“Maintains a Buy rating on Titan Company with a target price of ₹5,000, indicating a 9% upside. Nomura views Titan as a key beneficiary of India's rising affluent population, expecting sales growth at 1.5-2x GDP over the medium term and market share to reach 10% by FY28F, driven by expansion into smaller towns and a shift from unorganised players.”

Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%