Nomura lifts Titan target to Rs 5,000, sees 18% upside despite 100 bps jewellery margin hit

Nomura's Buy call leans on Titan's Vision 2030: 1,400 stores by FY30, 40 new Tanishq and 60 Mia outlets annually, plus 100 Beyon stores. TMZ revenue CAGR pegged at 19%, EPS CAGR at 21% FY26-29. Q4FY26 net profit jumped 35% YoY to Rs 1,179 cr; jewellery revenue up 50% to Rs 18,195 cr.

— Source publishedTue, 9 Jun, 2026, 17:23 IST·First seen Tue, 9 Jun, 2026, 18:25 IST·Source Financial Express · BrandWagon

What happened

Nomura raised Titan's target to Rs 5,000 (Buy), citing 19% TMZ revenue CAGR, Vision 2030 expansion to 1,400 stores, and strong Caratlane/Watches/Eyewear growth

Key facts

  • target Rs 5,000
  • 18% upside
  • TMZ revenue CAGR 19%
  • 100 bps margin contraction
  • EPS CAGR 21% FY26-29
  • 1,400 stores by FY30
  • 40 new Tanishq + 60 Mia stores annually
  • 100 Beyon stores
  • TMZ share 8.5% to 11%
  • Q4FY26 net profit Rs 1,179 cr +35% YoY
  • total income Rs 20,300 cr +46%
  • jewellery Rs 18,195 cr +50%
  • dividend Rs 15

Why this matters

Titan's aggressive multi-format expansion and 19% TMZ revenue CAGR signal heightened competitive intensity in organised jewellery, raising the strategic cost of inaction for regional players and potential consolidation targets.