Titan Share Price Jumps 4% to Record High: What’s Driving the Rally in the Jhunjhunwala Stock

Shares of Titan Company surged sharply in early trade on Wednesday, climbing over 4% to touch a fresh 52-week high, as investors reacted positively to the company’s strong third-quarter business update and upbeat brokerage commentary. The stock, long associated with late investor Rakesh Jhunjhunwala, continued its upward momentum amid optimism around sustained growth in Titan’s core jewellery business.

The stock opened higher at Rs 4,200.45 compared with its previous close of Rs 4,111.10. During the session, it hit an intraday high of Rs 4,282.00 and a low of Rs 4,200.45. At around mid-morning trade, Titan was trading near Rs 4,276, reflecting a gain of more than 4%. The volume-weighted average price for the session stood at Rs 4,254.78, indicating strong buying interest across market participants.

Titan’s valuation remains rich, with its price-to-earnings ratio staying above 50 for the past four trailing quarters. Despite this premium, investors appear willing to pay up, betting on the company’s long-term growth prospects, brand strength, and expanding retail footprint.

Strong Q3 Business Update Lifts Sentiment

The rally in Titan shares followed the company’s Q3FY26 business update, which showed robust growth across key segments. Titan reported a 40% year-on-year growth in its overall consumer businesses during the December quarter, underlining resilient demand despite a challenging macro environment.

The company’s international business stood out, posting a 79% year-on-year growth, while domestic operations grew 38% compared with the same period last year. Titan also continued to expand its retail presence, adding 56 new stores during the quarter and taking its total store count to 3,433 across India and overseas markets.

Jewellery, Titan’s largest and most profitable segment, delivered a standout performance. The jewellery portfolio recorded a 41% year-on-year growth in Q3FY26, driven primarily by higher average selling prices. While the number of buyers remained largely flat, premiumisation and higher ticket sizes supported revenue growth. Like-for-like sales growth at flagship brands Tanishq and CaratLane remained healthy, registering growth in the low thirties.

The watches segment reported a 13% year-on-year increase, led by strong demand in the analogue category, which grew 17%. However, the smart watch segment saw a 26% year-on-year decline due to lower volumes, even as average selling prices remained broadly stable.

Other verticals also posted steady growth. The eyecare business grew 16% year-on-year, while the fragrances segment recorded a 22% increase. Titan’s international jewellery brands, including Tanishq, Mia, and CaratLane, collectively reported an 81% year-on-year growth, highlighting the company’s success in scaling operations beyond India.

Brokerages Remain Bullish

Brokerage firms have reiterated their positive stance on Titan following the Q3 update. Nomura has maintained a ‘buy’ rating on the stock with a target price of Rs 4,500. The brokerage expects Titan’s earnings per share to grow at a compound annual growth rate of 24% between FY26 and FY28, supported by rising disposable incomes among affluent consumers and increasing preference for organised jewellery retailers.

Nomura also believes Titan’s sales growth could outpace India’s GDP growth by 1.5 to 2 times over the medium term, helping the company increase its jewellery market share to around 10% by FY28. Expansion into Tier 2, Tier 3, and Tier 4 cities, along with a shift toward branded and trusted players, is expected to fuel this growth.

Similarly, Antique Stock Broking has retained its ‘buy’ recommendation and raised its target price to Rs 4,500. The brokerage forecasts strong growth in revenue, operating profit, and net profit over the next three years, driven by steady jewellery demand, improving margins, and better performance from non-jewellery segments.

With strong execution, expanding reach, and consistent demand for its core offerings, Titan’s latest rally reflects investor confidence that the company can sustain its growth trajectory, even at premium valuations.