Titan Company Ltd. shares are attracting investor attention following the company's provisional fourth quarter results, which showed robust performance across key business segments. According to latest reports, the company's domestic jewellery segment grew around 46% from the previous year, surpassing analyst estimates of 42%. This strong growth was driven by strong like-for-like growth of close to 48% across all jewellery retail formats combined, demonstrating the company's ability to maintain momentum in its core business. The company's consolidated consumer revenue was up 46% from the previous year, reflecting strong demand across its product portfolio, with secondary sales growing by 52% YoY led by Tanishq and well supported by Mia. Buyer growth improved to high single digits after remaining nearly flat over the previous three quarters, indicating a recovery in consumer demand with higher average ticket sizes further supporting revenue growth.
Titan shares rose nearly 7% to hit a fresh record high of ₹4,514 on Wednesday, with the stock closing 6.18% higher at ₹4,492.30 on the BSE. As per The Economic Times, the benchmark NIFTY50 index was trading 3.4% higher while SENSEX gained 3.5% during the same period. The strong market response reflects investor confidence in the company's robust quarterly performance and growth prospects. The company's domestic jewellery business recorded high single-digit buyer growth with significant improvement in ticket sizes, while the studded segment grew strongly in the low 30% range and gold grew by mid-30s with gold coin sales nearly tripling from the previous year. The company net added 27 stores during the quarter, including 8 Tanishq, 14 Mia and 5 CaratLane outlets, taking its total retail network to 3,603 stores.
According to the latest exchange filings, buyer growth improved to high-single digit levels with ticket sizes increasing significantly. The studded segment grew strongly in the low 30% range, while gold grew by mid-30s and gold coin sales nearly tripled from the previous year. The company's Tanishq, Mia, Zoya and newly-launched beYon brands saw 47% growth, while CaratLane grew by 24% on a YoY basis. The watches segment reported 7% YoY growth, comprising 16% growth in analog watches and 53% decline in smart watches category, with 30 new store additions taking the total count to 1,311. The EyeCare business grew 16% YoY, though it saw 20 net store closures during the quarter, reducing its store count to 840. The company net added 170 new stores overall, with 42 new stores in India taking the total count to 3,441. The emerging businesses grew 17% YoY and added 5 new stores, with the total store count rising to 96 at the end of Q4 FY26.
According to the latest exchange filing, Titan's international business surged 156% YoY, led by Damas and strong performance in US and GCC markets, despite significant disruptions in the GCC region in March due to West Asia conflict. The company's diversified portfolio showed strong performance with CaratLane witnessing 24% growth, while watches, eyecare and emerging businesses grew 7%, 16% and 17% respectively. The company net added 170 new stores overall, with 42 new stores in India taking the total count to 3,441. The emerging businesses grew 17% YoY and added 5 new stores, with the total store count rising to 96 at the end of Q4 FY26. The company also renovated 37 stores in the EyeCare segment during the quarter.
Global brokerages have maintained bullish stances on Titan following the strong quarterly results. Morgan Stanley maintained its 'Overweight' rating with a target price of ₹4,529, noting that domestic jewellery growth of 46% YoY was well ahead of estimates, with ex-bullion revenue rising 47% and secondary sales climbing 52%. Goldman Sachs also maintained a 'Buy' rating with a target of ₹5,000, supported by accelerating consumer demand, high-single-digit buyer growth and resilient international performance despite geopolitical disruptions. Citi maintained a 'neutral' rating with a target price of ₹4,750, noting that domestic jewellery growth exceeded expectations aided by strong like-to-like growth and higher ticket sizes. Domestic brokerage Motilal Oswal maintained buy at ₹5,200 target price, reflecting sustained investor confidence in the company's growth trajectory, particularly in its high-margin jewellery segment, even amid volatile gold prices and global uncertainties.
