Titan
Titan
Consumer Goods F&OKey Fundamentals
LargecapJewellery & WatchesConsumer GoodsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
4- Company is expected to give good quarter
- Company has a good return on equity (ROE) track record: 3 Years ROE 34.4%
- Company has been maintaining a healthy dividend payout of 27.9%
- Company's median sales growth is 22.1% of last 10 years
Weaknesses
2- Stock is trading at 25.5 times its book value
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
Titan Company Ltd has a market capitalisation of about ₹4,28,756 crore and trades at 74.4 times earnings and 27.31 times book value. Its fundamentals have been strong: sales grew at a 23% CAGR over 10 years and 45% over the trailing twelve months, and ROE was 38% last year and 34% on a 3-year average. The main debates are its high valuation, slower profit growth than sales growth over 3 years (17% vs 29%), and a flag that the company may be capitalising interest costs.
- Titan has earned high returns on equity for a long time. ROE was 38% last year and averaged 34% over 3 years, 32% over 5 years and 29% over 10 years. This suggests a consistent ability to earn more than its cost of capital.
- Revenue growth has been long and steady. Sales grew at a 23% CAGR over 10 years, 32% over 5 years and 29% over 3 years, with a 10-year median sales growth of 22.1%.
- Growth has sped up recently. TTM sales grew 45% and TTM profit grew 57%, so profit is currently rising faster than revenue.
- Profits have compounded at a 40% CAGR over 5 years and 22% over 10 years. That growth has helped support a premium valuation over a long period.
- Shareholders have been rewarded over the long term. The stock returned a 28% CAGR over 10 years, 19% over 5 years and 47% over the last year.
- Titan keeps a healthy dividend payout of 27.9% while still funding growth. This points to strong internal cash generation alongside a 34%+ ROE.
- With a market cap of about ₹4,28,756 crore, Titan is one of India's largest consumer discretionary companies. Its size and brand strength help it in the organised jewellery and lifestyle market.
- Near-term operating momentum is expected to stay positive, with a good upcoming quarter anticipated alongside TTM sales growth of 45%.
- The valuation is high. A P/E of 74.4 means an earnings yield of only about 1.3%, which leaves little room for any slowdown in growth.
- A price-to-book ratio of 27.31 is very high even for a company with a 34-38% ROE. The market is pricing in many years of strong compounding.
- Over 3 years, profit grew at a 17% CAGR while sales grew at 29%. This suggests margins were squeezed during that period, even though TTM profit growth is stronger.
- The P/E of 74.4 is about 3.4 times the 10-year profit CAGR of 22% and about 4.4 times the 3-year profit CAGR of 17%. That is a demanding price relative to growth.
- The company may be capitalising interest costs. If so, reported profits could be flattered, which is a concern at a P/E of 74.4.
- The dividend yield is only 0.31%, so almost all returns depend on share price appreciation rather than income.
- The 3-year stock CAGR of 15% trails the 3-year sales CAGR of 29%, even after a 47% gain in the last year. This shows the stock has been volatile and sensitive to changes in its valuation multiple.
- The 45% TTM sales growth is much higher than the 10-year median of 22.1%. Jewellery revenue is sensitive to gold prices and demand cycles, so this pace may not last.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Automatic watches targeting ₹350-400 crore Sep 28
Titan expects its automatic-watch business to reach ₹350-400 crore this fiscal, up from ₹265 crore last year, which works out to roughly 32-51% growth. The company believes India's demand for mechanical watches still has room to grow.
- Shareholders approve directors, stock scheme Sep 17
Shareholders approved two new director appointments and a performance-based stock unit scheme through a postal ballot. Both promoter and public investors voted strongly in favour, which suggests stable governance.
- Open to buying smaller watch brands Sep 21
Titan says it is open to acquiring smaller watch brands, which points to possible inorganic growth in watches. It has not named any target or disclosed a deal value.
- ₹1,000 crore commercial papers fully redeemed Sep 4
Titan fully redeemed the ₹1,000 crore of commercial papers it issued in June 2026 and paid holders on September 4, 2026, in line with SEBI rules. Repaying on time reflects healthy short-term liquidity.
- Meetings with BlackRock, Goldman Sachs analysts Sep 17
Titan scheduled investor meetings with BlackRock and Goldman Sachs analysts in Mumbai on September 22, 2026, from 10:00 am to 5:00 pm. The company said no price-sensitive information would be discussed.
TL;DR: Titan's recent news is broadly constructive. The automatic-watch segment is targeting up to 51% growth, governance approvals passed smoothly, and ₹1,000 crore of debt was repaid on time. None of these articles points to a clear headwind, though the possible acquisitions carry execution and valuation risk until details come out. The trend looks stable to improving, and the next things to watch are the Q2 results and any specific acquisition announcement in watches.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 11,897 | 12,529 | 14,164 | 12,494 | 13,266 | 14,534 | 17,740 | 14,916 | 16,523 | 18,725 | 25,416 | 26,920 | 21,356 |
| Expenses | 10,772 | 11,118 | 12,599 | 11,303 | 12,019 | 13,298 | 16,066 | 13,379 | 14,693 | 16,850 | 22,703 | 24,982 | 18,466 |
| Operating Profit | 1,125 | 1,411 | 1,565 | 1,191 | 1,247 | 1,236 | 1,674 | 1,537 | 1,830 | 1,875 | 2,713 | 1,938 | 2,890 |
| OPM % | 9% | 11% | 11% | 10% | 9% | 8% | 9% | 10% | 11% | 10% | 11% | 7% | 14% |
| Other Income | 114 | 125 | 136 | 159 | 120 | 123 | 128 | 116 | 105 | 113 | -1 | 235 | 148 |
| Interest | 109 | 140 | 169 | 201 | 230 | 240 | 231 | 252 | 271 | 277 | 282 | 350 | 353 |
| Depreciation | 128 | 144 | 154 | 158 | 164 | 171 | 175 | 183 | 184 | 189 | 207 | 246 | 256 |
| PBT | 1,002 | 1,252 | 1,378 | 991 | 973 | 948 | 1,396 | 1,218 | 1,480 | 1,522 | 2,223 | 1,577 | 2,429 |
| Tax % | 25% | 27% | 24% | 22% | 27% | 26% | 25% | 28% | 26% | 26% | 24% | 25% | 27% |
| Net Profit | 756 | 916 | 1,053 | 771 | 715 | 704 | 1,047 | 871 | 1,091 | 1,120 | 1,684 | 1,179 | 1,777 |
| EPS in Rs | 8.48 | 10.31 | 11.86 | 8.68 | 8.05 | 7.93 | 11.79 | 9.81 | 12.29 | 12.62 | 18.97 | 13.28 | 20.02 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 11,913 | 11,276 | 13,261 | 16,120 | 19,779 | 21,052 | 21,644 | 28,799 | 40,575 | 51,084 | 60,456 | 87,584 | 92,417 |
| Expenses | 10,761 | 10,337 | 12,097 | 14,476 | 17,785 | 18,589 | 19,919 | 25,455 | 35,693 | 45,792 | 54,762 | 79,227 | 83,001 |
| Operating Profit | 1,153 | 939 | 1,164 | 1,644 | 1,994 | 2,463 | 1,725 | 3,344 | 4,882 | 5,292 | 5,694 | 8,357 | 9,416 |
| OPM % | 10% | 8% | 9% | 10% | 10% | 12% | 8% | 12% | 12% | 10% | 9% | 10% | 10% |
| Other Income | 67 | 69 | -42 | 70 | 178 | 153 | 180 | 177 | 306 | 534 | 487 | 450 | 495 |
| Interest | 81 | 42 | 38 | 53 | 53 | 166 | 203 | 218 | 300 | 619 | 953 | 1,180 | 1,262 |
| Depreciation | 90 | 98 | 111 | 131 | 163 | 348 | 375 | 399 | 441 | 584 | 693 | 826 | 898 |
| PBT | 1,049 | 868 | 973 | 1,530 | 1,957 | 2,102 | 1,327 | 2,904 | 4,447 | 4,623 | 4,535 | 6,801 | 7,751 |
| Tax % | 22% | 22% | 28% | 28% | 29% | 29% | 27% | 24% | 26% | 24% | 26% | 25% | — |
| Net Profit | 816 | 675 | 697 | 1,102 | 1,389 | 1,493 | 974 | 2,198 | 3,274 | 3,496 | 3,337 | 5,073 | 5,760 |
| EPS in Rs | 9.19 | 7.6 | 8.01 | 12.73 | 15.82 | 16.91 | 10.96 | 24.48 | 36.61 | 39.38 | 37.59 | 57.14 | 64.89 |
| Div. Payout % | 25% | 29% | 32% | 29% | 32% | 24% | 37% | 31% | 27% | 28% | 29% | 26% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 89 | 89 | 89 | 89 | 89 | 89 | 89 | 89 | 89 | 89 | 89 | 89 |
| Reserves | 2,995 | 3,418 | 4,144 | 5,001 | 5,981 | 6,580 | 7,408 | 9,214 | 11,762 | 9,304 | 11,535 | 15,614 |
| Borrowings | 100 | 113 | 1,882 | 1,691 | 2,393 | 3,562 | 5,638 | 7,275 | 9,367 | 15,528 | 20,777 | 30,621 |
| Other Liabilities | 2,684 | 2,723 | 2,293 | 2,740 | 3,247 | 3,313 | 3,309 | 4,610 | 5,802 | 6,626 | 8,244 | 14,237 |
| Total Liabilities | 5,868 | 6,342 | 8,408 | 9,521 | 11,710 | 13,544 | 16,444 | 21,188 | 27,020 | 31,547 | 40,645 | 60,561 |
| Fixed Assets | 699 | 771 | 1,189 | 1,474 | 1,567 | 2,633 | 2,523 | 2,544 | 2,998 | 3,709 | 4,062 | 6,878 |
| CWIP | 55 | 107 | 152 | 43 | 32 | 18 | 32 | 85 | 144 | 97 | 105 | 163 |
| Investments | 3 | 30 | 431 | 36 | 108 | 158 | 2,824 | 294 | 2,515 | 2,345 | 1,988 | 3,506 |
| Other Assets | 5,111 | 5,434 | 6,636 | 7,968 | 10,003 | 10,735 | 11,065 | 18,265 | 21,363 | 25,396 | 34,490 | 50,014 |
| Total Assets | 5,868 | 6,342 | 8,408 | 9,521 | 11,710 | 13,544 | 16,444 | 21,188 | 27,020 | 31,547 | 40,645 | 60,561 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 503 | 576 | 1,712 | -51 | 1,243 | -348 | 4,139 | -724 | 1,370 | 1,695 | -541 | 5,590 |
| Investing | -118 | -159 | -953 | 98 | -797 | 235 | -2,799 | 1,165 | -1,814 | -189 | 546 | -2,965 |
| Financing | -1,005 | -505 | -166 | -252 | -489 | -242 | -1,234 | -403 | 457 | -1,329 | -7 | -2,159 |
| Net Cash Flow | -620 | -88 | 594 | -206 | -43 | -355 | 106 | 38 | 13 | 177 | -2 | 466 |
| Free Cash Flow | 296 | 324 | 1,461 | -350 | 980 | -693 | 4,000 | -940 | 950 | 1,024 | -1,011 | 4,713 |
| CFO/OP | 65 | 83 | 171 | 25 | 94 | 8 | 256 | 2 | 52 | 54 | 10 | 88 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 6 | 6 | 6 | 7 | 8 | 5 | 6 | 7 | 6 | 7 | 6 | 4 |
| Inventory Days | 169 | 198 | 189 | 185 | 178 | 195 | 187 | 230 | 199 | 176 | 217 | 222 |
| Days Payable | 81 | 74 | 30 | 27 | 23 | 14 | 18 | 22 | 15 | 13 | 15 | 15 |
| Cash Conversion Cycle | 94 | 131 | 165 | 164 | 163 | 186 | 176 | 215 | 191 | 171 | 208 | 211 |
| Working Capital Days | 59 | 74 | 42 | 60 | 55 | 69 | 36 | 68 | 51 | 42 | 35 | 28 |
| ROCE % | 35% | 27% | 23% | 25% | 26% | 24% | 13% | 21% | 25% | 23% | 19% | 21% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY10–FY27.
Documents
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Company Information
Titan Company Ltd is among India’s most respected lifestyle companies. It has established leadership positions in the Watches, Jewellery and Eyewear categories led by its trusted brands and differentiated customer experience. It was founded in 1984 as a joint-venture between TATA Group and Tamilnadu Industrial Development Corporation (TIDCO). [1]
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