Tata Group stock hits 52-week high after stellar Q2 results; three global brokerages turn bullish — check target prices

Titan Share Price: After posting its September-quarter earnings, Titan Company Ltd has once again lived up to its reputation as one of Tata Group’s most consistent performers. The company’s numbers broadly met market expectations, with solid growth across its jewellery, watches and eyewear segments — though margin pressures took a bit of the shine off its profits.

The stock rallied more than 2 per cent on Tuesday, scaling a fresh 52-week high of Rs 3,826, as investors took comfort in the underlying demand strength and upbeat commentary from leading brokerages.

Early festive boost lifts growth

An early start to the festive season and a round of exchange offers helped Titan deliver healthy sales across its key verticals. Revenue from Jewellery excluding bullion reported a growth 19 per cent year-on-year, while the watches and eyewear segments expanded 13 per cent and 9 per cent, respectively.

Flagship brands such as Tanishq, Mia, and Zoya brought in around 14% like-to-like growth aided by higher store traffic and a rise in average ticket size. Analysts said the early onset of festive buying, coupled with Titan’s strong retail presence, provided a meaningful tailwind to its Q2 performance.

Still, profit margins came under strain. A larger contribution from gold-coin sales and a lower share of studded jewellery reduced operating leverage. Higher promotional spending and rising gold prices also chipped away at profitability.

Despite the near-term margin headwinds, most brokerages have stayed positive on the stock.

Nomura maintained Buy call with a Rs 4,275 target, citing a strong festive outlook and consistent execution.

Morgan Stanley continues to rate the stock Overweight with a Rs 3,953 target, highlighting better-than-expected EBITDA and PAT.

Macquarie has reiterated its Outperform rating and set a target of Rs 4,150.

UBS, meanwhile, has taken a more balanced view, maintaining a Hold call with a Rs 4,700 target, saying margins held steady at 11.1% even with elevated costs.

The company expects its growth momentum to continue into the second half, aided by the festive season and store expansion plans. Titan intends to open about 40 new outlets and refurbish another 70 to 80 in FY26. New product launches in lower price bands are also being lined up to attract a wider customer base.

While high gold prices may keep pressure on margins, the company believes demand from weddings and a growing preference for lightweight designs will support volumes.