Titan Company shares gained over 3.5% on Friday, November 6, following the announcement of robust Q2FY27 results. The stock touched an intraday high of ₹5,003.90 on NSE, compared with its previous closing price of ₹4,834.60. This positive market reaction represents a significant turnaround from the previous session when shares had declined as much as 3% to ₹4,697 despite delivering strong results. The company's counter outperformed the flat Nifty 50 at 24,518.20, reflecting renewed investor confidence in the jewelry major's performance.
Titan Company delivered exceptional Q2FY27 results with consolidated net profit surging 113.7% to ₹2,393 crore, though this included a ₹671 crore gain from fair value change in NCI put option liability. The company's revenue from operations grew 23.54% year-on-year to ₹20,337 crore compared to the previous year. The profit before interest, depreciation, and tax (PBIDT) was up 91.1% year-on-year to ₹3,799 crore in the quarter ended September 30. According to Business Standard, the jewelry major's jewelry portfolio grew 24% to ₹17,495 crore (excluding bullion and digital gold sales), driven by the 'Festival of Diamonds' and brand-level promotions that drove studded growth in the early thirties.
Jefferies has upgraded its rating on Titan to 'buy' from 'hold' and raised its target price to ₹6,000 from ₹5,000, indicating an upside potential of 24% from its previous closing price. This makes Jefferies the third investment banking firm to give Titan its highest target price of ₹6,000 on the street, joining UBS and Motilal Oswal. UBS maintains a 'buy' recommendation with a target price of ₹6,000 per share, noting that Titan has rallied 43% since October 2025 after staying flat for the previous two years. Citi has a 'buy' recommendation with a target price of ₹5,875 per share, indicating an upside of 21.5% from its previous closing price. Among the 37 analysts covering Titan stock, 30 have a 'buy' rating, five have a 'hold' rating and two have 'sell' ratings, with consensus estimates implying an upside potential of another 9% from current levels.
The jewelry business recorded revenue of ₹17,721 crore, up 7.25% from ₹16,522 crore in the year-ago quarter, marking a moderation in growth after the company reported growth exceeding 40% for three consecutive quarters. As per Nuvama, plain gold grew 20% year-on-year, studded grew 32% while coins declined 7%. The watches segment recorded robust 27% growth, driven by premiumisation and LTL growth of 16%, with both Titan and Helios seeing double-digit LTL growth. The eyewear business reported 28% increase to ₹281 crore. The company added eight Tanishq, 18 Mia, 13 CaratLane and four beYon stores during Q2FY27, demonstrating continued expansion across all retail formats. Citi noted that Titan's domestic jewellery revenue/EBIT grew 20% and 26% respectively with margins improving by 60 basis points to 11.7% compared to their estimate of 10.7%.
Brokerages offered a mixed assessment of Titan's valuations and growth prospects, with target prices ranging from ₹5,300 to ₹5,875. Citi maintains the highest target at ₹5,875, while Goldman Sachs has set a target of ₹5,800. Emkay has assigned an 'Add' rating with a target of ₹5,600, and Morgan Stanley maintains an 'Overweight' rating with ₹5,483 target. Nuvama has a 'Hold' rating with ₹5,479 target, while Bernstein and PL Capital have 'Outperform' and 'Accumulate' ratings respectively with targets of ₹5,400 and ₹5,330. Analysts highlighted improving jewellery margins, strong growth in watches and the expanding CaratLane business, though concerns remain over subdued buyer growth, elevated valuations and competitive pressures.
