Titan Company: Should you buy this Jhunjhunwala stock post Q3 updates?
JM Financial said overall standalone revenue for the Tata group firm is expected to grow 38 per cent YoY led by 40 per cent YoY growth in jewellery business (ex-bullion).
- Jan 7, 2026,
- Updated Jan 7, 2026 8:43 AM IST
Shares of Titan Company Ltd are in focus on Wednesday after the Tata group firm said its revenue grew 40 per cent YoY in the December quarter, led by strong growth in jewellery. The jewellery business grew 41 per cent YoY led by average selling price (ASP) increase, gold exchange program, and strong wedding season. The growth in studded jewellery growth was in mid-twenties for the quarter. Rekha Jhunjhunwala held 5.32 per cent stake in Titan as of September 30, 2024. The stake in worth in excess of Rs 19,000 crore.
JM Financial said overall standalone revenue for the Tata group firm is expected to grow 38 per cent YoY led by 40 per cent YoY growth in jewellery business (ex-bullion). "We expect jewellery EBIT margin of 10.8 per cent (ex-bullion sales; down 40 bps YoY adjusted for custom duty losses in the base). Overall, we estimate standalone Ebidta/PAT growth of 60 per cent/64 per cent YoY," it said.
Antique Stock Broking said the jewellery business recorded like-for-like growth in low thirties. Watches, eyecare and emerging businesses segments delivered 13 per cent, 16 per cent and 14 per cent, respectively. The smart wearables segment in watches continued to be under pressure reporting a 26 per cent YoY decline, mirroring the category pain.
"The international business grew at 79 per cent led by jewelry (TMZ) in the GCC, Singapore, and North America (NA). We marginally increase our estimates and maintain BUY recommendation with a revised target of Rs 4,500 (previously Rs 4,400), valuing the stock at 60 times P/E on 1HFY28 estimates," Antique said.
Centrum Broking said Titan's Q3 updates were largely positive. "Buyer growth remained muted due to sharp gold price inflation; however, studded jewellery continued to witness buyer growth. Jewellery EBIT margins will remain under pressure due to higher growth in gold vs stud jewellery. In the watches segment, the company sustained its double-digit growth momentum for the seventh consecutive quarter, driven by analog watches."
The brokerage said the eyewear business witnessed a sequential pickup in growth momentum despite ongoing store rationalisation.
"Given the strong growth trajectory, we expect earnings upgrades for the stock and maintain a BUY rating," it said.
Shares of Titan Company Ltd are in focus on Wednesday after the Tata group firm said its revenue grew 40 per cent YoY in the December quarter, led by strong growth in jewellery. The jewellery business grew 41 per cent YoY led by average selling price (ASP) increase, gold exchange program, and strong wedding season. The growth in studded jewellery growth was in mid-twenties for the quarter. Rekha Jhunjhunwala held 5.32 per cent stake in Titan as of September 30, 2024. The stake in worth in excess of Rs 19,000 crore.
JM Financial said overall standalone revenue for the Tata group firm is expected to grow 38 per cent YoY led by 40 per cent YoY growth in jewellery business (ex-bullion). "We expect jewellery EBIT margin of 10.8 per cent (ex-bullion sales; down 40 bps YoY adjusted for custom duty losses in the base). Overall, we estimate standalone Ebidta/PAT growth of 60 per cent/64 per cent YoY," it said.
Antique Stock Broking said the jewellery business recorded like-for-like growth in low thirties. Watches, eyecare and emerging businesses segments delivered 13 per cent, 16 per cent and 14 per cent, respectively. The smart wearables segment in watches continued to be under pressure reporting a 26 per cent YoY decline, mirroring the category pain.
"The international business grew at 79 per cent led by jewelry (TMZ) in the GCC, Singapore, and North America (NA). We marginally increase our estimates and maintain BUY recommendation with a revised target of Rs 4,500 (previously Rs 4,400), valuing the stock at 60 times P/E on 1HFY28 estimates," Antique said.
Centrum Broking said Titan's Q3 updates were largely positive. "Buyer growth remained muted due to sharp gold price inflation; however, studded jewellery continued to witness buyer growth. Jewellery EBIT margins will remain under pressure due to higher growth in gold vs stud jewellery. In the watches segment, the company sustained its double-digit growth momentum for the seventh consecutive quarter, driven by analog watches."
The brokerage said the eyewear business witnessed a sequential pickup in growth momentum despite ongoing store rationalisation.
"Given the strong growth trajectory, we expect earnings upgrades for the stock and maintain a BUY rating," it said.