Titan Company (TITAN) · mywealthgrid

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About

Titan Company is a Tata group lifestyle business with dominant positioning in organised jewellery through Tanishq. With a market cap of ₹4,50,001.8 Cr and ROE of 37.13%, the company operates across jewellery and watches serving India's discretionary consumer segment.

Founded: 1984
Face value: ₹1

Market cap

₹4,01,897 Cr

P/E

69.8×

P/B

25.6×

Dividend yield

0.3%

ROE

37.1%

ROCE

45.4%

Debt / equity

0.72

OPM

9.5%

EPS (TTM)

₹64.7

Book value

₹176.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation is stretched at PE 78.13 against thin operating margins averaging 9.54%, with significant quarterly volatility (7.17%–14.16%); verify margin drivers and earnings sustainability
Discretionary consumer spending is inherently cyclical — jewellery demand responds to economic conditions, gold prices, and festival/wedding cycles; verify recession-resistance and demand stability
Operating margins compressed sharply in Mar 2026 quarters (7.2%) versus other periods (10%+); understand root cause and whether improvement is durable or cyclical
Moderate debt (D/E 0.72) combined with premium valuation (PE 78.13) leaves limited buffer for earnings shortfalls or adverse cycles

Generated analysis · source review pending

Growth drivers

High ROE of 37.13% suggests capital efficiency; verify whether this reflects genuine competitive edge, one-time gains, or cost structure advantages that can sustain
Double-digit operating margins appear in several quarters (14.16% in Jun 2026); verify whether this represents sustainable mix or unit-economics improvement
Consistent annual dividend payouts over five years (most recent Jul 2026) indicate stable cash generation; verify dividend coverage and payout ratios relative to growth reinvestment needs
Recent annual return of 48.03% suggests market confidence in growth; verify underlying drivers—volume expansion, pricing power, or premiumisation within jewellery/watches—rather than momentum alone

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹4,515.7-3.4%1Y

Quick read

rule-based

Pros

+Strong return on equity of 33.9% (3-yr avg)
+High return on capital employed of 39.5%
+Profit CAGR of 39.1% over the last 5 years
+Revenue CAGR of 32.3% over the last 5 years

Cons

−Expensive at 69.8× trailing earnings
−Trading at 25.6× book value

Research score

Structured signal from quality, growth, valuation and momentum.

51/100

Business quality: 64
Growth: 88
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Titan CompanyTITANTITAN	₹4,01,897 Cr	₹4,13,275 Cr	₹92,417 Cr	₹9,415 Cr	9.5%	₹5,760 Cr	5.8%	45.4%	37.1%	127
Asian PaintsASIANPAINTASIANPAINT	₹2,31,072 Cr	₹2,33,365 Cr	₹37,187 Cr	₹7,240 Cr	18.8%	₹4,765 Cr	12.4%	26%	21.2%	80
Lg Electronics India LimitedLGEINDIALGEINDIA	₹1,16,876 Cr	₹1,16,876 Cr	₹25,575 Cr	₹2,593 Cr	9.8%	₹1,825 Cr	6.9%	31%	24.7%	30
Dixon TechnologiesDIXONDIXON	₹77,216 Cr	₹77,684 Cr	₹51,585 Cr	₹1,847 Cr	3.8%	₹1,877 Cr	3.4%	41.1%	37.4%	-7
Havells IndiaHAVELLSHAVELLS	₹65,520 Cr	₹65,520 Cr	₹23,591 Cr	₹2,150 Cr	9.8%	₹1,633 Cr	7.5%	23.6%	19%	50
Kalyan Jewellers India LimitedKALYANKJILKALYANKJIL	₹54,578 Cr	₹55,102 Cr	₹39,063 Cr	₹2,616 Cr	7%	₹1,435 Cr	3.8%	31.5%	24.3%	136
Berger Paints (I) LimitedBERGEPAINTBERGEPAINT	₹52,750 Cr	₹53,385 Cr	₹12,263 Cr	₹1,912 Cr	15.4%	₹1,217 Cr	9.5%	21.7%	17.2%	83
Voltas LimitedVOLTASVOLTAS	₹34,850 Cr	₹35,817 Cr	₹14,979 Cr	₹734 Cr	4.5%	₹449 Cr	2.6%	11.4%	5.8%	19
Blue Star LimitedBLUESTARCOBLUESTARCO	₹30,009 Cr	₹30,636 Cr	₹12,798 Cr	₹905 Cr	7.5%	₹509 Cr	4.3%	23.2%	16.2%	33
Amber Enterprises India LimitedAMBERAMBER	₹22,945 Cr	₹25,647 Cr	₹12,625 Cr	₹1,008 Cr	7.8%	₹96 Cr	1.9%	12.6%	5.3%	53
Metro Brands LimitedMETROBRANDMETROBRAND	₹22,721 Cr	₹22,721 Cr	₹2,311 Cr	₹719 Cr	30.3%	₹339 Cr	14.5%	21.4%	22.2%	188
Lalithaa Jewellery Mart LimitedLALITHAALALITHAA	₹21,708 Cr	₹23,312 Cr	₹25,024 Cr	₹1,674 Cr	6.7%	₹1,010 Cr	4%	54.3%	41.6%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	16,156	16,156	19,779	21,052	21,644	28,799	40,575	51,084	60,456	87,584
COGS	11,686	11,686	14,394	15,155	16,414	21,641	30,355	39,432	47,456	70,307
Gross profit	4,470	4,470	5,384	5,896	5,230	7,157	10,220	11,652	13,000	17,277
	2,828	2,828	3,395	3,434	3,506	3,816	5,340	6,359	7,305	8,921
	1,642	1,642	1,989	2,463	1,725	3,341	4,880	5,293	5,695	8,356
OPM %	10.2%	10.2%	10.1%	11.7%	8%	11.6%	12%	10.4%	9.4%	9.5%
Depreciation	131	131	163	348	375	399	441	584	693	826
Interest	53	53	53	166	203	218	300	619	953	1,180
	72	72	183	153	186	180	308	533	486	451
Profit before tax	1,530	1,530	1,957	2,102	1,332	2,903	4,447	4,623	4,535	6,801
Tax	428	428	568	609	353	706	1,173	1,127	1,198	1,728
Tax %	28%	28%	29%	29%	26.5%	24.3%	26.4%	24.4%	26.4%	25.4%
	1,102	1,102	1,389	1,493	979	2,197	3,274	3,496	3,337	5,073
PAT margin %	6.8%	6.8%	7%	7.1%	4.5%	7.6%	8.1%	6.8%	5.5%	5.8%
EPS (₹)	12.4	12.4	15.8	16.9	11	24.5	36.6	39.4	37.6	57
EPS adjusted (₹)	12.7	12.7	15.8	16.9	10.9	24.4	36.5	39.3	37.5	57
	21%	30.2%	31.6%	23.7%	36.5%	30.6%	27.3%	27.9%	29.2%	26.3%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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
Reserves	3,263	4,144	5,001	5,981	6,580	7,408	9,214	11,762	9,304	11,535	15,614
Minority interest	—	—	—	—	—	5	30	53	—	—	—
	100	79	111	32	723	4,375	5,916	2,195	7,838	10,286	11,378
	2,411	4,097	4,324	5,613	6,158	4,575	5,945	12,924	14,319	18,737	33,480
Total equity & liabilities	5,863	8,408	9,524	11,715	13,550	16,452	21,194	27,023	31,550	40,647	60,561
	673	1,178	1,451	1,543	1,674	1,582	2,543	2,997	3,708	2,287	4,547
CWIP	55	143	43	29	11	19	69	133	88	93	135
Investments	12	431	36	108	158	3,765	295	2,516	2,346	1,989	3,642
	5,123	6,656	7,994	10,035	11,707	11,086	18,287	21,377	25,408	36,278	52,237
Total assets	5,863	8,408	9,524	11,715	13,550	16,452	21,194	27,023	31,550	40,647	60,561

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Jewellery	79,660	7,209	47,325	33,753	13,572	53.12
Watches	5,267	824

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	27.2%	28%	24.2%	24.9%	25.2%	22.8%	21.5%	19.7%
EBITDA margin %	10.1%	11.7%	8%	11.6%	12%	10.4%	9.4%	9.5%
EBIT margin %	9.2%	10.1%	6.2%	10.2%	10.9%	9.2%	8.3%	8.6%
PAT margin %	7%	7.1%	4.5%	7.6%	8.1%	6.8%	5.5%	5.8%
Working capital
Receivable days	8	5	6	7	6	7	6	4
Inventory days	178	195	187	230	199	176	217	222
Payable days	0	2	18	22	78	62	15	98
NWC days	186	199	176	215	127	121	208	127
Leverage
Current ratio	1.76	1.8	1.73	1.66	1.69	1.55	1.34	1.28
Debt to EBITDA	0.02	0.29	2.54	1.77	0.45	1.48	1.81	1.36
Debt to equity	0.01	0.11	0.58	0.64	0.19	0.83	0.88	0.72
Interest coverage	38.3	13.7	7.6	14.6	15.8	8.5	5.8	6.8
Asset turnover	1.69	1.55	1.32	1.36	1.5	1.62	1.49	1.45
Return ratios
Return on assets %	11.9%	11%	6%	10.4%	12.1%	11.1%	8.2%	8.4%
Return on capital employed %	35.1%	32.1%	18.4%	32.7%	38.8%	36.4%	36.7%	45.4%
Return on equity %	22.9%	22.4%	13.1%	23.6%	27.6%	37.2%	28.7%	32.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.9%	52.9%	52.9%	52.9%	52.9%	52.9%	52.9%	52.9%	52.9%	52.9%	52.9%	52.9%
	19.05%	18.89%	19.01%	18.2%	18.22%	18.11%	17.81%	17.54%	16.11%	15.55%	15.65%	15.38%
	10.05%	10.44%	10.45%	10.87%	11.47%	11.55%	12.18%	12.78%	13.97%	14.81%	14.85%	15.15%
	0%	0%	0%	0%	0%	0%	0%	0%	0.19%	0.19%	0.19%	0.19%
	18%	17.77%	17.56%	17.95%	17.33%	17.36%	17.03%	16.7%	16.75%	16.47%	16.33%	16.33%
No. of shareholders	—	—	—	—	—	—	—	—	7,95,466	7,49,373	7,35,599	7,33,428

Promoter holding up 0 percentage points since Sep 2023.

77 deals · 23 Sept 2021 – 24 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Jun 2026	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MUTB400045794	Block	NSE	Buy	81,064	₹4,305.30	₹34.90 Cr
24 Jun 2026	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	81,064	₹4,305.30	₹34.90 Cr
14 Jul 2025	STATE STREET MSCI ACWI EX USA IMI SCREENED NON-LENDING COMMON TRUST FUND	Block	BSE	Sell	1,30,824	₹3,361.60	₹43.98 Cr
14 Jul 2025	STATE STREET MSCI ACWI EX USA IMI SCREENED NON-LENDING COMMON TRUST FUND	Block	BSE	Buy	1,30,824	₹3,361.60	₹43.98 Cr
25 Jan 2024	SOCIETE GENERALE	Block	BSE	Buy	2,63,114	₹3,767.85	₹99.14 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	2,63,114	₹3,767.85	₹99.14 Cr
25 Jan 2024	SOCIETE GENERALE	Block	NSE	Sell	64,252	₹3,767.85	₹24.21 Cr
25 Jan 2024	MARSHALL WACE INVESTMENT STRATEGIES MARKET NEUTRAL TOPS FUND	Block	NSE	Buy	55,458	₹3,767.85	₹20.90 Cr
25 Jan 2024	MARSHALL WACE INVESTMENT STRATEGIES TOPS FUND	Block	NSE	Buy	5,208	₹3,767.85	₹1.96 Cr
25 Jan 2024	MARSHALL WACE INVESTMENT STRATEGIES EUREKA FUND	Block	NSE	Buy	3,586	₹3,767.85	₹1.35 Cr

1–10 of 77

1 / 8

Mr. Sankaran VijayakumarNon-Executive - Nominee Director-Chairperson
Mr. Noel Naval TataNon-Executive - Nominee Director
Mr. Puneet ChhatwalNon-Executive - Nominee Director
Mr. Ajoy Hiro ChawlaExecutive Director-MD
Mr. SanthanamNon-Executive - Independent Director
Mr. MohanasankarNon-Executive - Independent Director
Mr. Sandeep SinghalNon-Executive - Independent Director
Mr. Anil ChaudhryNon-Executive - Independent Director
Ms. Shalini KapoorNon-Executive - Independent Director
Mr. Srinivasan VaradarajanNon-Executive - Independent Director
Mr. S Vijayakumar, IASNon - Executive Non -Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹4,587.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹4,627.5	-93	-2%	₹4,627.5	29,551	-347	5,438	175
23 Nov 2026	₹4,651.0	-94	-2%	₹4,651.0	1,860	+89	293	175
29 Dec 2026	₹4,677.0	-67.5	-1.4%	₹4,677.0	56	+56	59	175

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

33

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
1,170	+64	2,770	₹23.8	4,900

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

212

across 22 fund houses

Held by these funds

4.56%

of the company's equity

All mutual funds

8.73%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

212 schemes · 22 fund houses

		Shares
Nifty 50 ETF	SBI Mutual Fund	80.08 L	4,086.14	1.91%	0.9%	+42,118
BSE Sensex ETF	SBI Mutual Fund	54.6 L	2,793.26	2.29%	0.613%	+54,137
ETF NIFTY 50 BEES	Nippon India Mutual Fund	25.13 L	1,282.33	1.91%	0.282%	+50,578
Large Cap Fund	Axis Mutual Fund	18.99 L	969.05	3.09%	0.213%	-70,248
Nifty 50 ETF	ICICI Prudential Mutual Fund	16.67 L	850.67	1.91%	0.187%	+40,186
BSE Sensex ETF	ICICI Prudential Mutual Fund	14.63 L	748.57	2.29%	0.164%	+41,837
ETF BSE Sensex	Nippon India Mutual Fund	12.86 L	657.95	2.29%	0.145%	+35,997
ELSS- Tax Saver Fund	Axis Mutual Fund	12.37 L	631.4	1.93%	0.139%	+65,257

1–8 of 212

1 / 27

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

20

Dividend dividend9 Jul 2026 · ex-date₹15
Dividend dividend8 Jul 2025 · ex-date₹11
Dividend dividend27 Jun 2024 · ex-date₹11
Dividend dividend13 Jul 2023 · ex-date₹10
Dividend dividend8 Jul 2022 · ex-date₹7.5
Dividend dividend22 Jul 2021 · ex-date₹4
Dividend dividend3 Aug 2020 · ex-date₹4
Dividend dividend29 Jul 2019 · ex-date₹5
Dividend dividend23 Jul 2018 · ex-date₹3.75
Dividend dividend24 Jul 2017 · ex-date₹2.6
Interim dividend22 Mar 2016 · ex-date₹2.2
Dividend dividend17 Jul 2015 · ex-date₹2.3
Dividend dividend15 Jul 2014 · ex-date₹2.1
Dividend dividend16 Jul 2013 · ex-date₹2.1
Dividend dividend13 Jul 2012 · ex-date₹1.75
Dividend dividend22 Jul 2011 · ex-date₹1.25
Dividend dividend9 Jul 2010 · ex-date₹15
Dividend dividend10 Jul 2009 · ex-date₹10
Dividend dividend15 Jul 2008 · ex-date₹8
Dividend dividend11 Jul 2007 · ex-date₹5

1

Board meeting to consider results7 Aug 2026

1

Face value ₹10 → ₹123 Jun 2011 · ex-date

1–3 of 4

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

43 announcementsExport CSV

22 Sept 2026, 2:29 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	27.2%	28%	24.2%	24.9%	25.2%	22.8%	21.5%	19.7%
EBITDA margin %	10.1%	11.7%	8%	11.6%	12%	10.4%	9.4%	9.5%
EBIT margin %	9.2%	10.1%	6.2%	10.2%	10.9%	9.2%	8.3%	8.6%
PAT margin %	7%	7.1%	4.5%	7.6%	8.1%	6.8%	5.5%	5.8%
Working capital
Receivable days	8	5	6	7	6	7	6	4
Inventory days	178	195	187	230	199	176	217	222
Payable days	0	2	18	22	78	62	15	98
NWC days	186	199	176	215	127	121	208	127
Leverage
Current ratio	1.76	1.8	1.73	1.66	1.69	1.55	1.34	1.28
Debt to EBITDA	0.02	0.29	2.54	1.77	0.45	1.48	1.81	1.36
Debt to equity	0.01	0.11	0.58	0.64	0.19	0.83	0.88	0.72
Interest coverage	38.3	13.7	7.6	14.6	15.8	8.5	5.8	6.8
Asset turnover	1.69	1.55	1.32	1.36	1.5	1.62	1.49	1.45
Return ratios
Return on assets %	11.9%	11%	6%	10.4%	12.1%	11.1%	8.2%	8.4%
Return on capital employed %	35.1%	32.1%	18.4%	32.7%	38.8%	36.4%	36.7%	45.4%
Return on equity %	22.9%	22.4%	13.1%	23.6%	27.6%	37.2%	28.7%	32.3%

Calls	Strike	Puts
1,170	+64	2,770	₹23.8	4,900

Date	Category	Subject	Filing
22 Sept 2026, 2:29 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
18 Sept 2026, 6:11 pm	Company Update General	Grant Of Performance Stock Units	PDF
17 Sept 2026, 7:41 pm	AGM/EGM Postal Ballot	Titan Company Ltd - 500114 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report	PDF
17 Sept 2026, 7:38 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot	PDF
17 Sept 2026, 12:04 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
11 Sept 2026, 5:50 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
10 Sept 2026, 4:10 pm	Others Intimation of Repayment of Commercial Paper (CP)	Intimation of Repayment of Commercial Paper (CP)	PDF
7 Sept 2026, 2:26 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	576	1,751	1,243	-348	4,808	-724	1,370	1,759	-548	5,590
	-159	-1,023	-798	235	-2,204	1,164	-1,811	-253	551	-2,934
	-505	-166	-489	-242	134	-403	457	-1,329	7	-2,159
Net cash flow	—	—	-44	—	2,738	37	16	177	10	497
Free cash flow	—	—	1,243	-348	4,662	-948	938	1,068	-1,042	4,688
CFO / Operating profit %	—	106.5%	62.4%	-14.1%	278.8%	-21.7%	28.1%	33.2%	-9.6%	66.9%

Titan Company

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain33

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends20

Board meetings1

Stock splits1

Announcements

Dividends20

Board meetings1

Stock splits1

Ratio timeline

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain33

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Corporate · revenue

3

33

20

1

1

20

1

1

3

33