Goldman Sachs names Titan Co. a Buy, raises 12‑month target to Rs4,350

 Goldman Sachs has initiated coverage on Titan Co. (TITN.BO) with a Buy rating, assigning a new 12‑month price target of Rs4,350 (prior: Rs4,200), analyst Arnab Mitra said. The broker cites consistent top‑line momentum — Goldman projects revenue growth of roughly 15–20% and modelled consolidated revenues rising to Rs788.5bn in FY27 — as the primary catalyst. Goldman highlighted a strong 2QFY26 performance: domestic jewellery revenue up 19% YoY despite a high base and a sharp ~15% gold price spike, studded jewellery growing mid‑teens, international business up 86%, watches +12% and eyewear +9%. "We see notably favorable risk reward in Titan as the company continues to consistently deliver 15‑20% revenue growth despite headwinds," Mitra wrote. He also noted margins should be steady: "margins to be stable from here, which implies EBIT growth will be in line with revenue growth." Valuation sits at about 51x FY27 P/E, below Goldman’s consumer discretionary retail coverage average of ~78x, supporting the Buy. Key risks include gold‑price volatility, consumer postponement on price spikes, and mix/inventory pressures. Current price: Rs3,416.55; implied upside: 27.3%.