The late Rakesh Jhunjhunwala's investment in Titan stands as one of the most celebrated wealth-creation stories in the Indian stock market. Initiated at a time when few others saw its potential, this strategic move ultimately became his biggest success, solidifying his reputation as a master stock picker.
Jhunjhunwala's Unique Vision for Titan
Motilal Oswal Group Chairman Raamdeo Agrawal, a long-time associate of Jhunjhunwala, shed light on the investor's remarkable foresight. Speaking on Groww's Market Ki Baat podcast in 2022, later documented in The αlpha Bets, Agrawal described Jhunjhunwala as a natural bargain hunter. "It wasn't because he was a Chartered Accountant. It was a natural gift that allowed him to sense bargains. When he found one, he knew exactly how to make the most of it," Agrawal stated.
Around 2003-04, Jhunjhunwala began accumulating Titan shares, then trading at a modest ₹30-35 apiece. This period followed one of the company's most challenging phases, marked by weak consumer demand, escalating gold prices, increasing competition, and labor disputes, all of which had dampened investor sentiment.
"While many investors viewed Titan as a struggling watchmaker, Jhunjhunwala saw a business with strong brands, capable management and enormous potential to transform itself through organised jewellery retail under the Tanishq brand."
Jhunjhunwala's conviction in Titan's future never wavered. As of March 31, 2026, his family maintained nearly a 5% stake in the Tata Group company, valued at approximately ₹20,250 crore. Agrawal noted that while many might have bought into Titan early, few possessed the patience to remain invested for over two decades as the company underwent its significant transformation.
Titan's Remarkable Growth Trajectory
Since Jhunjhunwala's initial investment, Titan has evolved into one of India's top-performing large-cap stocks. After hitting a low of around ₹1.35 in 2001, the stock embarked on an extraordinary rally, delivering substantial returns for patient, long-term investors.
The company's financial performance reflects its stock market success. For FY26, Titan reported a consolidated total income of ₹76,078 crore, a 33% year-on-year increase, with profit after tax soaring by 52% to ₹5,073 crore. Managing Director Ajoy Chawla highlighted FY26 as a landmark year, noting the addition of ₹25,000 crore in revenue within a single year, following the ₹50,000 crore milestone in FY25. This rapid growth underscores the strength of its brands and deep consumer trust.
Over the past five years, Titan's earnings per share (EPS) surged from approximately ₹8 to nearly ₹55. This growth is largely attributed to the robust performance of its jewellery division, the expansion of its retail network, and consistent improvements in profitability. Despite often trading at premium valuations, investors continue to reward Titan for its operational excellence, strong governance, and market leadership.
Tanishq, the company's flagship jewellery brand, has been a primary driver of Titan's dominance in organized jewellery retail. The company is also expanding its presence in watches, eyewear, and international markets, with ambitious plans to double its jewellery revenue by FY30 and further increase Tanishq's market share.
For many market observers, Titan remains the quintessential example of Jhunjhunwala's investment philosophy: identify a high-quality business early, invest when market sentiment is low, and maintain a long-term position to allow fundamentals to generate enduring wealth.