Shares of rallied more than 6 per cent on Wednesday, hitting a fresh record high of ₹4,495, after the company reported a robust business update for the fourth quarter of FY26, driven by strong performance in its core jewellery segment.
The company’s overall consumer businesses posted a growth of around 46 per cent y-o-y during the quarter, underscoring resilient demand despite elevated gold prices. Titan also expanded its retail footprint, adding a net 47 stores during the period, taking its total network to 3,603 stores.
The jewellery segment remained the primary growth driver, delivering about 46 per cent y-o-y growth. Secondary (consumer) sales surged approximately 52 per cent y-o-y, led by strong traction in key brands such as Tanishq and Mia. Importantly, buyer growth improved to high single digits after remaining nearly flat over the previous three quarters, indicating a recovery in consumer demand.
Higher average ticket sizes further supported revenue growth. On the category front, studded jewellery grew in the early thirties per cent range, while plain gold jewellery saw growth in the mid-thirties per cent. Gold coin sales stood out, nearly tripling compared to Q4FY25. Like-to-like growth across jewellery formats remained robust at करीब 48 per cent y-o-y.
Other segments delivered a mixed performance. The watches division grew around 7 per cent y-o-y, driven by a 16 per cent rise in analog watches, while the smart wearables segment declined sharply by 53 per cent. The eyewear business maintained steady momentum with 16 per cent growth, while emerging businesses such as fragrances and women’s bags posted healthy gains of about 30 per cent and 47 per cent y-o-y, respectively.
International operations were a key highlight, with overall growth of approximately 156 per cent y-o-y, supported by strong traction in the GCC and North America markets, despite some disruption in March due to geopolitical tensions in the Middle East.
Brokerages offer mixed outlook
Global brokerages largely remained constructive on the stock. Citi maintained a “neutral” rating with a target price of ₹4,750, noting that domestic jewellery growth of around 46 per cent y-o-y exceeded expectations, aided by strong like-to-like growth and higher ticket sizes.
Goldman Sachs retained a “buy” rating with a target price of ₹5,000, highlighting sharp acceleration in consumer demand and broad-based growth across jewellery categories.
Meanwhile, Morgan Stanley reiterated its “overweight” call with a target price of ₹4,529, stating that strong secondary sales growth of 52 per cent y-o-y and accelerating like-to-like growth significantly beat estimates. Domestic brokerage Motilal Oswal maintained buy at ₹5,200 target price.
The rally in Titan shares reflects sustained investor confidence in the company’s growth trajectory, particularly in its high-margin jewellery segment, even amid volatile gold prices and global uncertainties.