Titan Share Price: Morgan Stanley hikes target by 11% after strong Q3 - Should you BUY Tata stock? Check 5 reasons

At 9:22 AM today, February 18, 2026, shares of the company were trading at Rs 4236.10, which is 0.01 per cent lower from their previous closing.

Titan delivered a stellar performance in the third quarter, posting strong growth across profit, revenue and operating margins, backed by steady demand across its jewellery and lifestyle verticals.

Titan Share Price Target 2026

Morgan Stanley remains bullish on the Tata-owned company and also raised its target price to Rs 4,529.

Let’s take a look at the five key points:

– Maintains overweight rating with a raised target price of Rs 4,529 (from Rs 4,062)

– Domestic jewellery growth outlook raised; margin assumptions tweaked

– FY26 revenue/EBITDA/PAT estimates raised by 12 per cent/ 5 per cent/ 6 per cent

– FY27 - 28 EPS raised by 2-3 per cent

– Target price hike driven by higher near-term earnings and 3-month model roll-forward

– Bull/base/bear case values raised by 9-12 per cent

For the quarter ended Q3 FY26, Titan reported a consolidated net profit (PAT) of Rs 1470 crore, marking a solid year-on-year growth of 48.5 per cent compared with Rs 990 crore in the same period last year.

Revenue from operations came in at Rs 22,520 crore, up 39.9 percent from Rs 16097 crore recorded in Q3 FY25. The healthy topline growth reflects improved consumer sentiment and higher traction in key product categories during the festive and wedding season.

Operating performance also strengthened meaningfully. EBITDA for the quarter rose to Rs 2334 crore from Rs 1510 crore a year ago, translating into a sharp 54.6 percent jump on a yearly basis. The improvement highlights better cost management and operating leverage as volumes picked up.

Titan’s EBITDA margin expanded to 10.4 percent in Q3 FY26 from 9.4 per cent in Q3 FY25, an expansion of 98 basis points. The margin gain indicates improved profitability despite input cost pressures and competitive intensity in the retail space.

The strong earnings momentum underlines Titan’s ability to convert demand into profitable growth, supported by brand strength, product mix optimisation, and disciplined execution. With consumption showing resilience and discretionary spending holding up, Titan continues to remain well positioned in the lifestyle and jewellery retail segment.

Jewellery Business: Record Growth Despite Rising Gold Prices

Titan's largest business, the jewellery segment, performed exceptionally well this quarter. The jewellery business grew 42 per cent to Rs 22517 crore. Despite high gold prices, people shopped heavily during the Diwali and wedding seasons. Brands like Tanishq, Mia and Zoya together saw 40 per cent growth. The company also entered the lab-grown jewelry segment under the name 'beYon'.

- The watch segment grew 14 per cent to Rs 1295 crore, driven by gifting and a growing interest in analog watches. However, demand for smartwatches declined by 27 per cent. Titan also launched premium watches like the 'Stellar 3.0' during this period.

- Demand for eyeglasses and lenses led to 18 per cent growth in this segment, with revenue reaching Rs 231 crore.

Titan's other smaller brands, such as Taneira (saris), fragrances, and women's bags, also saw double-digit growth. The perfume segment grew 24 per cent, while Taneira sales increased 7 per cent.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)