Revenue rose 24.6% to ₹16,523 crore, while EBITDA (earnings before interest, tax, depreciation and amortization) margin improved to 11.1% from 9.4% a year ago.
Global brokerage Jefferies maintained a ‘Buy’ rating on Titan and raised its price target to ₹3,800 from ₹3,600. The brokerage highlighted strong growth across jewellery and watches, along with margin expansion.While part of the margin gain was driven by one-off factors, adjusted EBITDA also exceeded forecasts. Most of these one-offs are expected to reverse in subsequent quarters, Jefferies said.
Firm gold prices remain a challenge for the jewellery segment, impacting buyer growth, though higher ticket sizes offset some of the pressure. Titan has retained its market share in jewellery after gains in FY25.
CLSA maintained its ‘Outperform’ rating with a price target of ₹4,394, citing 21% year-on-year standalone sales growth. Domestic jewellery sales rose 18% YoY (17% YoY excluding bullion sales). Jewellery business margin (ex-bullion) stood at 11.5% versus 11.2% YoY and 11.9% QoQ, ahead of estimates.
Overall EBIT was 14% above estimates (6% adjusted for one-offs). The company reiterated its guidance of a standalone jewellery margin of 11.0-11.5% and healthy double-digit growth in the jewellery business for FY26.
Goldman Sachs also has a ‘Buy’ rating, raising its price target to ₹4,200 from ₹4,000.The brokerage said that Q1 FY26 results came in ahead of estimates even after adjusting for one-offs. Management reiterated its jewellery margin guidance of 11.0-11.5%. While Q2 FY26 will have a high base for jewellery, the quarter has started strongly.
The watches segment also delivered another strong quarter.
Citi maintained a ‘Neutral’ rating on Titan, with a price target of ₹3,900.
While near-term growth outlook remains strong, compared to other discretionary categories, Citi remains cautious on medium-term margins and profitability amid elevated competitive intensity, higher gold prices and adverse product mix.
Motilal Oswal said Titan’s superior competitive positioning, in sourcing, studded ratio, youth-centric focus, and reinvestment strategy, continues to drive outperformance versus other branded players.
The brokerage said Tanishq’s brand recall and competitive moat are not easily replicable, and the company’s expansion story remains intact, with store count reaching 3,322 as of June 2025. Non-jewellery businesses are also scaling up well and are expected to contribute meaningfully to medium-term growth.
While acknowledging that valuations remain rich, Motilal Oswal said Titan offers a long runway for growth with a proven execution track record. It reiterated a ‘Buy’ rating with a price target of ₹4,150.
Of the 34 analysts that have coverage on Titan, 24 maintained their ‘Buy’ recommendation on the stock, six said ‘Hold’, while four of them had a ‘Sell’ rating.
Shares of Titan ended 0.46% lower on Thursday at ₹3,402. The stock has risen 5% so far in 2025.
