*Sharekhan Stock Update- 3R Recommendation* *Titan Company Ltd* *Good Q4* *Rating:BUY* (CMP:3,641 , Price Target:4,155 ) *Company Description* Titan is a joint venture between Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO).The company is a leading organised jeweller in India with its trusted brand, Tanishq. The company started as a watch company under the brand, Titan, and is the fifth largest integrated own-brand watch manufacturer in the world. The company’s key watch brands are Titan, Fastrack, and Sonata. The company is present in the eye care segment with its brand, Titan Eye Plus, and in other segments such as perfumes. Titan recently entered the saree market with its brand, Taneira. Titan has a retail chain of 3,312 stores across 435 towns with a retail area of 4.7 million sq. ft. for all its brands. *Key Investment Arguments* . Titan Company’s (Titan’s) Q4FY25 performance was good with consolidated revenues (ex-bullion sales)growing by 21% y-o-y led by double-digit growth across key businesses. EBITDA margin rose by 77 bps y-o-y to 10.3% and PAT grew by 13% y-o-y. . The company eyes healthy double-digit revenue growth driven by a good wedding season in Q1, higher government spending, tax cuts, and liquidity injection. . Jewellery business’ EBIT margin stood almost flat y-o-y at 11.9% in Q4 despite a surge in gold prices.The management has maintained EBIT margin guidance at 11-11.5%. . Stock trades at 67x/56x its FY26E/FY27E earnings, respectively. We maintain a Buy with a revised PT of Rs. 4,155.