Titan Company shares rose more than 1 percent in early trading on Monday, August 10, making the stock the top gainer on the Nifty 50 after the jewellery and watches company reported a strong performance for the June quarter. The stock was trading around Rs 5,015, while brokerages largely maintained positive views on the company, citing strong jewellery growth, resilient underlying margins and an improving earnings outlook.

Titan reported a 65 percent year on year increase in consolidated net profit to Rs 1,699 crore for the June quarter, significantly ahead of the CNBC TV18 estimate of Rs 1,267 crore. Revenue from operations increased 24.3 percent year on year to Rs 18,101 crore, although it remained below the estimated Rs 19,700 crore.

The company's jewellery portfolio recorded 43 percent year on year growth when excluding bullion and Digi Gold sales, supported by healthy demand during the festival period and Akshaya Tritiya. The watches portfolio grew 21 percent, helped by premiumisation and continued consumer preference for analogue watches, while the smartwatches business recorded a single digit decline.

Citi maintained its Buy rating on Titan and raised its target price to Rs 5,700 per share. The brokerage said jewellery revenue and EBIT increased 38 percent and 33 percent year on year respectively, excluding bullion sales and one offs. Citi also noted that reported profit benefited from a Rs 386 crore customs duty benefit and a mark to market gain of around 75 to 80 basis points.

Citi expects Titan's growth and profitability to remain strong, with further improvement possible from a favourable sales mix. The brokerage expects growth in studded jewellery to outpace gold coin growth and raised its FY27 to FY29 earnings per share estimates by 5 to 10 percent.

HSBC retained its Buy rating with a target price of Rs 5,550 per share. The brokerage highlighted the resilience of Titan's underlying jewellery margin despite several moving parts during the quarter. Jewellery EBIT margin stood at 10.9 percent compared with 11.3 percent in the corresponding period a year earlier.

HSBC expects jewellery growth to moderate slightly in July but forecasts around 30 percent year on year growth in the second quarter of FY27 and 19 percent growth for the full financial year. The brokerage also raised its FY27 and FY28 earnings estimates for Titan's subsidiaries.

JPMorgan retained its Overweight rating with a target price of Rs 5,465 per share. It said Titan's first quarter revenue and adjusted EBITDA were ahead of Street expectations. Domestic jewellery revenue increased 38 percent despite the customs duty hike, supported by a 31 percent increase in transaction values and demand initiatives.

JPMorgan identified Titan's gold exchange programme, lighter and lower carat jewellery offerings and diamond activation as key growth drivers and raised its FY27 and FY28 earnings estimates by 1 to 2 percent.

Jefferies maintained a Hold rating with a target price of Rs 5,000 per share. The brokerage acknowledged strong jewellery revenue growth and a record reported EBIT margin but noted that margins adjusted for mark to market gains and the customs duty benefit were broadly in line with management guidance.

Jefferies said Titan continues to focus on customer acquisition and market share gains, with management targeting a jewellery margin of around 11 percent. The brokerage also expects international profitability to improve as Damas normalises. It raised its FY27 estimates significantly and increased its FY28 and FY29 estimates by around 4 percent.

Titan shares have gained around 22 percent so far in 2026, significantly outperforming the Nifty 50, which has declined around 6 percent over the same period. The company's market capitalisation stands at approximately Rs 4.39 lakh crore.