Rekha Jhunjhunwala's stake in Titan has surged in value by over ₹1,000 crore this quarter, reflecting a 6% rise in Titan's share price. According to Trendlyne, the combined value of the portfolios of Rakesh Jhunjhunwala and Associates and Rekha Jhunjhunwala stood at ₹1.12 lakh crore as of 29 September. Rekha Jhunjhunwala, through her two accounts, cumulatively held 4,71,84,470 shares of Titan at the end of Q1FY27, with the stock trading at ₹4,405.30 per share on 30 June. At current levels with Titan shares ending at ₹4,684 on BSE, her holding is valued at ₹22,101.2 crore, representing a ₹1,315 crore increase in the July-September quarter.
According to Jignanshu Gor, Director and Senior Research Analyst at Bernstein, Titan is positioned for sustainable growth with a revised target price of ₹5,400. The brokerage maintains Titan as its top pick for the full year, with third-quarter year-on-year gold price growth expected to be low, making revenue expansion heavily dependent on buyer growth. As reported by CNBC-TV18, Gor explained that because Titan is a retailer, the growth process is more sustainable compared to newly listed jewellery peers. The firm supports management's strategy of offering discounts to acquire consumers and capture market share, even if it pressures sequential or annual margins. Titan shares are up 6% in Q2FY27 and have gained nearly 16% year-to-date, with the stock rising 38% over the last one year and hitting a 52-week high of ₹5,187.45 on 27 August.
The quick commerce sector has consolidated around four to five key players, with Blinkit holding a 45 to 55 percent share of order volumes. According to Gor's analysis, pricing-led competition is already moderating, particularly in grocery items, as Blinkit and Swiggy have reduced pricing to pursue profitability. Zepto has scaled back consumer discounts, redirecting its marketing budget toward its membership-based Zepto Club. The industry benchmark for achieving scale is crossing 1,000 dark stores, which provides sufficient geographic coverage to process a million or more orders per day. Amazon and Flipkart are also gradually tapering customer acquisition incentives as they accelerate their expansion, pointing to a further slowdown in competitive intensity.
Vinit Bolinjkar from Ventura maintains a 'hold' view with a target price of ₹5,343, noting that upside to the target price is only 13% at current levels. Santosh Meena from Swastika Investmart recommends existing long-term holders can continue holding while fresh investors should accumulate on dips toward ₹4,400-₹4,500. Technical analysts suggest a 'buy-on-dips' strategy with initial deployment near ₹4,700-₹4,750 levels and secondary accumulation around ₹4,375-₹4,400. Shitij Gandhi from SMC Global Securities notes that Titan continues to trade within a broader rising channel, with immediate resistance at ₹5,000-₹5,200 and key support at ₹4,600. A decisive breakout above ₹5,200 could trigger the next leg toward higher targets of ₹5,700-₹6,000.
Recent developments regarding the Merchant Discount Rate (MDR) are not expected to meaningfully impact the broader coverage universe, according to Bernstein's analysis. Most transactions involve premium consumers with average order values typically below ₹2,000, making the MDR a minor factor. The broader apparel sector is currently facing headwinds, while Flipkart is currently at the industry benchmark stage of crossing 1,000 dark stores, with Amazon projected to reach this threshold by the upcoming festive season. Titan reported strong Q1FY27 results with consolidated revenue up 29% year-on-year and PAT rising 63% to ₹1,777 crore, driven by healthy jewellery demand, network expansion, premiumisation and solid international traction.
