. The brokerage said Titan continues to outperform other organised jewellery players because of its strong sourcing capabilities, higher studded jewellery mix, youth-oriented offerings and reinvestment-led strategy. It highlighted Tanishq’s strong brand recall and deep competitive moat as major advantages that are difficult to replicate.

JM Financial maintained a Buy rating with a target price of Rs 4,900, implying upside of 16%. It said Titan’s analyst meeting reinforced its positive stance despite near-term pressure from high gold prices and regulatory changes. The brokerage added that management is building growth engines beyond jewellery through investments in eyecare, watches and other emerging segments, supported by premiumisation, omnichannel expansion and category development.

Overall, brokerages view Titan as one of India’s highest-quality consumer discretionary franchises, backed by category leadership, execution strength and long-term growth drivers. Titan shares have gained 11.5% over the past six months and about 22% in the last one year.