Brokerages Morgan Stanley, Citi and JP Morgan reviewed Titan's Q2 business update, noting weaker than expected jewellery growth due to festive season shift to Q3

Wed 7 Oct 2026

Morgan Stanley target price

5483

Citi target price

5,700

JP Morgan revised target price

5540

JP Morgan previous target price

5650

Domestic jewellery ex-coin growth

20 percent

Heard on business television between 08:58:10 - 09:01:10 IST.

• Morgan Stanley maintained overweight with target price of 5483, said Q2 jewellery growth below expectation but noted better mix and margin potential, good bio growth momentum.
• Citi maintained buy with target price of 5700, said studded mix is positive but festive shift and gold coin sales (on high base) weighed on growth; domestic jewellery ex-gold coin grew 20% vs estimate of 27%, global prices up 46%.
• Citi estimated gold coin decline at 24-25%, noted studded jewellery accelerating to early 30s% vs 20% growth in plain gold as a key positive for margin expansion.
• JP Morgan maintained overweight but cut target price to 5540 from 5650, expecting negative stock reaction post Q2 revenue miss; flagged management commentary on festive demand and margin delivery as key monitorables.
• Anchor and guest discussed that Titan stock could fall to around 4350 and called that a buying opportunity given support levels.

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