JP Morgan Assigns Overweight Rating to Tata Group Stock

JP Morgan Maintains Bullish Stance on Titan Following Analyst Day Meet

Global brokerage firm JP Morgan has reaffirmed its 'overweight' rating on Tata Group's jewellery stock, Titan, following the company's analyst day meet. The stock opened at ₹4,269 per share on Thursday, June 5, as compared to the previous close of ₹4,231.

JP Morgan's analysts highlighted Titan's ability to maintain growth despite elevated gold prices, citing the company's strategic advantages, such as keeping jewellery affordable through measures like offering 18-carat and 14-carat products, expanding its lightweight jewellery range, and running demand-generation initiatives. The brokerage also pointed out that Titan's watches segment and TEAL business continue to deliver robust growth.

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The brokerage firm increased its FY27 and FY28 EPS estimates by 4% and 6%, respectively, reflecting stronger revenue expectations. JP Morgan forecasts a revenue CAGR of 13% and an EPS CAGR of 20% over FY26–FY28, which it believes will underpin continued outperformance in the stock. On valuations, the stock is trading lower compared to other discretionary peers, providing relative comfort.

Titan Company posted a 35.4% year-on-year increase in consolidated net profit attributable to the owners of the group, reaching ₹1,179 crore for the quarter ended March 31, 2026. The company also reported a sharp 80.5% rise in consolidated revenue from operations to ₹26,920 crore in Q4FY26, compared with ₹14,916 crore in the same quarter a year earlier.

The company's Earnings Before Interest and Taxes (EBIT) rose 28% to ₹1,875 crore, up from ₹1,470 crore reported in Q4FY25. Additionally, Titan's board has recommended a dividend of ₹15 per equity share, subject to shareholder approval.

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The share price trend of Titan has remained largely positive despite weak market sentiments. The jewellery stock has gained 4% in a week, but has fallen 3% in a month. On a year-to-date (YTD) basis, the stock has gained over 4.67%, and in a year, it has gained 21%. Looking at the broader level, Titan shares have delivered 48% returns in three years and multibagger returns of 152% in five years.