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Swing Capital

Titan Company Ltd

NSE: TITAN BSE: 500114

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]

₹4,200
52W: ₹3301 — ₹4605
PE 79.4 · Book ₹231 · +1718% vs book
Market Cap₹3,72,870 Cr
Stock P/E79.4Price to Earnings
ROCE18.7%Return on Capital
ROE25.2%Return on Equity
Div. Yield0.26%Face Value ₹1

Strengths

  • +Company is expected to give good quarter
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 24.4%
  • +Company has been maintaining a healthy dividend payout of 28.6%
  • +Company's median sales growth is 21.6% of last 10 years

Weaknesses

  • −Stock is trading at 17.8 times its book value

Shareholding Pattern

Promoters52.9%
FIIs15.65%
DIIs14.84%
Public16.34%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters52.9%52.9%52.9%52.9%52.9%52.9%52.9%52.9%
FIIs18.21%18.23%▲0.018.11%▼0.117.82%▼0.317.54%▼0.316.11%▼1.415.55%▼0.615.65%▲0.1
DIIs10.68%11.28%▲0.611.37%▲0.112.01%▲0.612.59%▲0.613.99%▲1.414.83%▲0.814.84%▲0.0
Public17.94%17.33%▼0.617.35%▲0.017.01%▼0.316.69%▼0.316.76%▲0.116.45%▼0.316.34%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales13,05211,25712,05313,21516,09713,47714,56416,53422,52223,934
Expenses11,59510,14810,84212,08214,58712,03912,93214,91420,18622,219
Operating Profit1,4571,1091,2111,1331,5101,4381,6321,6202,3361,715
OPM %11%10%10%9%9%11%11%10%10%7%
Net Profit1,0407867707059908701,0301,0061,4701,124
EPS ₹11.718.858.677.9411.159.811.611.3316.5612.66

AI Insights

Revenue Trend

Mar 2026 revenue at ₹77,554Cr, up 41.4% YoY. OPM at 9%.

Debt Position

Borrowings at ₹23,009Cr. Debt-to-equity ratio: 1.13x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹63Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 14.84% (+4.38pp change). FIIs: 15.65% (-2.88pp change). Promoters hold 52.9%.

Margin & Efficiency

ROCE declining from 35% (Mar 2015) to 19% (Mar 2026). Working capital days: 50.

Valuation

PE 79.4x with 18.7% ROCE. Price is 1718% above book value of ₹231. Dividend yield: 0.26%.

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