Rs 19,000 crore Jhunjhunwala stock bet likely to see strong Q4 growth, rerating
Titan: Jhunjhunwala held 5.31 per cent stake in the jewellery maker at the end of December quarter. At Thursday's market capitalisation of Rs 3,59,269 crore, her stake in Titan was worth Rs 19,077 crore.
- Mar 12, 2026,
- Updated Mar 12, 2026 10:44 AM IST
Rekha Jhunjhunwala’s top stock holding Titan Company Ltd has scope for both an upward revision to earnings estimates and a potential re-rating, Emkay Global Financial Services said on Thursday. This followed the brokerage's channel checks, which suggested an acceleration in growth momentum in the March quarter so far, compared with about 40 per cent growth reported in the December quarter.
Emkay said the growth momentum was being supported by Titan’s studded jewellery activation, merchandise correction, gold exchange initiatives and celebrity promotions, along with an improvement in buyer sentiment in the second half of the financial year.
The brokerage suggested a target price of Rs 5,000 on the Tata group stock, implying a potential upside of 24 per cent from the prevailing market price of Rs 4,046.80. Jhunjhunwala held 5.31 per cent stake in the jewellery maker at the end of December quarter. At Thursday's market capitalisation of Rs 3,59,269 crore, her stake in Titan was worth Rs 19,077 crore. The stock has gained 35 per cent in the past one year.
"With exponential spike in gold price and weak consumer sentiment, Titan is currently facing challenges in the under-Rs 1 lakh price segment, while other price segments and studded continued to see better buyer growth. In our view, Titan is improving its merchandise with lightweight and lower-karat jewellery, to address entry-level price points; this should help it deliver a healthy (high-teen) EBIT growth in FY27E," Emkay said.
The brokerage noted that despite best-in-class EBIT growth of 25 per cent in 9MFY26, Titan trades 10 per cent lower than its historical mean and at a discount to other large discretionary players such as Avenue Supermarts.
"With continued execution, we believe Titan provides scope for both upward revision to estimates as well as a stock rerating. Key risk would be a prolonged disruption in the global gold supply chain," it said.
Emkay said Titan is pursuing a sizable renovation and expansion of its network. The rationale behind the exercise is to capture incremental consumption occasions with dedicated spaces for categories and restrict the impact of store openings of new competition in its catchments.
Titan is also experimenting with a standalone store format, Rivaah by Tanishq, for high-ticket wedding purchases – a successful pilot is likely to open an opportunity to expand in top cities, Emkay said noting that ‘Wedding’ share is currently at 20 per cent for Tanishq.
Rekha Jhunjhunwala’s top stock holding Titan Company Ltd has scope for both an upward revision to earnings estimates and a potential re-rating, Emkay Global Financial Services said on Thursday. This followed the brokerage's channel checks, which suggested an acceleration in growth momentum in the March quarter so far, compared with about 40 per cent growth reported in the December quarter.
Emkay said the growth momentum was being supported by Titan’s studded jewellery activation, merchandise correction, gold exchange initiatives and celebrity promotions, along with an improvement in buyer sentiment in the second half of the financial year.
The brokerage suggested a target price of Rs 5,000 on the Tata group stock, implying a potential upside of 24 per cent from the prevailing market price of Rs 4,046.80. Jhunjhunwala held 5.31 per cent stake in the jewellery maker at the end of December quarter. At Thursday's market capitalisation of Rs 3,59,269 crore, her stake in Titan was worth Rs 19,077 crore. The stock has gained 35 per cent in the past one year.
"With exponential spike in gold price and weak consumer sentiment, Titan is currently facing challenges in the under-Rs 1 lakh price segment, while other price segments and studded continued to see better buyer growth. In our view, Titan is improving its merchandise with lightweight and lower-karat jewellery, to address entry-level price points; this should help it deliver a healthy (high-teen) EBIT growth in FY27E," Emkay said.
The brokerage noted that despite best-in-class EBIT growth of 25 per cent in 9MFY26, Titan trades 10 per cent lower than its historical mean and at a discount to other large discretionary players such as Avenue Supermarts.
"With continued execution, we believe Titan provides scope for both upward revision to estimates as well as a stock rerating. Key risk would be a prolonged disruption in the global gold supply chain," it said.
Emkay said Titan is pursuing a sizable renovation and expansion of its network. The rationale behind the exercise is to capture incremental consumption occasions with dedicated spaces for categories and restrict the impact of store openings of new competition in its catchments.
Titan is also experimenting with a standalone store format, Rivaah by Tanishq, for high-ticket wedding purchases – a successful pilot is likely to open an opportunity to expand in top cities, Emkay said noting that ‘Wedding’ share is currently at 20 per cent for Tanishq.