Titan Share Price: Shares of Tata Group giant Titan Company fell nearly 5% on Tuesday, July 8. In fact, the company’s consumer business grew 20% in the first quarter ending June 2025, but growth in the jewelry segment was lower than expected, disappointing investors and brokerage houses.
Titan added 10 new stores in the quarter, taking the total retail network to 3,322 stores. Domestic business grew 19% year-on-year. Watches contributed 23% to this, while Caratlane showed strong growth of 38%. Titan’s jewelry category, which includes Tanishq, Mia and Zoya, grew just 18%, while the TMZ brand grew 17%.
Titan’s total stores in the domestic market have now increased to 3,291. The international business also performed well and has grown 49% year-on-year to a total of 31 international stores.
Titan shares were trading 4.7% lower at Rs 3,494.2 on the NSE at 9:20 am on Tuesday. Volatility in gold prices during May-June weakened customer sentiment. Due to expensive gold, customers turned to lighter weight and lower carat jewellery.
International brokerage firm Morgan Stanley has retained its ‘overweight’ call on Titan and has kept the stock’s target price at Rs 3,876. According to Morgan Stanley, there has been a major decline in jewellery growth in Q1 and buyer growth has remained almost stagnant.
Domestic brokerage firm Emkay Global said, “Titan’s jewellery growth stood at 17% in Q1, while in previous trends it used to be around 25%. In such a situation, high-teen growth estimates for FY26 are now under threat.” Emkay Global has reiterated a ‘reduce’ call on Titan and has a target of Rs 3,350 for the stock.
Sales of high-margin studded jewellery (which is typically in double digits) are also under pressure due to lower footfalls. Price hikes have seen revival in the past as well, but this time recovery hopes will have to be weighed against last year’s strong base growth, as custom duty cuts in Q2/Q3FY25 have led to pent-up demand.
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