Titan Company Ltd.’s share price rose 0.47 per cent on Friday after Morgan Stanley revised its target price upward by nearly 13 per cent to Rs 5,102 from Rs 4,529, citing stronger-than-expected performance in the jewellery segment. The brokerage maintained its ‘Overweight’ rating, upgrading revenue and earnings estimates over the medium term on sustained domestic demand, even as it flagged mild pressure on jewellery margins.
In the jewellery division, secondary (consumer) sales were higher, growing by 52 per cent YoY led by Tanishq and well supported by Mia, the exchange filed. “Within categories, studded grew strongly in early thirties, gold (plain) clocked growth in the mid-thirties and coins nearly tripled in sales, respectively compared to Q4FY25,” th exchange filing said.
In the watched division growth came at 7 per cent YoY which comprised of 16 per cent YoY growth in analog watches and 53 per cent YoY decline in the Smart Watches category. Analog growth was led by Titan, Sonata and International brands reflecting sustained consumer interest in both premium and entry levels alike. Premiumisation trends contributed to healthy ticket size increases in the quarter, the company said.
In EyeCare segment business grew 16 per cent YoY and the company renovated 37 stores, closing 32 stores and adding 12 new stores during the quarter for the segment.
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