Motilal Oswal reiterates Titan Buy, sees ~20% upside to ₹6,000
Motilal Oswal retained its Buy rating on Titan Company, citing jewellery-market share gains, store-network expansion and a multi-format portfolio. The brokerage forecasts FY26–29E sales, EBITDA and profit CAGRs of 17%, 21% and 23%, respectively.
What happened
Titan Company · Motilal Oswal reiterated a Buy on Titan with a ₹6,000 target, citing its expanding store network, multi-format portfolio and strong jewellery
Key facts
- Buy rating
- Target price: ₹6,000 per share
- Implied upside: around 20%
- Jewellery market share: 8.5%
- FY26-29E sales CAGR: 17%
What changed
Motilal Oswal reiterated a Buy on Titan with a ₹6,000 target, citing its expanding store network, multi-format portfolio and strong jewellery positioning. The brokerage expects Titan to benefit disproportionately from branded jewellery sector growth and stable gold prices.
Why this matters
Motilal Oswal’s reiterated Buy and ₹6,000 target imply roughly 20% upside, supported by projected FY26–29E sales, EBITDA and profit CAGRs of 17%, 21% and 23%.
What to watch
- Quarterly jewellery revenue growth materially above or below management and consensus expectations.
- Net store additions, store closures, and evidence that newer formats are cannibalising rather than expanding demand.
- Gold-price volatility, import-duty or hallmarking changes, and their effect on consumer conversion and inventory economics.
- Competitive expansion and discounting by organised jewellery rivals, especially in tier-2 and tier-3 markets.
- Changes in studded mix, margin commentary, inventory days and working-capital intensity.