Titan share price rallies after Q3 business update; should investors chase the rally?

Titan Share Price Today: Shares of Tata Group’s Titan Company Ltd. surged as much as 4 per cent on Wednesday, January 7, after the company’s December quarter business update pointed to strong momentum across its core businesses. The stock touched a fresh record high of Rs 4,290 during the session and was trading 4.1 per cent higher at Rs 4,281. Titan shares have gained nearly 10 per cent over the past one month.

Domestic sales rise 38 per cent in December quarter

In an exchange filing released after market hours on Tuesday, Titan said its domestic sales grew 38 per cent year-on-year in Q3, aided by higher average selling prices, which helped offset largely flat buyer growth during the period.

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Jewellery business drives topline growth

Titan’s core jewellery business reported a strong 41 per cent year-on-year growth, led by brands such as Tanishq, Zoya and Mia, which grew around 40 per cent, while CaratLane posted a sharper 42 per cent growth.

The company said plain gold jewellery grew in the late-30s, while the studded jewellery segment recorded its best performance in FY26 so far, growing in the mid-twenties. Sales of gold coins nearly doubled compared with the December quarter of FY25.

Watches, eyecare and emerging businesses post steady growth

The Watches business grew 13 per cent year-on-year, driven by strong demand for analog watches, while the smartwatch segment declined 26 per cent during the quarter.

The Eyecare business grew 16 per cent, and emerging businesses reported a 14 per cent growth, supported by continued traction in fashion accessories. Titan’s international business stood out, registering a sharp 79 per cent growth from the year-ago period.

Brokerages raise targets after Q3 update

Following the strong business update, several global brokerages raised their price targets on Titan.

Goldman Sachs maintained its ‘Buy’ rating and raised its target price to Rs 4,850 from Rs 4,500, one of the highest targets on the Street.

Nomura reiterated its ‘Buy’ rating with a target of Rs 4,500, citing consolidated sales growth excluding bullion that came in much above estimates, along with better-than-expected jewellery performance, including CaratLane.

Jefferies maintained its ‘Hold’ rating while raising its target to Rs 4,400 from Rs 3,950.

Citi also retained a ‘Hold’ stance, increasing its target price to Rs 4,400 from Rs 3,950.

JP Morgan maintained a ‘Neutral’ rating and raised its target to Rs 4,400 from Rs 3,820, reflecting improved growth visibility post the December quarter update.

Outlook remains supported by brand strength and pricing power

Analysts said Titan’s Q3 update reinforces confidence in its pricing power, brand-led demand and diversified business model, even as consumption trends remain mixed across categories.