Nomura lifts Titan target to Rs 5,000, sees 18% upside despite 100 bps jewellery margin hit
Nomura's Buy call leans on Titan's Vision 2030: 1,400 stores by FY30, 40 new Tanishq and 60 Mia outlets annually, plus 100 Beyon stores. TMZ revenue CAGR pegged at 19%, EPS CAGR at 21% FY26-29. Q4FY26 net profit jumped 35% YoY to Rs 1,179 cr; jewellery revenue up 50% to Rs 18,195 cr.
Nomura raised Titan's target to Rs 5,000 (Buy), citing 19% TMZ revenue CAGR, Vision 2030 expansion to 1,400 stores, and strong Caratlane/Watches/Eyewear growth offsetting a 100 bps jewellery margin hit.