Titan shares hit new high; rallies 22% in CY25, outperforms Sensex

Titan Company share price today

Shares of Titan Company hit a new high of ₹3,957.65, up 1 per cent on the BSE in Friday's intra-day trade on improving growth outlook. 

 

The stock price of the company engaged in gems, jewellery and watches business has surpassed its previous high of ₹3,954.9 it touched on November 20, 2025. It has bounced back 20 per cent from its three-month low price of ₹3,307.35 touched on September 26, 2025.

 

Meanwhile, thus far in the calendar year 2025, Titan Company has outperformed the market by surging 22 per cent. In comparison, the BSE Sensex is up 8 per cent so far in the year. 

 

What's driving Titan stock from September low?

In July to September 2025 (Q2FY26) quarter, Titan registered a strong performance in the backdrop of inflated gold prices. The domestic jewellery business witnessed a strong recovery in consumer momentum during the Navratri festive period. Tanishq's attractive gold exchange offer helped to sustain sales despite elevated gold prices. The overall growth was led by ticket size improvements, with buyers witnessing a marginal decline compared to Q2FY25.

 

The quarter witnessed a slow start, and performance progressively improved with the early festive commencement in September. The demand momentum in Navratri was particularly strong, leading to a healthy 21 per cent year-on-year (Y-o-Y) growth in consolidated revenue of ₹16,407 crore in Q2FY26. Earnings before interest and taxes (Ebit) grew 51.4 per cent Y-o-Y at ₹1,799 crore.

 

Titan's jewellery business, in particular, benefitted immensely from this late surge, underscoring the enduring consumer affinity for our brands of Tanishq, Mia, Zoya and CaratLane. With the festive season driving positive consumer sentiment, the management said the company remains focused on strengthening brand salience and accelerating growth across all its businesses. 

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Brokerages' view on Titan Company

Titan, with its superior competitive positioning (in sourcing, studded ratio, youth-centric focus, and reinvestment strategy), continues to outperform other branded players, analysts at Motilal Oswal Financial Services (MOFSL) said in the Q2 result update. The brand recall and business moat are not easily replicable; therefore, Tanishq’s competitive edge will remain strong in the category, analysts said.

 

Meanwhile, gold prices have inflated sharply over the past 2-3 years, significantly impacting consumer sentiment, ticket sizes, and product mix. Elevated prices have led to higher coin demand, a shift toward lower caratage products, and higher reliance on exchange offers. The brokerage firm reiterates FY26-28 EPS estimates and maintains a target price of ₹4,500.

 

Meanwhile, elevated gold prices are accelerating rapid industry consolidation with easing competitive intensity for national chains. Unorganised jewellers (53 per cent of the market) are under pressure due to outright inventory buying, lack of hedging, and limited liquidity, leading to delays in design refreshes and store expansions. PL Capital’s Channel checks suggest many regional players have deferred FY26 rollouts.

 

The brokerage firm believes this is likely to benefit large, organised players that have stronger sourcing, working-capital structures and can maintain design breadth. With easing discounting pressure, analysts believe Titan's jewellery margins have likely bottomed out and expect the company to deliver Sales/EPS compound annual growth rate (CAGR) of 16.1 per cent/20.6 per cent over FY26–FY28. Analysts reiterate Buy rating on the stock with unchanged target price of ₹4,397.

 

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Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.