By BullScreen Editorial Team 
Titan Company delivered a stronger-than-expected business performance in the first quarter of FY27, strengthening confidence in its growth outlook. Following the robust update, brokerage Nomura maintained its ‘Buy’ rating on the stock and reiterated its ₹5,000 target price. The company’s performance has also drawn attention ahead of Q1 results 2027, as investors look for confirmation of the strong momentum.
According to Nomura, Titan’s consolidated sales growth, excluding bullion, rose 41% year-on-year, comfortably beating its estimate of 37% and the broader market expectation of 31%. The brokerage said every major business segment delivered stronger-than-expected growth, reflecting healthy consumer demand.
The jewellery business, including CaratLane, recorded 39% sales growth, supported by festive buying and strong demand during Akshaya Tritiya. CaratLane outperformed with 42% year-on-year growth, significantly higher than Nomura’s estimate of around 20%, helped by stable gold prices. Buyer growth improved to early double digits during the quarter, while higher gold prices pushed average transaction values into high double-digit growth.
Titan also expanded its retail footprint aggressively by opening 22 Tanishq, Mia and Zoya stores along with 11 CaratLane outlets, exceeding brokerage expectations. Nomura believes this faster expansion could further support growth in the second half of FY27.
The watches segment posted 23% sales growth, nearly double Nomura’s forecast of around 12%, driven by premium analogue watches. Eyecare revenue also increased 23%, while international sales surged 128% year-on-year, supported by strong GCC demand and improving performance at Damas Jewellery.
Looking ahead to Q1 results 2027, Nomura expects Titan to maintain its leadership in the organised jewellery market and forecasts a 21% EPS CAGR between FY26 and FY29, driven by market share gains, store expansion and continued consumer preference for trusted branded jewellers.
| Metric | Q1 FY27 Update |
|---|---|
| Brokerage View | Nomura reiterates ‘Buy’ |
| Target Price | ₹5,000 per share |
| Consolidated Sales Growth (Ex-Bullion) | 41% YoY |
| Nomura Estimate | 37% YoY |
| Street Consensus | 31% YoY |
| Jewellery Sales Growth | 39% YoY |
| CaratLane Sales Growth | 42% YoY |
| Watches Sales Growth | 23% YoY |
| Eyecare Sales Growth | 23% YoY |
| International Sales Growth | 128% YoY |
| New Stores Opened | 22 Tanishq/Mia/Zoya + 11 CaratLane |
| Long-Term Outlook | 21% EPS CAGR (FY26–FY29, Nomura estimate) |
| Segment | Key Takeaway |
|---|---|
| Overall Business | Sales growth exceeded both Nomura and market estimates. |
| Jewellery | Strong festive demand and stable gold prices boosted sales. |
| CaratLane | Demand improved sharply, outperforming brokerage expectations. |
| Watches | Premium analogue products drove stronger-than-expected growth. |
| Eyecare | Broad-based demand supported healthy revenue growth. |
| International Business | Strong GCC demand and recovery at Damas Jewellery lifted sales. |
| Store Expansion | Faster retail expansion is expected to support growth in H2 FY27. |
| Investment View | Nomura remains positive, expecting continued market share gains from organised jewellery retail. |