Titan rises 4% as Macquarie maintains 'Outperform'; top gainer on BSE, NSE

Titan share price today: Eyewear company Titan shares were in focus on Wednesday, June 25, 2025, rising as much as 3.93 per cent to hit an intraday high of ₹3,664.05, on BSE. The stock also emerged as the top gainer on both the BSE and NSE.

 

Around 1:30 PM, Titan share was trading near its day’s high at ₹3,663, up 3.90 per cent, while the BSE Sensex was up 0.88 per cent at 82,777.36 levels.

 

The northward move in Titan share price came after Sydney, Australia-based Macquarie reportedly maintained an ‘Outperform’ rating, with a target price of ₹4,150. The target price reflects an upside of 17.7 per cent from its previous close (June 24) of 3,525.35 per share.

 

 

Macquarie remains optimistic about the company’s near-term prospects, according to reports. It expects healthy demand to support Q1 jewellery growth, even amid elevated gold prices. 

 

The brokerage also believes that jewellery Ebit margins may have bottomed out in FY25, paving the way for recovery.

 

For Q1, Macquarie is projecting a 21 per cent year-on-year (Y-o-Y) growth in both jewellery sales and Ebit. It remains confident in Titan’s FY26 jewellery Ebit margin guidance of 11–11.5 per cent, backed by improving demand and a gradually enhancing product mix.

 

On industry trends, Macquarie noted that the adoption of lab-grown diamonds could slow if recent changes by GIA (Gemological Institute of America) regarding certifications are implemented. Meanwhile, it sees signs of demand recovery in the mined diamond segment. 

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Titan currently holds about a 7 per cent market share in the Indian jewellery market, which has grown at a 13 per cent CAGR over the past 15 years, positioning the company well to benefit from the sector’s long-term growth, the report said.

 

Financially, Titan reported a 13 per cent Y-o-Y rise in net profit to ₹871 crore for Q4FY25, driven by robust sales across key segments. Revenue from operations grew 19.4 per cent Y-o-Y to ₹14,916 crore.

 

Sequentially, however, profit fell 16.8 per cent, and revenue declined 15.9 per cent.

 

Earnings before interest, depreciation, and tax rose 22.4 per cent Y-o-Y to ₹1,653 crore.

 

The jewellery segment, led by brands like Tanishq, Mia, and Zoya, posted a 25 per cent Y-o-Y revenue jump to ₹11,232 crore, with gold and coin sales up 30 per cent and studded jewellery up 12 per cent.

 

The watches and wearables business grew 20 per cent Y-o-Y to ₹1,126 crore, while the eyecare segment saw a 16 per cent rise to ₹192 crore.

 

Emerging businesses, including Taneira and F&FA, registered 5 per cent growth with revenue at ₹102 crore.

 

Nuvama, in a note dated May 8, maintained a ‘Buy’ rating and raised its target price to ₹4,541 from ₹4,115. The revision came on the back of strong Q4FY25 performance and continued demand momentum.

 

According to the brokerage, Titan’s jewellery segment delivered a notable Ebit margin of 11.9 per cent in Q4FY25, outperforming expectations. This was driven by operating leverage, a revived solitaire segment, and modest hedging gains, even as gross margins came under pressure and the studded jewellery ratio declined by 300 basis points year-on-year (Y-o-Y).

 

Despite elevated gold prices, the company posted a 25 per cent Y-o-Y growth in jewellery sales, supported by strong festive and wedding demand. With a higher number of wedding dates in Q1FY26, Nuvama anticipates robust demand continuing into the current quarter.

 

Reflecting this positive outlook, the brokerage raised its FY26 and FY27 revenue estimates by 4 per cent and 5 per cent, respectively, and tweaked PAT estimates upward by 2 per cent and 5 per cent. A valuation rollover to FY27E supports the new target price, it added.