2026-01-10 05:56:39 pm | Source: Motilal Oswal Financial Services Ltd
Buy Titan Company Ltd for the Target Rs. 4,650 by Motilal Oswal Financial Services Ltd
* We model 28% standalone revenue growth (excl. bullion) and Tanishq LTL growth of 23% in 3QFY26.
* Standalone Jewelry EBIT (ex-bullion) margin is expected to decline 50bp YoY to 10.7% impacted due to weak mix (high gold coin) on rise in gold prices.
* Caratlane business revenue is expected to grow 30% YoY, while EBIT margin is expected to up marginally by 20bp YoY to 11.9%.
* We expect healthy double-digit growth in watches, eyewear, and other businesses.
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