🪞 At a Glance
Titan Company Ltd is India’s most aspirational lifestyle brand — from watches and jewellery to eyewear and perfume. In FY25, it clocked ₹60,456 Cr in revenue and ₹3,337 Cr in net profit. But the real sparkle? Its P/E ratio of 89, ROE of 32%, and ₹2.98 lakh Cr market cap. Every Tata fanboy’s dream stock — even if it trades at 25x book.
1. 🎯 Introduction with Hook
India is poor, but Titan’s valuation is richer than Ambani’s wedding.
Why?
Because Titan isn’t a jewellery stock. It’s a feeling. A Tanishq mangalsutra, a Fastrack watch at 16, a Zoya diamond when you hit 40. And with 25% of its FY25 sales digitally influenced, even Gen Z wants in.
But is it still investable at ₹3,362?
Let’s dig.
2. 🏭 Business Model – WTF Do They Even Do?
Titan has evolved from a boring watchmaker to a luxury lifestyle conglomerate:
| Segment | Contribution (FY25) | Brands |
|---|---|---|
| 🪙 Jewellery | 85% | Tanishq, Mia, CaratLane, Zoya |
| ⌚ Watches | 8% | Titan, Fastrack, Sonata, Zoop |
| 🕶️ Eyewear | 3% | Titan Eye+ |
| 🧴 Others | 4% | Taneira (ethnic wear), Skinn (fragrance), accessories |
Pan-India retail empire with 1091+ exclusive brand outlets. CaratLane (online + offline) is a rising jewel in its crown.
3. 📈 Financials Overview – Profit, Margins, ROE, Growth
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 21,644 | 28,799 | 40,575 | 51,084 | 60,456 |
| Net Profit (₹ Cr) | 974 | 2,198 | 3,274 | 3,496 | 3,337 |
| ROE (%) | 11% | 24% | 32% | 39% | 32% |
| OPM (%) | 8% | 12% | 12% | 10% | 9% |
| EPS (₹) | 10.96 | 24.48 | 36.61 | 39.38 | 37.59 |
📉 FY25 saw revenue growth but profit dipped 5%, and OPM fell to 9%.
4. 💸 Valuation – Is It Cheap, Meh, or Crack?
| Metric | Value |
|---|---|
| Market Cap | ₹2,98,591 Cr |
| P/E | 89.5x |
| P/B | 25.7x |
| ROE | 31.8% |
| Dividend Yield | 0.33% |
🧮 Fair Value Range:
- Assume normalized EPS of ₹40
- Assign premium multiple: 50–60x
- FV Range = ₹2,000 – ₹2,400
👑 At ₹3,362, Titan is trading like it’s made of platinum. You’re paying for the brand, not the numbers.
5. 🍿 What’s Cooking – News, Triggers, Drama
📣 New CEOs incoming:
- Jewellery Division: Jan 2026
- Watches Division: Aug 2025
🔍 25% of FY25 sales were digitally influenced
📈 Store expansion: 36 new stores in Q4 FY25 alone
🫧 Clarified recent volume spike wasn’t insider trading (good)
💔 Profit dipped YoY despite strong sales = margin pressures incoming?
6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
| Metric | FY25 |
|---|---|
| Equity Capital | ₹89 Cr |
| Reserves | ₹11,535 Cr |
| Borrowings | ₹20,777 Cr |
| Net Worth | ₹11,624 Cr |
| Debt/Equity Ratio | 1.78x |
| Total Assets | ₹40,645 Cr |
🚨 Debt doubled in 2 years. From ₹9,300 Cr (FY23) to ₹20,700 Cr (FY25). Expansion is capital-heavy.
7. 💵 Cash Flow – Sab Number Game Hai
| Year | CFO (₹ Cr) | FCF/Comment |
|---|---|---|
| FY23 | ₹1,370 | Positive |
| FY24 | ₹1,695 | Solid |
| FY25 | -₹541 | NEGATIVE 😬 |
Negative CFO in FY25 due to inventory buildup and working capital. Titan doesn’t hold gold — it hoards it.
8. 📐 Ratios – Sexy or Stressy?
| Ratio | FY25 | Verdict |
|---|---|---|
| ROE | 32% | 🔥 Premium-class |
| ROCE | 19% | Decent but slipping |
| OPM | 9% | 👎 Fallen from 12% |
| Inventory Days | 217 | High (gold stock!) |
| P/E | 89.5x | 🍿 Filmy |
| Interest Cover | ~5x | Healthy |
Margins dipped, leverage rose. But Titan’s brand gives it room to flex.
9. 📊 P&L Breakdown – Show Me the Money
- Revenue (FY25): ₹60,456 Cr
- EBITDA: ₹5,694 Cr
- Net Profit: ₹3,337 Cr
- Interest + Depreciation: ₹1,646 Cr
- PAT Margin: 5.5%
Sales are booming. Profits? Slowing.
10. 🧩 Peer Comparison – Who Else in the Game?
| Company | Revenue (₹ Cr) | P/E | ROE % | OPM % |
|---|---|---|---|---|
| Titan | 60,456 | 89x | 32% | 9% |
| Kalyan Jewellers | 25,045 | 84x | 15.9% | 6% |
| P N Gadgil | 7,693 | 36x | 20.9% | 4.4% |
| Ethos (Watches) | 1,252 | 75x | 10.3% | 15% |
Titan’s size = 2x of Kalyan + PNG + Ethos combined. It dominates with style.
11. 📦 Miscellaneous – Shareholding, Promoters
| Holder | Jun ’25 | Trend |
|---|---|---|
| Promoter | 52.9% | Stable |
| FIIs | 17.5% | Slightly down |
| DIIs | 12.6% | Gaining |
| Public | 16.7% | Falling |
📢 7.9 lakh shareholders still holding tight — Titan isn’t just a stock, it’s an emotion.
12. 🧑⚖️ EduInvesting Verdict™
Titan is a luxury stock — in both product and valuation. Yes, growth is strong. Yes, margins dipped. Yes, it’s overpriced.
But it’s the only jewellery company Indians trust with both gold and emojis 💍⌚.
📉 Fair Value Range: ₹2,000 – ₹2,400
(Current Price = ₹3,362 — baked with hope and HNI love)
✍️ Written by Prashant | 📅 July 11, 2025
Tags: Titan Company Ltd, Tanishq, Tata Group, premium stocks, jewellery market, luxury retail, Nifty 50, fair value, Titan vs Kalyan, retail brands India, EduInvesting
