India's Titan rises on Q2 profit beat; analysts reiterate margin concerns

Titan

04/11/2025 04:52

** Titan TITN.NS rises 2% to 3,798 rupees

** Jeweller and watchmaker reports 59% y/y rise in Q2 profit, beating estimates

** EBIT margin contracts 55 bps to 10.8% as consumers shift to investment-grade gold coins, lower-carat jewellery as gold soars

** Nomura says results largely in line; festive demand could lift sales in Q3

** JP Morgan says domestic jewellery business sustained momentum with 18% y/y growth, but higher mix of gold coins and promotions to spur demand pressured margins

** Macquarie says continued ~15% and above y/y sales growth in studded jewellery in festive season encouraging, but sustained drag on margin from higher sales of low-margin gold coins "concerning"

** Stock rated "buy" on avg; median PT is 4,000 rupees, per data compiled by LSEG

** YTD, TITN gains ~15%

 (Reporting by Ananta Agarwal in Bengaluru)

 ((Ananta.Agarwal@thomsonreuters.com))