The value of Rekha Jhunjhunwala’s 5.32 per cent stake in Titan Company Ltd crossed Rs 20,000 crore as the stock hit a fresh record high in Wednesday’s trade. At 9.58 am, the Tata group scrip was trading 4.15 per cent higher at Rs 4,281.90 apiece. At this price, her stake, as of September 30, 2025, was worth Rs 20,212 crore, up nearly Rs 800 crore from Rs 19,416 crore in the previous session. December quarter shareholding data is yet to be released.
The fresh surge on the Titan counter came as the company released better-than-expected Q3 business updates. Analysts are optimistic.
Nomura said it sees Titan Company as a key beneficiary of the rising affluent and elite income population in India, with sales growth at 1.5-2 times GDP over the medium term. It noted that Titan one of the faster-growing jewellery players and has gained market share from 5 per cent in FY19 to 8 per cent in FY24. It expects Titan to continue to grow faster than the industry and gain share to 10 per cent by FY28F from unorganised players (60 per cent of the industry) as players seeking correct carat-age, better designs and experience.
"We see a structural improvement in its revenue per store/sq.ft. with increased ticket size, formalisation and higher contribution from wedding jewellery to 25 per cent of sales over the next 3-5 years from 20 per cent currently which will be supportive for better than peers' sales growth and also improvement in margins," it said.
Centrum Broking said Titan’s Q3 business update was largely positive, though buyer growth remained muted due to sharp gold price inflation. It noted that studded jewellery continued to see buyer growth, while jewellery Ebit margins were expected to remain under pressure due to faster growth in gold jewellery compared with studded jewellery. In watches, the brokerage said Titan sustained double-digit growth for the seventh consecutive quarter, led by analog watches. It added that the eyewear business saw a sequential pickup in growth momentum despite ongoing store rationalisation.
JM Financial said standalone revenue was expected to grow 38 per cent year on year, driven by 40 per cent year-on-year growth in the jewellery business excluding bullion. It estimated jewellery Ebit margin at 10.8 per cent, down 40 basis points year on year after adjusting for custom duty losses in the base. JM Financial said it expected standalone Ebitda and PAT to grow 60 per cent and 64 per cent year on year respectively.
Antique Stock Broking said the jewellery business recorded like-for-like growth in the low thirties, while watches, eyecare and emerging businesses posted growth of 13 per cent, 16 per cent and 14 per cent respectively. It noted that the smart wearables segment remained under pressure, reporting a 26 per cent year-on-year decline. Antique said international business grew 79 per cent year on year, led by jewellery under the Tanishq Middle East brand across the GCC, Singapore and North America. On the back of the performance, the brokerage marginally raised its estimates and maintained a Buy rating, increasing its target price to Rs 4,500 from Rs 4,400, valuing the stock at 60 times earnings based on first half FY28 estimates.
Rekha Jhunjhunwala's 5.32 per cent stake, as of September 30, 2025, was valued at Rs 20,212 crore today, up nearly Rs 800 crore over Rs 19,416 crore in the previous session.
