Titan Share Price Today: Stock Falls 4% Despite 25% Q2 Revenue Growth; Nomura Retains Buy

7 Oct 2026 , 12:48 PM

Titan Share Price Today: Shares of Titan Company declined nearly 4% on October 7 despite the Tata Group company’s reporting 25% year-on-year growth across its consumer businesses in Q2 FY27. Investors appeared cautious following the business update, with brokerages highlighting both strong revenue momentum and risks to future growth.

Titan shares fell 3.82% to ₹4,376.10 on the NSE as of 12:45 PM, compared with the previous close of ₹4,550. The stock opened at ₹4,439, touched an intraday high of ₹4,440 and slipped to a low of ₹4,335.60.

Titan Q2 FY27 Business Update: Revenue Grows 25%

Titan reported 25% year-on-year growth across its consumer businesses in the September quarter. Domestic businesses grew 22%, while international businesses recorded a sharp 97% increase.

The company added 78 net stores during the quarter, taking its combined consumer business network to 3,758 stores as of September 2026.

However, Titan noted that jewellery demand, which remained healthy through most of Q2, moderated towards the end of the quarter as the festive calendar shifted towards Q3 FY27.

Titan Jewellery Business Grows 21%

Titan’s jewellery business recorded approximately 21% year-on-year growth, with 42 net stores added during the quarter, taking the network to 1,269 stores.

Its jewellery brands — Tanishq, Mia, Zoya and beYon — collectively grew 20%, while CaratLane reported stronger growth of 32%.

Studded jewellery sales increased in the early 30% range, supported by the Festival of Diamonds campaign and brand-level promotions. Plain gold jewellery grew around 20%, while investment-driven coin demand declined in the high single digits against a strong base.

The jewellery business remains central to Titan’s overall performance, but the sustainability of growth amid elevated gold prices and changing consumer demand will be important for investors.

Titan Watches and EyeCare Businesses Maintain Growth

Titan’s watches business grew around 30% year-on-year, with analogue watches recording growth in the early 30% range. Smartwatches returned to growth, posting a high single-digit increase.

The division added 34 net stores during Q2, taking its total network to 1,379 stores.

The EyeCare business recorded 28% growth, supported by store upgrades, an improved merchandise mix and its multi-brand strategy. The division had 847 stores at the end of September.

Titan International Business Jumps 97%

Titan’s international business delivered 97% year-on-year growth during the quarter, with strong double-digit momentum in North America across Tanishq, Mia and CaratLane.

The company’s GCC business remained resilient despite geopolitical volatility, while Damas showed early signs of recovery.

Titan added one net international store during the quarter, taking its overseas network to 164 stores.

Nomura Maintains Buy on Titan, Raises Growth Outlook

Brokerage Nomura maintained its Buy rating on Titan with a target price of ₹5,425.

Nomura expects Titan to deliver 19% consolidated sales growth and 23% EBIT growth in FY27, while projecting a 22% compound annual growth rate in earnings per share (EPS) over FY26–FY29.

The brokerage noted that Titan is trading at around 53 times its estimated March 2028 EPS of ₹86.10 and values the company at 60 times estimated June 2028 EPS.

However, Nomura flagged the possibility of slower sales growth due to high gold prices and competition. It also noted that the high base of jewellery growth could lead to an apparent moderation in growth from Q3 onwards.

Why Are Titan Shares Falling Despite Strong Growth?

Titan’s share price decline, despite the strong Q2 business update, highlights the difference between reported growth and market expectations.

While the company’s jewellery, watches and EyeCare businesses delivered healthy growth, investors may be weighing the sustainability of that momentum against elevated gold prices, competitive pressure and the timing of festive demand.

The shift in the festive calendar towards Q3 could also affect quarterly comparisons, making the next business update important for assessing the durability of growth.

Titan Share Price: Key Levels and Market Data

Particular	Price / Details
Current Price — 12:45 PM	₹4,376.10
Change	-3.82%
Previous Close	₹4,550
Open	₹4,439
Intraday High	₹4,440
Intraday Low	₹4,335.60
Nomura Target Price	₹5,425
Nomura Rating	Buy

What Investors Should Watch

The key factors likely to influence Titan shares in the coming quarters include jewellery demand, gold prices, same-store growth, international business performance and the company’s ability to protect margins amid competition.

The shift in festive demand towards Q3 will also be important in determining whether the strong growth reported in the September quarter continues.

Key takeaway: Titan shares fell nearly 4% despite 25% Q2 consumer business growth. While international operations and jewellery brands delivered strong growth, investors will be watching demand trends, gold prices and competition. Nomura remains positive, with a Buy rating and a ₹5,425 target price.

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