Titan Company‘s ambitious FY30 growth plans have received backing from both Motilal Oswal and Nuvama Institutional Equities, with the brokerages retaining their ‘Buy’ ratings after the company’s analyst meet and outlining a multi-year growth runway across jewellery, CaratLane, watches, eyewear and international operations.
Motilal Oswal maintained a ‘Buy’ rating with a target price of Rs 5,250, implying 23.8% upside, while Nuvama retained its ‘Buy’ rating with a target price of Rs 5,030, implying 18.6% upside. Both brokerages pointed to Titan’s plans to significantly expand its jewellery business, gain market share in a still-fragmented industry and scale emerging businesses over the next four years.
The brokerages said Titan’s strategy remains centred on strengthening its position in organised jewellery retail while using premiumisation, store expansion and brand-led growth to drive earnings over the medium term.
Motilal Oswal on Titan Company: ‘Buy’
Motilal Oswal reiterated its ‘Buy’ rating on Titan Company with a target price of Rs 5,250, implying 23.8% upside.
The brokerage said Titan is targeting consolidated revenue and earnings before interest and tax growth of around two times by FY30. Within the domestic portfolio, the jewellery business comprising Tanishq, Mia and Zoya is expected to deliver around two times revenue growth and 1.9 times earnings before interest and tax growth. CaratLane is expected to grow revenue by 2.3 times and earnings before interest and tax by 2.5 times, while the eyewear business is targeting 2.2 times revenue growth and 2.5 times earnings before interest and tax growth by FY30.
Motilal Oswal said, “Titan is well-positioned to navigate these issues through continued diversification of gold sourcing avenues (temple jewelry, exchange, etc). The company’s superior balance sheet should also help mitigate the impact of regulatory tightening.”
The brokerage added, “Given Titan’s long-term growth prospects and the historically positive stock performance following a year of regulatory announcements, we maintain a positive outlook.”
According to Motilal Oswal, Titan’s jewellery business continues to benefit from market-share gains and network expansion. The brokerage noted that the company plans to expand its jewellery network to about 1,400 stores by FY30, while targeting domestic jewellery market share of nearly 11% by FY30 from about 8.5% in FY26.
Nuvama on Titan Company: ‘Buy’
Nuvama retained its ‘Buy’ rating on Titan with a target price of Rs 5,030, implying 18.6% upside.
The brokerage said management is targeting a doubling of standalone jewellery revenue by FY30, supported by industry formalisation and continued expansion of the retail network. Nuvama expects Titan to increase its domestic jewellery market share to 11% by FY30 from 8.5% currently, largely by capturing demand from the unorganised market.
Nuvama said, “Management targets doubling FY26 standalone jewellery revenue by FY30, driven by network expansion and industry formalisation.”
The brokerage added, “CaratLane exhibits strong profitability with guidance pointing to a 23% top-line CAGR and a further approximately 90 basis-point margin expansion by FY30.”
While maintaining its positive stance, Nuvama trimmed its FY27 and FY28 earnings estimates to factor in management’s guidance on margin pressure from a higher mix of lower-margin products. Even so, the brokerage said Titan’s focus has shifted towards maximising absolute earnings growth and expanding market share rather than protecting percentage margins.
Jewellery business remains centrepiece of FY30 strategy
Both brokerages identified the jewellery segment as the primary growth engine for Titan over the next four years.
Motilal Oswal said the company is targeting nearly two times revenue growth in jewellery by FY30, supported by premiumisation and operating leverage. The brokerage also pointed to increasing contributions from old-gold exchange programmes and continued expansion of Tanishq, Mia and Zoya.
Nuvama highlighted management’s ambition to double domestic jewellery revenue by FY30 through a 19% to 20% compound annual growth rate. The brokerage noted that Titan plans to increase its store network to around 1,400 outlets by FY30 while continuing to absorb market share from smaller unorganised players.
The company is also scaling newer brands. Nuvama noted that Mia by Tanishq has grown to a revenue run-rate of about Rs 2,000 crore in FY26 from roughly Rs 100 crore before the pandemic, while Zoya is targeting revenue of Rs 500 crore.
CaratLane, eyewear and watches add to the growth runway
Beyond jewellery, both brokerages pointed to strong growth ambitions across Titan’s other businesses.
Motilal Oswal said CaratLane is targeting 2.3 times revenue growth and 2.5 times earnings before interest and tax growth by FY30. The brokerage also expects the eyewear business to achieve 2.2 times revenue growth and 2.5 times earnings before interest and tax growth during the period. The watches division is expected to deliver 2.1 times revenue growth and 2.2 times earnings before interest and tax growth.
Nuvama highlighted that CaratLane has historically delivered a 39% revenue compound annual growth rate and is expected to scale its business by 2.3 times by FY30. The brokerage also pointed to Titan Eye+’s target of reaching gross consumer realisation of Rs 3,500 crore by FY30, implying a 25% to 26% compound annual growth rate.
The brokerage further noted that the watches and wearables division is targeting revenue growth of about 2.1 times by FY30, supported by premiumisation and expansion across higher-value categories.
International operations also feature prominently in growth plans
Titan’s international jewellery business is expected to become a larger contributor over the coming years.
Motilal Oswal said the company expects overseas businesses including Tanishq International, Mia and Damas to reach 2.5 times revenue growth and 5.5 times earnings before interest and tax growth by FY30. The brokerage noted that Damas alone is targeting more than two times revenue growth with high single-digit earnings before interest and tax margins.
Nuvama said Damas has provided guidance to deliver two times revenue growth by CY29 from its streamlined operating base. The brokerage also highlighted Titan’s strategy of serving both the Indian diaspora and local consumers across Gulf markets through separate brand positioning.
Conclusion
Both Motilal Oswal and Nuvama remain constructive on Titan after management unveiled its FY30 roadmap. While the brokerages differ slightly on valuation and target prices, both retain ‘Buy’ ratings.The common thread across both reports is the expectation that Titan’s combination of brand strength, organised retail penetration and multi-brand growth strategy can support sustained earnings growth over the next several years.
Disclaimer: The specific stock ratings, target prices, and corporate growth projections discussed in this report are based on institutional equity research from Motilal Oswal and Nuvama Institutional Equities and do not constitute direct buy, sell, or hold recommendations for retail investors. Equity investments in consumer discretionary, organized retail, and luxury goods sectors are subject to distinct market risks, including shifting consumer preferences, regulatory changes in gold sourcing, and input price volatility. Because individual financial goals, risk thresholds, and portfolio requirements vary significantly, readers are strongly advised to consult a SEBI-registered investment advisor or a qualified financial professional before making specific capital allocations based on these brokerage forecasts.
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