Sharekhan’s research report on Titan Company Ltd
Jewellery business continues to shine, registering a 23% y-o-y growth driven by double-digit growth in footfalls. Watches and emerging business registered strong growth of 21% and 24% y-o-y, respectively, during the quarter. Sustained growth in jewellery business, store expansion plans and better growth in watches business will help the company to clock earnings growth of 20% over FY2023-2026E.
Outlook
We retain a Buy on Titan with a revised price target of Rs. 4,112. Stock trades at 46x/40x its FY2025E/26E EV/EBIDTA.
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