Titan shares shine after Q2 results; Three analysts expect the stock to test ₹6,000 levels

Shares of Titan Company Ltd. gained over 3% on Friday, November 6, as global investment banking firms continued to express their optimism on the Tata Group company after its second quarter results that were reported after market hours on Thursday.

Nomura has maintained its “buy” recommendation on the Titan stock and has increased its target price to ₹6,150 per share from ₹5,425 apiece. This is the highest target price on the stock and indicates an upside of 27.2% from its previous closing price.

Jefferies has upgraded its rating on the Titan stock to “buy” and raised its target price to ₹6,000, while UBS and Citi too have maintained their respective “buy” recommendation. JPMorgan has a “neutral” rating.

Jefferies Upgrades Titan

Jefferies has upgraded its rating on Titan to “buy” from “hold” and has raised its target price to ₹6,000 from ₹5,000. This indicates an upside potential of 24% from its previous closing price.

Titan delivered a strong second quarter despite gold price volatility and a shift in festive season, with record high reported jewellery margin and over 20% domestic revenue growth.

Its international performance was bolstered by acquisition, and like-for-like growth strong.

Titan’s management intends to focus on topline growth with an eye on market share, which Jefferies said is just what a leader should be doing, while retaining its 11% jewellery margin guidance.

UBS Maintains Bullish Stance On Titan

UBS has a “buy” recommendation and a target price of ₹6,000 per share on Titan.

It said Titan has rallied 43% since October 2025 after staying flat for the previous two years. This was driven by significant revenue growth acceleration, and beating expectations by a wide margin.

Titan’s consistent operating performance and margin delivery rises above the narrative of gold price volatility and rising competition, it said.

UBS is of the view that Damas could unlock another engine for growth and value creation as the West Asia situation normalizes.

Studded jewellery is now growing at an accelerated rate again. The segment grew 32% in the second quarter from last year and was the third successive quarter to report growth in the 30s.

Titan is a key beneficiary of the long-term shift from the unorganized to organized sector in jewellery and one of the most compelling compounding India consumer stories, UBS added.

Citi Also Says Buy Titan

Citi has a “buy” recommendation with a target price of ₹5,875 per share on Titan. This indicates an upside of 21.5% from its previous closing price.

Citi said Titan’s domestic jewellery (TMZ) revenue/EBIT grew 20% and 26%, respectively (excluding bullion and one-off) with margins improving by 60 basis points to 11.7% compared to the investment banking firm’s estimate of 10.7%.

Titan’s profit after tax growth of 5% was higher, led by one-time benefit of custom duty of (₹490 crore) partly offset by month-to-month loss of 60 basis points in jewellery, Citi said.

Titan’s management highlighted that the festive season witnessed a strong start with some softness in the interim. it added that its priority is to drive buyer growth and revenue growth and these are levers to offset weak gold price impact on ticket size, it added.

While growth in the second quarter will likely be soft compared to the first quarter due to high base bundled with moderating gold price, Citi believes, overall earnings growth will still be relatively strong (high teens) with potential to surprise through mix improvement.

JPMorgan Remains On The Sidelines

It said Titan’s second quarter earnings before interest taxes (EBIT) were ahead of expectations, led by better-than-expected margins for domestic jewellery and watches, though its earnings lagged estimates due to higher finance costs.

Its domestic jewellery revenue grew 21% from last year, largely ticket-size as overall buyer growth remained flat.

Encouragingly, JPMorgan’s core jewellery continued to witness healthy demand and positive buyer growth, while declining gold coin sales weighed on headline growth.

The company’s management remained optimistic on sustaining this momentum as stable or softer gold prices improve affordability.

Caratlane’s EBIT margin was weaker than anticipated, though, as format the format invested heavily to drive the door-to-door (DD) buyer growth, JPMorgan added. The key investor debate remains sustainability of topline growth in the second half as gold price-led ticket size tailwind moderates, it added.

JPMorgan has a “neutral” rating on Titan and has a target price of ₹5,540 per share. This indicates an upside of 14.6% from its previous closing price.

Titan Shares Are A Buy Or Sell

Of the 37 analysts who have coverage on the Titan stock, 30 have a “buy” rating, five have a “hold” rating and two have “sell” ratings. The consensus estimates of price targets implies an upside potential of another 9% from current levels.

Shares of Titan are trading 2.7% higher on Friday, having recovered from the opening lows at ₹4,960.5. The stock is up 23% so far this year.