Buy Titan Company Ltd For Target Rs. 4,250 by Motilal Oswal Financial Services Ltd
* We model 22% standalone revenue growth (excl. bullion) and Tanishq LTL growth of 14% in 1QFY26.
* Standalone Jewelry EBIT (ex-bullion) margin is expected to remain stable YoY at 11.2%.
* Caratlane business’s revenue is expected to grow >20% and EBIT margin is expected to expand 200bp YoY to 7% in 1QFY26.
* We expect healthy double-digit growth in watches, eyewear, and other businesses.

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