Synopsis : Titan’s aggressive FY30 expansion strategy across jewellery, watches, eyewear, and international markets has strengthened brokerage confidence in the stock. Motilal Oswal and Nuvama continue to maintain 'Buy' ratings, citing strong market share gains and long-term earnings growth potential.
India’s leading lifestyle and jewellery retailer, Titan Company, is drawing renewed optimism from brokerages after unveiling its ambitious FY30 growth roadmap. With plans to double revenue across key business segments and significantly expand its retail footprint, analysts believe the company remains well-positioned to capitalize on India's growing consumer spending and increasing shift toward organized retail.
- Brokerages Remain Bullish on Titan
Both Motilal Oswal and Nuvama Institutional Equities have reiterated their positive stance on Titan.
Motilal Oswal maintained its 'Buy' rating with a target price of ₹5,260, implying an upside potential of nearly 24% from current levels. Meanwhile, Nuvama retained its 'Buy' recommendation with a target price of ₹5,030, suggesting an upside of approximately 18.6%.
According to both brokerages, Titan’s long-term growth strategy, coupled with its strong brand portfolio and expanding market share, supports sustained earnings growth over the coming years.
- FY30 Vision: Revenue and Profit Set to Double
Titan has outlined an ambitious plan to nearly double its consolidated revenue and earnings before interest and tax (EBIT) by FY30.
The company expects its core jewellery business—including Tanishq, Mia, and Zoya—to achieve nearly two-fold revenue growth while expanding profitability through premiumisation, network expansion, and operating leverage.
Brokerages highlighted that Titan's strong balance sheet and diversified sourcing channels are expected to help mitigate potential regulatory challenges in the gold and jewellery industry.
- Jewellery Business Remains the Growth Engine
The jewellery segment continues to be the centerpiece of Titan’s growth strategy.
The company plans to expand its jewellery retail network to around 1,400 stores by FY30, while increasing its domestic market share to approximately 11%, up from about 8.5% in FY26.
Analysts believe industry formalisation, growing consumer trust in branded jewellery, and market share gains from unorganized players will continue to drive growth.
Titan's emerging brands are also witnessing strong traction. Mia by Tanishq has grown into a ₹2,000 crore business, while premium jewellery brand Zoya is targeting revenue of ₹500 crore in the coming years.
- CaratLane, Watches and Eyewear Add Multiple Growth Drivers
Beyond jewellery, Titan's diversified portfolio offers additional growth opportunities.
Motilal Oswal expects:
- CaratLane revenue to grow 2.3x by FY30
- Eyewear business revenue to grow 2.2x
- Watches and wearables revenue to grow 2.1x
Nuvama highlighted that CaratLane continues to be one of Titan’s fastest-growing businesses, with management targeting a 23% revenue CAGR through FY30 alongside further margin expansion.
Titan Eye+ is also expected to benefit from increasing demand for premium eyewear and vision care products, while the watches segment is likely to gain from premiumisation and higher-value product categories.
- International Business Becomes Increasingly Important
Titan’s global expansion strategy is another key pillar of its FY30 roadmap.
Brokerages expect international jewellery operations—including Tanishq International, Mia, and Damas—to deliver strong growth over the next several years.
Motilal Oswal estimates that overseas businesses could achieve 2.5x revenue growth and 5.5x EBIT growth by FY30. Damas, in particular, is expected to benefit from growing demand across Gulf markets while serving both local customers and the Indian diaspora.
- Why Analysts Remain Positive
Both brokerages agree that Titan's combination of:
- Strong brand equity
- Market share gains
- Organized retail penetration
- Expanding store network
- Diversified growth engines
positions the company favorably for long-term value creation.
While margin pressures may emerge due to a changing product mix, analysts believe management's focus on absolute earnings growth and market share expansion should continue to drive shareholder returns.
- Conclusion
Titan’s FY30 roadmap reinforces its ambition to remain one of India's fastest-growing consumer-facing companies. With aggressive expansion plans across jewellery, eyewear, watches, CaratLane, and international markets, brokerages remain confident about the company's ability to deliver sustained earnings growth. As a result, both Motilal Oswal and Nuvama continue to see meaningful upside potential in the stock over the coming years.
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