Titan’s share price was back in the green on Monday morning after the Tata Group company posted its business update for the March quarter.

What Happened: Titan reported a 17% year-on-year growth in revenue for the quarter ended March. The company expanded its retail network by adding over 86 new stores during the quarter, bringing the total count to 3,035 stores in India.

The company’s jeweller division’s domestic operations witnessed growth of approximately 19% year-over-year, driven by strong performances in buyer engagement and same-store sales, with double-digit growth recorded across both the gold (plain) and studded segments.

Tanishq, the flagship brand, expanded its presence with new stores in Dubai and Chicago while adding 11 new stores within India. Caratlane saw revenue growth of about 30% year-over-year, and added 10 new stores to its domestic presence, totalling 272 stores.

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The Watches & Wearables segment experienced an annual growth of approximately 7%, supported by an increase in revenue from analogue watches and wearables. The Helios channel, featuring Titan and International brands, achieved a healthy double-digit growth rate.

Titan’s EyeCare Division saw a slight decrease of approximately 1% in revenue year-over-year but extended its reach with a new store in Dubai. In emerging businesses, Taneira witnessed revenue surging by around 37% year-over-year, supported by the launch of 11 new stores.

Revenue from Fragrances & Fashion Accessories also saw positive growth, increasing by approximately 12% year-over-year.

Brokerage Reactions: JP Morgan maintained its “overweight” rating for the stock with a price target of ₹3,950. The brokerage said that the Jewellery section’s performance was in line with its expectations but the steep rise in good prices can cause demand volatility. The analysts also highlighted that the growth in the watches and wearables segment was subdued.

Morgan Stanley maintained its “equalweight” rating for the stock with a price target of ₹3,290. The brokerage said that the company’s performance in the March quarter was better than its expectations.

CLSA also maintained its “buy” rating for the stock with a target price of ₹4,574. The brokerage firm said that the company’s revenue growth beat its estimates.

Price Action: Titan’s share price was up 0.83% to trade at ₹3,785.75 as the markets opened on Monday.

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