Titan Company shares rose more than 3.5 percent in the morning trade on Tuesday after the Tata Group jewellery and lifestyle retailer reported a stronger-than-expected business update for the June quarter, prompting brokerages to reiterate their bullish stance on the stock.
At around 10:00 am, Titan shares were trading at Rs 4,644, up 3.56 percent, extending early morning gains and emerging as the top Nifty gainer. The stock has gained 10.8 percent so far in 2026, outperforming the Nifty 50, which has declined 6.6 percent during the same period. The company commands a market capitalisation of about Rs 3.98 lakh crore.
The company reported 41 percent year-on-year growth in its consumer businesses in the first quarter of FY27, driven by robust demand across jewellery, watches, eyecare and emerging businesses. Domestic business grew 37 percent, while international operations surged 128 percent. Titan also added 77 stores during the quarter, taking its overall retail network to 3,680 stores.
Brokerages broadly said Titan delivered a stronger-than-expected quarter, with jewellery remaining the key growth driver despite elevated gold prices.
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CLSA maintained its 'Outperform' rating with a target price of Rs 5,249, implying about 17 percent upside from Monday's closing price. The brokerage said domestic jewellery revenue rose 39 percent year-on-year, led by strong performance at Tanishq, Mia and Zoya. It also highlighted 42 percent growth in CaratLane, healthy buyer additions in the early double digits, and strong growth in watches, eyecare and international operations.
Nomura reiterated its 'Buy' rating with a target price of Rs 5,000, saying Titan delivered a strong quarter across all business segments. It said that jewellery growth exceeded estimates, supported by both the domestic business and CaratLane. Watches, eyecare and international operations also outperformed expectations.
Morgan Stanley retained its 'Overweight' rating and a target price of Rs 5,182. The brokerage said revenue across Tanishq, Mia, Zoya and Beyon, excluding bullion, grew 39 percent year-on-year, ahead of estimates. It added that buyer growth improved to low double digits and ticket sizes remained strong. Further, healthy demand across plain gold, studded jewellery and gold coins, supported by festive demand and stable gold prices, should help sustain the company's growth momentum.
Citi also maintained its 'Buy' rating with a target price of Rs 5,075. It said domestic jewellery revenue excluding bullion grew 39 percent year-on-year, ahead of expectations, driven by festive demand and Akshaya Tritiya. The brokerage also highlighted 42 percent growth in CaratLane, healthy performance across watches, eyecare and emerging businesses, and the addition of 22 jewellery stores during the quarter.
Earlier, Citi had said Titan remained an outlier in terms of consumer demand despite elevated gold prices and intensifying competition.
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