Nomura keeps Buy rating on Titan stock at INR 5,425

Published on 10/13/2026 at 09:03 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Titan's Q2 consumer businesses grew 25.00 percent year on year. Titan stock added 78 stores and reached 3,758 outlets in Q2 FY27.

Nomura retained its Buy rating on Titan and set a INR 5,425 target on October 7, 2026.
Titan's consumer businesses grew 25.00 percent year on year in the second quarter of fiscal 2027.
The company added 78 stores, taking its network to 3,758 outlets as of September 2026.
Titan was trading at INR 4,437.00 on the NSE on October 13, 2026, while its market capitalization was INR 3.9 trillion.

Titan, INE280A01028, Illustration mit AI erstellt.

Titan Company (ISIN INE280A01028) was trading at INR 4,437.00 on the NSE on October 13, 2026 at 12:31 p.m. IST. On October 7, 2026, Nomura retained its Buy rating and set a INR 5,425 target for Titan stock, according to BusinessToday. The target leaves a gap of 22.27 percent from the NSE price, using both values in INR.

Three October events shaped the view

On October 6, 2026, Titan reported 25.00 percent year-on-year growth in consumer businesses for the second quarter of fiscal 2027 and added 78 stores, according to The Economic Times. The combined network reached 3,758 stores, while domestic businesses grew 22.00 percent and international operations grew 97.00 percent.

On October 7, 2026, Citi retained its Buy rating and cited a INR 5,700 target, while Nomura retained its Buy rating with a INR 5,425 target, BusinessToday reported. That sequence puts the 21.00 percent jewellery growth rate beside a clear growth-versus-expectations debate.

What does the store growth mean?

The operating update broadens the investment case beyond jewellery. Titan added 42 jewellery stores to reach 1,269, while watches added 34 stores to reach 1,379, according to CNBC TV18. CaratLane grew 32.00 percent and watches grew 30.00 percent in the second quarter of fiscal 2027.

The counter-factor is concentration in the jewellery cycle. BusinessToday reported that Nomura expects Titan to face a high comparison base and said elevated gold prices could moderate the benefit to revenue growth. The same report cited a 19.00 percent fiscal 2027 sales-growth forecast and a 23.00 percent EBIT-growth forecast from Nomura.

Titan stock remains below its yearly high

Titan's NSE price of INR 4,437.00 on October 13, 2026 stood below the 52-week high of INR 5,186.70 and above the 52-week low of INR 3,506.50. The market capitalization was INR 3.9 trillion on the same date, and the stock was listed in the NIFTY 50.