shares jumped 4.49 per cent to ₹3,571.60 on Wednesday morning, emerging as the top gainer on the Nifty50 index, after the jewellery-to-watches conglomerate reported stronger-than-expected revenue growth for the September quarter.
The stock opened at ₹3,474 and touched an intraday high of ₹3,578, with over 24.88 lakh shares changing hands worth ₹883 crore by mid-day.
The company’s consumer businesses registered 20 per cent year-on-year growth in Q2FY26, driven primarily by its jewellery segment which grew 19 per cent. Morgan Stanley maintained its overweight rating with a target price of ₹3,953, noting that Tanishq, Mia and Zoya revenues grew 18 per cent against its 12 per cent estimate.
The brokerage highlighted that high gold prices substantially increased ticket sizes, offsetting marginal declines in buyer counts.
Bernstein retained its outperform rating with an aggressive ₹4,200 target, citing jewellery revenue growth of around 20 per cent aided by festive and wedding demand. The firm noted that Tanishq’s like-for-like growth and new store additions surprised positively due to festive promotions, though margins may face pressure from increased advertising and discounting.
JPMorgan struck a cautious note with a neutral rating and ₹3,500 target, acknowledging the festive momentum but attributing growth primarily to gold price-led revenue expansion rather than volume gains.
Titan added 55 stores during the quarter, expanding its retail network to 3,377 locations. The international business surged 86 per cent, with Tanishq more than doubling its US operations and posting strong double-digit growth in the Gulf region. The watches segment grew 12 per cent, while eyecare expanded 9 per cent.
Analysts highlighted that last year’s high base effect from customs duty cuts was offset by the early onset of festive season in September this year compared to October 2024.
The company deployed significant consumer promotions including exchange offers to stimulate demand amid elevated gold prices. Studded jewellery outpaced plain gold jewellery with mid-teens growth.