Titan Gains and NSE IPO Response Keep Market Investors Focused on Valuation and Demand

Nidhi Thakur

September 30, 2026

Titan Company has remained in focus after its share price gained around 6% during the July to September quarter so far. The rise has also increased the value of Rekha Jhunjhunwala's reported Titan holding by more than ₹1,000 crore during the quarter, based on her June-quarter shareholding and assuming there was no change in her stake. Rekha Jhunjhunwala held 4,71,84,470 Titan shares through two accounts at the end of June 2026. Based on Titan's June 30 closing price of ₹4,405.30, the holding was valued at around ₹20,786 crore. With the stock closing at ₹4,684 on September 29, the reported value rose to around ₹22,101 crore.

Santosh Meena, Head of Research at Swastika Investmart, said existing long-term holders can continue to hold Titan, while fresh investors can look at accumulating the stock on dips around ₹4,400–₹4,500 rather than chasing the current price. He also noted that the stock was trading at a rich trailing P/E of around 74 times. Meena highlighted Titan's strong long-term franchise and recent business performance. He noted that Q1 FY27 consolidated revenue increased around 29% year-on-year, while PAT rose 63% to ₹1,777 crore. At the same time, he pointed to high gold prices, discretionary spending and macro volatility as factors that could affect the stock.

The NSE IPO has also provided another important market signal. Santosh Meena said the relatively modest retail response to the ₹22,561.57 crore NSE issue was influenced by the large issue size, reduced expectations of immediate listing gains and the fact that the IPO was entirely an offer for sale. He also pointed to concerns around regulatory changes affecting the futures and options business. The NSE IPO eventually received strong institutional participation, while the retail portion was subscribed around 1.35 times according to reported subscription data. The contrast between institutional demand and the relatively measured retail participation became an important part of the discussion around India's largest exchange listing.

The two developments highlight different parts of the current equity market. Titan's movement has kept attention on premium valuations and earnings, while the NSE IPO has shown how issue size, IPO structure and expected listing gains can influence investor participation.