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Economic Times
13-05-2025
- Business
- Economic Times
JM Financial upgrades Titan to Buy., raises target price to Rs 3,725
Synopsis JM Financial has upgraded Titan Company to a Buy rating, setting a target price of Rs 3,725, anticipating high double-digit revenue growth. Despite a recent dip in consolidated total income, the brokerage firm forecasts robust revenue, EBITDA, and PAT CAGR over the next few years. This upgrade is driven by stable margins and expected improvements in financial performance. JM Financial has upgraded Titan Company to Buy (from Hold earlier) with a revised target price of Rs 3, 725 (Rs 3,550 earlier). The current market price of Titan is Rs 3559.5. The time period given by the analyst is a year when Titan price can reach the defined target. Titan Company, incorporated in 1984, is a Large Cap company with a market cap of Rs 316691.08 crore, operating in Gems and Jewellery sector. Tired of too many ads? Remove Ads Titan's key products/revenue segments include Jewellery, Other Operating Revenue, Watches, Eyewear, Others, Other Services for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 15032.00 crore, down -15.87 % from last quarter Total Income of Rs 17,868 crore and up 18.80% from last year same quarter's Total Income of Rs 12653.00 crore. The company has reported net profit after tax of Rs 871 crore in the latest quarter. The company?s top management includes Roy, Puri, Chaudhry, Singhal, Gangadharan, Sivapraksam, Nanduri, Bhat, Pallavi Baldev, Mr.C K Venkataraman, Mr.N N Tata, Mr.B Santhanam. Company has B S R & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 89 Crore shares outstanding. Tired of too many ads? Remove Ads Investment Rationale Surge in gold prices impacted consumer sentiment and resulted in shift towards (i) lower carat products, (ii) light weight jewellery products, and (iii) products with lower making charges. Correction in gold price, if any, will be favourable and will result in increasing number of buyers and improved margins. The management has maintained its Jewellery EBIT margin guidance of 11-11.5% and is targeting high double digit revenue growth for the next few years. JM Financial cut its FY26 EPS estimates by ~1% due to higher interest and depreciation expense, while they increased FY27 EPS estimates by ~2% led by improved EBITDA margin and expected reduction in interest expenses on lower debt and GML rate normalisation. The brokerage has increased its P/E multiple from 55x (earlier) to 57x led by (1) stability in margins, and (2) robust 15%/27%/33% revenue /EBITDA/ PAT CAGR over FY25-27. They have upgraded its rating from HOLD to BUY with a revised target price of Rs 3,725 (earlier Rs 3,550) 57x Mar?27 EPS. Promoter/FII Holdings Promoters held 52.9 per cent stake in the company as of 31-Mar-2025, while FIIs owned 17.82 per cent, DIIs 11.9 per cent. (Disclaimer: Views and recommendations given in this section are the analysts' own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.)
Time of India
13-05-2025
- Business
- Time of India
JM Financial upgrades Titan to Buy., raises target price to Rs 3,725
Titan's key products/revenue segments include Jewellery, Other Operating Revenue, Watches, Eyewear, Others, Other Services for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 15032.00 crore, down -15.87 % from last quarter Total Income of Rs 17,868 crore and up 18.80% from last year same quarter's Total Income of Rs 12653.00 crore. The company has reported net profit after tax of Rs 871 crore in the latest quarter. The company?s top management includes Roy, Puri, Chaudhry, Singhal, Gangadharan, Sivapraksam, Nanduri, Bhat, Pallavi Baldev, Mr.C K Venkataraman, Mr.N N Tata, Mr.B Santhanam. Company has B S R & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 89 Crore shares outstanding. Live Events Investment Rationale Surge in gold prices impacted consumer sentiment and resulted in shift towards (i) lower carat products, (ii) light weight jewellery products, and (iii) products with lower making charges. Correction in gold price, if any, will be favourable and will result in increasing number of buyers and improved margins. The management has maintained its Jewellery EBIT margin guidance of 11-11.5% and is targeting high double digit revenue growth for the next few years. JM Financial cut its FY26 EPS estimates by ~1% due to higher interest and depreciation expense, while they increased FY27 EPS estimates by ~2% led by improved EBITDA margin and expected reduction in interest expenses on lower debt and GML rate normalisation. The brokerage has increased its P/E multiple from 55x (earlier) to 57x led by (1) stability in margins, and (2) robust 15%/27%/33% revenue /EBITDA/ PAT CAGR over FY25-27. They have upgraded its rating from HOLD to BUY with a revised target price of Rs 3,725 (earlier Rs 3,550) 57x Mar?27 EPS. Promoter/FII Holdings Promoters held 52.9 per cent stake in the company as of 31-Mar-2025, while FIIs owned 17.82 per cent, DIIs 11.9 per cent. (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel JM Financial has upgraded Titan Company to Buy (from Hold earlier) with a revised target price of Rs 3, 725 (Rs 3,550 earlier). The current market price of Titan is Rs 3559.5. The time period given by the analyst is a year when Titan price can reach the defined target. Titan Company, incorporated in 1984, is a Large Cap company with a market cap of Rs 316691.08 crore, operating in Gems and Jewellery key products/revenue segments include Jewellery, Other Operating Revenue, Watches, Eyewear, Others, Other Services for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 15032.00 crore, down -15.87 % from last quarter Total Income of Rs 17,868 crore and up 18.80% from last year same quarter's Total Income of Rs 12653.00 crore. The company has reported net profit after tax of Rs 871 crore in the latest company?s top management includes Roy, Puri, Chaudhry, Singhal, Gangadharan, Sivapraksam, Nanduri, Bhat, Pallavi Baldev, Mr.C K Venkataraman, Mr.N N Tata, Mr.B Santhanam. Company has B S R & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 89 Crore shares in gold prices impacted consumer sentiment and resulted in shift towards (i) lower carat products, (ii) light weight jewellery products, and (iii) products with lower making charges. Correction in gold price, if any, will be favourable and will result in increasing number of buyers and improved margins. The management has maintained its Jewellery EBIT margin guidance of 11-11.5% and is targeting high double digit revenue growth for the next few years. JM Financial cut its FY26 EPS estimates by ~1% due to higher interest and depreciation expense, while they increased FY27 EPS estimates by ~2% led by improved EBITDA margin and expected reduction in interest expenses on lower debt and GML rate normalisation. The brokerage has increased its P/E multiple from 55x (earlier) to 57x led by (1) stability in margins, and (2) robust 15%/27%/33% revenue /EBITDA/ PAT CAGR over FY25-27. They have upgraded its rating from HOLD to BUY with a revised target price of Rs 3,725 (earlier Rs 3,550) 57x Mar?27 held 52.9 per cent stake in the company as of 31-Mar-2025, while FIIs owned 17.82 per cent, DIIs 11.9 per cent. (Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
