Motilal Oswal keeps Buy on Titan, sets Rs 6,000 target on Tanishq-led growth outlook
Motilal Oswal reiterated its Buy rating on Titan, valuing the company at 60x September 2028E EPS. The brokerage forecasts FY26-29 sales, EBITDA and adjusted PAT CAGRs of 17%, 21% and 23%, respectively, citing Tanishq’s sourcing, studded-jewellery and youth-focused advantages.
What happened
Titan Company Ltd. · Motilal Oswal reiterated Buy on Titan with a Rs 6,000 target, citing Tanishq’s sourcing, studded-jewellery and youth-focus advantages. It
Key facts
- Buy rating
- Target price: Rs 6,000
- Valuation: 60x September 2028E EPS
- FY26-29E sales CAGR: 17%
- FY26-29E EBITDA CAGR: 21%
What changed
Motilal Oswal reiterated Buy on Titan with a Rs 6,000 target, citing Tanishq’s sourcing, studded-jewellery and youth-focus advantages. It forecasts 17% sales CAGR through FY29 and notes Titan had 3,551 stores as of June 2026.
Why this matters
Titan’s Tanishq-led sourcing strength, studded-jewellery mix and youth appeal support continued store-led growth across its 3,551-store network.
What to watch
- Comparable-store sales growth and new-store productivity across Tanishq, Mia and CaratLane.
- Studded-jewellery mix, gross-margin progression and EBITDA-margin trajectory.
- Gold-price direction, consumer exchange behavior and wedding-season demand.
- Net store additions versus the June 2026 base of 3,551 stores.
- Competitive pricing, discounting and expansion by organized jewellery chains.