India's Titan rises; CLSA sees strong Q4 sales and raises TP

Titan

24/03/2026 04:25

** Shares of Titan TITN.NS rise as much as 3.42% to 3,985 rupees

** CLSA maintains "Outperform" rating while raising PT to street high of 4,996 rupees from 4,684 rupees - data compiled by LSEG

** Indian jeweller expected to post 43% y/y consol sales growth in 4QFY26, driven by ~58% jewellery growth and supported by an 82% y/y rise in gold prices on avg during the quarter

** Jewellery growth should remain strong despite fewer wedding days, though EBIT margins may soften to ~10.4% as Titan offers discounts to spur demand

** CLSA notes slightly lower q/q jewellery margins due to higher gold prices and discounting, but sees robust underlying demand

** YTD, TITN down

 (Reporting by Urvi Dugar in Bengaluru)

 ((UrviManoj.Dugar@thomsonreuters.com;))