Titan Company Limited has delivered robust performance in Q4FY26, with consumer businesses recording approximately 46% year-on-year growth while expanding its retail footprint to reach 3,603 stores overall with the addition of 47 net stores during the quarter. The company's North America operations emerged as a standout performer, achieving approximately 50% year-over-year growth and continuing its strong momentum in the region.

Quad Analyst Coverage: Varied Perspectives

Morgan Stanley has maintained an Overweight rating on Titan with a target price of ₹4,529, following the company's strong 46% YoY domestic jewellery growth beat. The brokerage highlighted the impressive 47% growth across Tanishq/Mia/Zoya/beYon brands, high single-digit buyer growth, higher ticket sizes, gold coin sales tripling, plain gold mid-30% growth, and studded growth in the early-30% range.

Goldman Sachs has maintained a Buy rating on Titan with a target price of ₹5,000, citing strong 52% YoY jewellery growth led by sharp like-for-like acceleration, improved buyer growth, and over 30% studded growth. The brokerage highlighted strong plain gold and coin sales, resilient international growth despite Middle East disruption, steady eyewear growth, and moderate watch performance.

CITI has maintained a Neutral rating on Titan with a target price of ₹4,750, acknowledging the company's strong domestic jewellery performance. CITI highlighted the robust 46% year-over-year domestic jewellery growth driven by impressive 48% like-for-like growth, higher ticket sizes, and strong performance across studded jewellery, gold, and coin sales categories.

Investec has maintained a Buy rating on Titan with a target price of ₹4,849, citing robust jewellery-led growth despite high gold prices. The brokerage noted modest CaratLane growth, soft watch growth due to smartwatch drag while analog watches remained strong, and highlighted strong eyewear and fragrance momentum with women's bags driving growth while Taneira lags.

Strong Performance Across Consumer Businesses

The company's overall performance demonstrates strong momentum across key business segments:

Jewellery Division Drives Growth

The jewellery business emerged as a key growth driver, recording approximately 46% YoY growth in Q4FY26. Secondary consumer sales performed exceptionally well, growing by approximately 52% YoY, led by Tanishq and well supported by Mia brands. Despite steep increases in gold prices, the business achieved high single-digit buyer growth in Q4FY26 after nearly flat buyer growth in the previous three quarters of FY26.

Category-wise performance showed strong momentum across segments with gold coins nearly tripling in sales compared to Q4FY25, studded jewellery growing strongly in early thirties, and gold (plain) clocking growth in the mid-thirties. The like-to-like growth (secondary) across all jewellery retail formats combined was close to approximately 48% YoY.

Mixed Performance in Watches and EyeCare

The watches division recorded approximately 7% YoY growth, with contrasting performance across categories. Analog watches achieved approximately 16% YoY growth driven by Titan, Sonata, and International brands, while smart watches declined by approximately 53% YoY. The EyeCare business grew approximately 16% YoY, powered by growth in International brands across sunglasses, lenses, and frames categories.

North America Unit Leads International Expansion

International operations delivered exceptional performance with approximately 156% YoY growth, with the North America business continuing its strong momentum by clocking approximately 50% YoY growth. In the GCC region, 4 Damas stores were converted to Tanishq format during Q4FY26, while Tanishq's GCC business achieved healthy growth of approximately 37% YoY despite regional disruptions from Middle East conflicts.

Titan Company Limited has modified the trustee composition of its Employee Stock Option Trust through a formal deed variation executed on 7th April 2026. The modification was undertaken in compliance with SEBI regulations governing employee benefit schemes and represents an administrative restructuring of the trust's governance framework.

Trust Deed Modification Details

The company executed a First Deed of Variation to modify the original trust deed dated 9th February 2023. This modification specifically addresses changes in the composition of trustees managing the Titan Employee Stock Option Trust, which operates under the Titan Company Limited Performance Based Unit Scheme 2023.

New Trustee Composition

The modified trust deed establishes a three-member trustee structure with the following appointments:

• Swadesh Behera: Indian citizen, aged 59 years, residing in Bengaluru
• Priya Mathilakath: Indian citizen, aged 51 years, residing in Bengaluru
• Sharad Kumar Goyal: Indian citizen, aged about 52 years, residing in Bengaluru

All three trustees are company employees based in Bengaluru and will collectively oversee the trust's operations and employee benefit distributions.

Trust Objectives and Framework

The Titan Employee Stock Option Trust was originally established to support the company's human resource strategy through equity-based compensation. The trust operates with specific objectives designed to enhance employee engagement and performance alignment.

Key Trust Objectives:

• Attract, retain and motivate talented and critical employees
• Reward employee performance with ownership stakes proportional to contribution
• Encourage employees to align individual performance with company objectives
• Support implementation of the Performance Based Unit Scheme 2023

Regulatory Compliance and Documentation

The modification was executed through proper legal documentation, including an e-stamp certificate issued by the Government of Karnataka. The deed variation maintains compliance with SEBI regulations while ensuring continuity of the trust's operations under new trustee management.

The company has notified both BSE Limited and National Stock Exchange of India Limited about this modification, providing the required regulatory disclosures and documentation. The First Deed of Variation supersedes previous trustee arrangements while maintaining all other original trust provisions and objectives.