The share price of Titan fell 3.5% to an intra-day low of Rs 3,472.20 on Wednesday after its Q3FY25 net profit declined marginally. However, most brokerage firms have maintained a positive rating on expectations of growth in margins and steady demand in jewellery prices. The uptick in gold price today, especially after the 8% surge in January is also adding to the optimism. 

Titan share price- Brokerages positive 

The brokerage firm, Morgan Stanley, maintained its ‘Overweight’ call on Titan with a target price of Rs 3,876 per share. According to them, the company slightly missed the jewellery margin estimates in Q3, Caratlane margins rose sharply and that is a positive trigger for the share price over the long term.

Another brokerage house, Goldman Sachs, kept its rating unchanged at ‘Buy’, with a target price of Rs 3,900 per equity share. The brokerage firm raised the FY25 earnings per share estimates by 1.6% while 2.4% for FY26 and FY27. It said that the jewellery margins were ahead of the estimates. Plus, the company’s strong jewellery revenue growth momentum will likely be sustained in the coming quarters. The wedding-related jewellery purchases remained strong in the third quarter of the current financial year, up 29% year-on-year. 

Macquarie, in a research report, said that the company slightly missed its EBITDA estimates on the back of weak watch margins. It maintained its ‘Outperform’ rating on the stock, with a target price of Rs 4,150. Macquarie sees demand strength in the jewellery segment. However, the company sees flattish sales in Taneria ethnic wear despite having a large potential opportunity. 

Titan in Q3

Titan reported a fall of 0.6% YoY in its net profit to Rs 1,047 crore for Q3 FY25, compared to Rs 1,053 crore in the same quarter a year ago. Its sales rose 25.68% YoY to Rs 17,550 crore for Q3 FY25, as against Rs 13,963 crore in Q3 FY24. The jewellery sales grew 25% YoY to Rs 14,700 crore on the back of strong festive demand, higher gold prices, and 29% growth in wedding purchases.

Gold prices surge in 2025  

The gold rate has given a return of more than 35% in the past one year, outperforming the equity benchmark index, Nifty 50. The 24-carat gold price has jumped 5% in the last one week. The cost of gold has risen 9.5% in the last one month. 

Titan Vs Nifty 50

The share price of Titan has risen 4.6% in the last five trading days. The stock has increased 0.9% in the last one month and 3.7% in the past six months. The stock has fallen 1.5% in the last one year.

To compare, the benchmark index, Nifty 50 has risen 2.5% in the past five days. The index has surged 0.5% in the last one month. However, it has fallen 1.3% in the past six months. The index has given a return of more than 9% in the last one year.