Domestic brokerage firm Motilal Oswal has reiterated its Buy rating on Titan Company Ltd. with a target price of ₹6,000, based on 60 times September 2028E earnings per share. According to the brokerage's research report dated September 11, 2026, the recommendation is supported by strong growth projections across key financial metrics. As per Motilal Oswal, the brokerage met with Titan Company's CFO Mr. Ashok Sonthalia to discuss industry trends, demand outlook, competitive intensity, and the company's growth trajectory. The research report indicates that the recommendation is supported by strong competitive positioning and growth trajectory in the jewelry industry.
The brokerage models a compound annual growth rate of 17% in sales, 21% in Ebitda, and 23% in adjusted profit after tax over FY26-29E. As reported by Motilal Oswal, these projections reflect the company's strong competitive positioning and growth trajectory in the jewelry industry. The firm's research indicates that Titan continues to outperform other branded players in the market, with the company's brand recall and business moat remaining not easily replicable. According to CNBC TV18, the strong earnings growth expectations are driven by the company's superior execution track record and competitive advantages in the jewelry sector.
According to Motilal Oswal's latest research, Titan's jewelry market share has increased to 8.5% in FY26 from 4.5% in FY19 and is targeted to reach ~11% by FY30. The company plans to expand its jewelry network from 824 stores (ex-CaratLane) in FY26 to 1,400 stores by FY30. Management remains confident of achieving its FY30 targets, including ~20% revenue CAGR (FY26-30) at the consolidated level, backed by higher execution intensity. As per Motilal Oswal, the company remains comfortable with sustaining jewelry EBIT margin at around the ~11% level over the medium term.
Titan Company stock was trading 0.4% lower at ₹4,985 per share on BSE with a market capitalisation of ₹4,42,561.40 crore at 1:08 pm on Friday, September 11. The stock had touched an intraday high of ₹5,014.30 per share and an intraday low of ₹4,943.75 per share. The company scrip has a return on equity (ROE) of 35.39% and its share price value has declined 2.58% in one month. However, the stock has delivered 23.8% return in three months and around 38.99% return in one year, as reported by Mint.
According to the brokerage, Titan maintains superior competitive positioning through superior sourcing capabilities, studded ratio optimization, youth-centric focus, and reinvestment strategy. As reported by Motilal Oswal, the company's brand recall and business moat are not easily replicable, with Tanishq's competitive edge remaining strong in the category. The store count reached 3,551 as of June 2026, with the expansion story remaining intact. As per CNBC TV18, these competitive advantages position Titan as the preferred choice in the jewelry segment, with the company's superior sourcing capabilities and youth-centric focus providing sustainable competitive advantages.
According to Motilal Oswal, Titan Company is expected to remain among the top players in the jewelry industry, supported by its strong historical execution track record. The brokerage remains constructive on growth in the jewelry industry, particularly among top players, with Titan as the bellwether and best positioned to benefit from its superior historical execution track record. The company is well positioned to benefit from the industry's constructive growth outlook, with stability in gold prices further improving margin visibility for the company. The non-jewelry business is also scaling up well and will contribute to growth in the medium term, as highlighted in the brokerage report.
