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Nomura raises Titan target to Rs 5,425 as jewellery growth defies gold-price surge
Nomura retained its Buy rating on Titan and lifted its target to Rs 5,425 after strong Q1 FY27 jewellery-led growth, resilient buyer additions despite elevated gold prices, guided margins, and improving studded-jewellery mix.
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Reported figures
From the report. Source details below
| Nomura Buy target price: | Rs 5,425, raised from Rs 5,000 |
|---|---|
| Implied upside: | 10% |
| Q1 FY27 consolidated net profit: | Rs 1,777 crore, up 63% YoY |
| Q1 FY27 total income: | Rs 20,753 crore, up 40% YoY |
| Jewellery revenue excluding bullion: | Rs 18,253 crore, up 43% YoY |
| Jewellery revenue growth: | 41% YoY |
| Watches growth: | 21% YoY |
| Eyewear growth: | 21% YoY |
| Emerging Businesses growth: | 36% YoY |
| Buyer growth: | 5% YoY |
| TMZ average ticket size growth: | 31% YoY |
| Gold price rise: | 60% YoY |
| TMZ adjusted EBIT margin: | 11.7% |
| CaratLane adjusted EBIT margin: | 10.1% |
| Studded sales growth: | 34% YoY |
| FY26-29 projected EPS CAGR: | 22% |
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