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Stock Analysis

Description

Titan Company Limited is a prominent Indian lifestyle company, part of the TATA Group, with leadership in Watches, Jewellery, and Eyewear segments. It was founded in 1984 as a joint-venture between TATA Group and Tamilnadu Industrial Development Corporation (TIDCO).

Key Growth Triggers

Strong Q1 & Q2 FY26 performance with significant YoY revenue and PAT growth.
Resilient Jewellery segment despite high gold prices; Watches division showing exceptional growth.
Strategic expansion into lab-grown diamonds (LGD) with the launch of 'be Yon'.
International expansion through the acquisition of a majority stake in Damas Jewellery (GCC).
Consistent store network expansion.

Order Book

Currently no data available for Order Book.

Key Red Flags

High borrowings noted in the financial data (₹24,768 crore in Sep 2025).
Potential impact of gold price volatility on Jewellery segment performance, though the company has shown resilience.
One-off margin benefits in Q1 FY26 (from inventory revaluation in Watches) are noted as expected to reverse.

Key Dates To Watch

Board meeting to approve Q2 FY26 and H1 FY26 results on November 3, 2025.
Earnings conference call on November 4, 2025.
Postal ballot process concluded on October 22, 2025, for board appointments.

Corporate Announcements

1st Apr 26

Impact Rating: 7

Titan Company Limited announced an update on its credit ratings from ICRA. The agency reaffirmed ratings for fixed deposits, working capital facilities, and term loans, totaling Rs. 21,950 crore with a 'Stable' outlook.

25th Mar 26

Impact Rating: 8

Titan Company's Board approved Srinivasan Varadarajan as Additional Non-Executive Independent Director from April 1, 2026, for a five-year term. With over three decades in financial services, his appointment requires shareholder approval.

25th Mar 26

Impact Rating: 6

Titan Company Limited announces that Ms. Ruma Kishore will take over as Chief Digital & Information Officer (CDIO) on July 1, 2026. The current CDIO, Mr. Krishnan Venkateswaran, will superannuate on the same date.

24th Mar 26

Impact Rating: 7

Titan Company Limited shareholders have approved the appointment of Ms. Sandhya Venugopal Sharma, IAS (DIN:08445015) as a Director through a postal ballot, with the resolution deemed passed on March 23, 2026.

24th Mar 26

Impact Rating: 6

Members of Titan Company have overwhelmingly approved the appointment of Ms. Sandhya Venugopal Sharma as a Director through a postal ballot process. The resolution was passed with a large majority.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Titan Company	4191.20	95.51	372088.98	0.26	1006.00	42.70	16534.00	25.12	17.18	60672.00	10.22	3896.00	1006.00	20.85	9.02	1.39
2.	Kalyan Jewellers	466.20	51.58	48142.75	0.31	260.51	99.46	7856.03	29.52	15.03	28584.13	6.42	931.02	260.51	9.00	5.13	1.00
3.	Thangamayil Jew.	3788.70	64.10	11776.08	0.33	58.51	435.30	1710.90	44.86	13.74	5781.95	5.76	183.81	58.51	10.13	5.88	0.96
4.	P N Gadgil Jewe.	588.20	26.93	7982.38	0.00	79.31	127.12	2177.62	8.81	19.41	7916.15	5.48	296.68	79.31	4.71	9.50	0.76
5.	PC Jeweller	10.11	12.16	7409.07	0.00	209.54	17.14	825.25	63.43	6.55	2888.63	19.47	614.21	209.54	1.01	7.38	0.22
6.	Ethos	2602.00	73.25	6962.32	0.00	23.79	11.95	383.39	29.03	13.75	1410.96	13.87	95.05	23.79	4.83	7.49	0.22
7.	Bluestone Jewel	452.65	–	6855.06	0.00	-49.11	41.86	513.09	37.43	-0.57	1770.00	4.43	-221.19	-49.11	4.08	-7.39	1.12
–	Median: 43 Co.	237.85	24.9	1092.71	0.0	21.43	74.01	430.08	37.43	15.41	1106.41	7.32	55.9	19.38	2.68	8.29	0.32

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	8,730	10,875	9,704	11,145	11,660	13,052	11,257	12,053	13,215	16,097	13,477	14,564	16,534
Expenses	7,496	9,545	8,660	10,042	10,305	11,595	10,148	10,842	12,082	14,587	12,039	12,932	14,914
Operating Profit	1,234	1,330	1,044	1,103	1,355	1,457	1,109	1,211	1,133	1,510	1,438	1,632	1,620
Other Income	60	91	104	99	122	139	150	118	127	131	117	107	109
Profit before tax	1,155	1,267	979	1,024	1,261	1,345	977	1,021	933	1,320	1,207	1,380	1,361
Tax %	26%	25%	25%	24%	25%	23%	20%	25%	24%	25%	28%	25%	26%
Net Profit	857	951	734	777	940	1,040	786	770	705	990	870	1,030	1,006
EPS in Rs	9.65	10.71	8.27	8.75	10.59	11.71	8.85	8.67	7.94	11.15	9.80	11.60	11.33

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	10,916	11,903	11,084	12,897	15,621	19,070	20,010	20,602	27,210	38,270	47,114	54,842	60,672
Expenses	9,864	10,746	10,135	11,693	13,886	17,064	17,592	18,896	23,928	33,497	42,090	49,550	54,472
Operating Profit	1,051	1,158	949	1,204	1,736	2,006	2,418	1,706	3,282	4,773	5,024	5,292	6,200
Other Income	117	66	69	-40	-7	104	146	39	192	296	510	493	464
Interest	87	81	42	37	48	44	149	181	195	240	480	767	828
Depreciation	66	87	87	93	110	139	310	331	347	364	447	537	568
Profit before tax	1,016	1,056	888	1,033	1,571	1,927	2,105	1,233	2,932	4,465	4,607	4,481	5,268
Net Profit	741	823	698	762	1,163	1,374	1,517	877	2,180	3,333	3,544	3,335	3,896
EPS in Rs	8.35	9.27	7.86	8.58	13.10	15.48	17.09	9.88	24.56	37.54	39.92	37.57	43.88
Dividend Payout %	25%	25%	28%	30%	29%	32%	23%	41%	31%	27%	28%	29%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	89	89	89	89	89	89	89	89	89	89	89	89	89
Reserves	2,435	3,003	3,446	4,223	5,105	6,093	6,736	7,464	9,284	11,905	14,368	16,722	17,743
Borrowings	806	100	113	1,867	1,604	2,288	3,269	5,243	6,605	7,862	12,661	17,171	24,768
Other Liabilities	2,777	2,680	2,661	2,138	2,599	3,000	3,094	3,064	4,159	5,232	5,744	7,093	9,101
Total Liabilities	6,107	5,872	6,308	8,318	9,396	11,470	13,188	15,860	20,137	25,088	32,862	41,075	51,701
Fixed Assets	596	683	654	707	974	1,069	2,053	1,959	1,925	2,161	2,691	3,019	3,171
Gross Block	1,103	1,253	715	817	1,164	1,376	2,634	2,813	3,063	3,587	4,409	5,138	–
Accumulated Depreciation	507	570	60	110	191	307	581	854	1,138	1,426	1,718	2,119	–
CWIP	33	55	77	148	41	26	14	25	71	127	87	94	101
Investments	27	33	90	886	734	876	983	3,512	884	3,259	7,813	7,723	9,406
Other Assets	5,451	5,101	5,487	6,576	7,648	9,499	10,138	10,364	17,257	19,541	22,271	30,239	39,023
Total Assets	6,107	5,872	6,308	8,318	9,396	11,470	13,188	15,860	20,137	25,088	32,862	41,075	51,701

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-551	508	567	1,768	299	1,249	-289	4,101	-1,126	1,810	2,030	-170
Cash from Investing Activity	-275	-124	-151	-1,022	-179	-910	243	-2,744	1,564	-1,653	-4,634	140
Cash from Financing Activity	497	-1,004	-505	-154	-325	-442	-268	-1,260	-468	-155	2,757	1
Net Cash Flow	-330	-620	-89	592	-205	-102	-314	97	-30	2	153	-29

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	5	6	4	3	5	7	4	5	7	9	7	7
Inventory Days	175	169	196	189	184	175	195	185	226	188	167	205
Days Payable	39	81	73	28	25	20	13	16	19	12	9	12
Cash Conversion Cycle	142	94	128	164	164	162	186	174	214	184	165	199
Working Capital Days	28	59	79	47	60	54	70	36	77	59	53	42
ROCE %	42%	35%	27%	24%	26%	27%	24%	14%	22%	26%	22%	17%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	52.90%	52.90%	52.90%	52.90%	52.90%	52.90%	52.90%	52.90%	52.90%	52.90%	52.90%	52.90%
FIIs	17.53%	17.51%	18.53%	19.05%	18.89%	19.01%	18.21%	18.23%	18.11%	17.82%	17.54%	16.11%
DIIs	11.14%	11.23%	10.46%	9.87%	10.25%	10.29%	10.68%	11.28%	11.37%	12.01%	12.59%	13.99%
Public	18.26%	18.19%	17.93%	18.00%	17.77%	17.57%	17.94%	17.33%	17.35%	17.01%	16.69%	16.76%