One of the key Tata Group companies, backed by veteran investor Rekha Jhunjhunwala, reported a strong 20% year-on-year growth in the second quarter of FY26.
The company expanded its retail footprint, saw robust jewellery sales driven by festive demand and higher gold prices, and continued its international push.
Global brokerage JP Morgan has shared its outlook on the stock, maintaining a neutral stance while highlighting the factors behind its performance.
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The company under discussion is Titan Company Limited, part of the Tata Group, which has posted nearly 20 per cent year-on-year (YoY) growth in its consumer businesses for the second quarter of FY26.
The company also expanded its presence by adding 55 new stores, taking its total store count to 3,377 as of September 2025.
Jewellery Business Leads Growth
The jewellery segment, Titan’s largest business, grew 19 per cent YoY. Higher gold prices boosted the average ticket size, even though the number of buyers was slightly lower.
Festive demand arrived earlier this year, helping sales along with exchange offers and marketing campaigns.
Studded jewellery saw mid-teen growth, while gold coins continued to do well. Titan also opened its first wedding-focused store, “Rivaah,” in Delhi.
CaratLane, its digital-first brand, delivered 30 per cent growth with 10 new stores, while Tanishq and Mia added 24 outlets combined.
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Watches and Other Businesses
The watches business grew 12 per cent YoY, mainly led by analog watches, which rose 17 per cent. The smart wearables segment, however, fell 23 per cent in line with weak demand across the industry.
Titan added 15 new watch stores across Titan World, Helios, and Fastrack.
In EyeCare, growth stood at 9 per cent, supported by sunglasses, international brands, and e-commerce sales. Among emerging businesses, fragrances rose 48 per cent and women’s bags grew 90 per cent YoY.
International Expansion
Titan’s international business grew strongly, up 86 per cent YoY. Tanishq more than doubled its sales in the United States and also reported double-digit growth in the GCC region.
During the quarter, Titan opened a new Tanishq store in Virginia, USA, as part of its overseas push.
JP Morgan’s View
Global brokerage JP Morgan maintained a ‘Neutral’ rating on Titan with a target price of Rs 3,500, compared to the current market price (CMP) of Rs 3,418.
It noted that festive demand and attractive offers supported jewellery growth, while higher gold prices also lifted revenues.
With Q2 revenue coming in better than expected, JP Morgan sees a possible positive move in Titan’s share price in the near term.
Rekha Jhunjhunwala’s Stake
Well-known investor Rekha Jhunjhunwala continues to hold a significant stake in Titan.
According to BSE data, she owns 3.62 crore shares, or 4.08 per cent, and an additional 95.40 lakh shares, or 1.07 per cent.
Her investment in Titan makes the stock a closely watched market asset.
Stock Performance and Valuation
Titan’s share price has shown mixed trends recently. It gained 1.46 per cent in the past week but slipped 0.68 per cent over two weeks, 6.79 per cent in one month, and 6.83 per cent over three months. Over six months, the stock is up 12.99 per cent.
For longer horizons, Titan is down 4.76 per cent in one year but up 3.18 per cent in two years. The stock has delivered 172.63 per cent returns in five years and 890.30 per cent in ten years.
Titan trades in a 52-week range of Rs 2,947.55 to Rs 3,750 and has a market capitalisation of about Rs 3,03,317 crore. It is also a key component of the BSE Sensex index.
