# Titan Company (TITAN.NSE)

Canonical: https://gigainvestors.com/s/TITAN.NSE

Analysis as of: 2026-10-16T07:33:24.577Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 4,455.80 per share; close as of 2026-10-15.

Estimated value: low INR 780.42 per share, central INR 1,083.18 per share, high INR 1,237.40 per share. Buy at or below the central value INR 1,083.18 per share. Valuation as of 2026-10-16T07:33:24.577Z; scenarios are not confidence intervals.

Expected annual return: 5.1% at the stated quote. About 5.1% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.10×

- FY2021: 0.06×

- FY2022: 0.10×

- FY2023: 0.11×

- FY2024: 0.09×

- FY2025: 0.08×

- FY2026: 0.09×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC median below threshold

- ROIC, median of available years: 14.0%

- ROIC, second-lowest year: 12.1%

- Conservative return floor, median: 14.3%

- Conservative return floor, second lowest: 11.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 13.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 15.0%

- FY2023: 15.2%

- FY2024: 14.0%

- FY2025: 11.1%

- FY2026: 12.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.91×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 157B

- Net income, five-year total: INR 173B

- Return on incremental invested capital: 13.2%

- Working capital / revenue, annual change: 1.5 pp

- Working capital / revenue, change between three-year averages: 9.7 pp

- Working capital / revenue, final three-year average: 42.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 0.92×

- FY2024: 1.00×

- FY2025: 0.85×

- FY2026: 0.83×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 8.01 to 39.39 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: INR 3.11T

- Cumulative retained earnings: INR 121B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 22.0%

- Per-share value change: INR 31.38

- Per-share value, starting three-year median: INR 8.01

- Per-share value, ending three-year median: INR 39.39

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.7%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: INR 230B

- ROIC, last three-year median: 12.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 8.01

- FY2018: INR 12.41

- FY2019: INR 15.82

- FY2020: INR 16.91

- FY2021: INR 10.96

- FY2022: INR 24.48

- FY2023: INR 36.61

- FY2024: INR 39.39

- FY2025: INR 37.61

- FY2026: INR 57.00

### accounting: pass

- Sloan accruals: -0.9%

- Receivables to sales index (DSRI): 0.59×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 1.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.10×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -11.9%

- FY2018: 12.4%

- FY2019: 1.4%

- FY2020: 13.7%

- FY2021: -19.3%

- FY2022: 13.7%

- FY2023: 7.0%

- FY2024: 5.7%

- FY2025: 9.5%

- FY2026: -0.9%

## Holders

## Price story

Price needs cash profits to grow 25.3% a year for ten years · sales +44.9%

Story as of 2026-10-16T09:59:56.066Z; price observation 2026-10-15.

Price needs cash profits to grow 25.3% a year for ten years

### Sales · FY2025–2026

sales +44.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 133B 

- FY2018: INR 161B 

- FY2019: INR 198B 

- FY2020: INR 211B 

- FY2021: INR 216B 

- FY2022: INR 288B 

- FY2023: INR 406B 

- FY2024: INR 511B 

- FY2025: INR 605B 

- FY2026: INR 876B 

### Gross margin · FY2026

gross margin 19.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2023: 24.7% 

- FY2024: 22.4% 

- FY2025: 21.1% 

- FY2026: 19.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gems, jewellery and watches; annual sales are INR 875.8 billion.

- Source: https://www.screener.in/company/TITAN/consolidated/ (filed 2026-10-16T07:33:24.577Z); FY2026: revenue 875840000000; grossProfit 169410000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 19.3% to 22.4% during 2024–26; it earns 14% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.577Z); FY2024: grossProfit / revenue = 22.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.577Z); FY2025: grossProfit / revenue = 21.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.577Z); FY2026: grossProfit / revenue = 19.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.577Z); 10-year return on capital observations [[2022,0.15039645208977287],[2023,0.15196947976878614],[2024,0.13965418992232934],[2025,0.11088359550561798],[2026,0.1206323950279783]]; median 0.13965418992232934. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 1.8% of cash earnings; earns 13.2% on new investment.

- Source: https://www.screener.in/company/TITAN/consolidated/ (filed 2026-10-16T07:33:24.577Z); FY2017: growth capex 1433911861.8955116; upkeep 1126088138.1044884; owner earnings 7093911861.895512. Growth capex / owner earnings = 0.20213274280974314.

- Source: https://www.screener.in/company/TITAN/consolidated/ (filed 2026-10-16T07:33:24.577Z); FY2018: growth capex 1740000000; upkeep 1310000000; owner earnings 11300000000. Growth capex / owner earnings = 0.15398230088495576.

- Source: https://www.screener.in/company/TITAN/consolidated/ (filed 2026-10-16T07:33:24.577Z); FY2019: growth capex 1020000000; upkeep 1630000000; owner earnings 14040000000. Growth capex / owner earnings = 0.07264957264957266.

- Source: https://www.screener.in/company/TITAN/consolidated/ (filed 2026-10-16T07:33:24.577Z); FY2020: growth capex 70000000; upkeep 3480000000; owner earnings 15010000000. Growth capex / owner earnings = 0.004663557628247834.

- Source: https://www.screener.in/company/TITAN/consolidated/ (filed 2026-10-16T07:33:24.577Z); FY2021: growth capex 0; upkeep 1460000000; owner earnings 12020000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/TITAN/consolidated/ (filed 2026-10-16T07:33:24.577Z); FY2022: growth capex 0; upkeep 2240000000; cash acquisitions 0; owner earnings 21763060000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/TITAN/consolidated/ (filed 2026-10-16T07:33:24.577Z); FY2023: growth capex 0; upkeep 4320000000; cash acquisitions 0; owner earnings 30050000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/TITAN/consolidated/ (filed 2026-10-16T07:33:24.577Z); FY2024: growth capex 1070000000; upkeep 5840000000; cash acquisitions 0; owner earnings 34960000000. Growth capex plus acquisitions / owner earnings = 0.03060640732265446.

- Source: https://www.screener.in/company/TITAN/consolidated/ (filed 2026-10-16T07:33:24.577Z); FY2025: growth capex 0; upkeep 4940000000; cash acquisitions 0; owner earnings 28360000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/TITAN/consolidated/ (filed 2026-10-16T07:33:24.577Z); FY2026: growth capex 760000000; upkeep 8260000000; cash acquisitions 0; owner earnings 42080000000. Growth capex plus acquisitions / owner earnings = 0.01806083650190114.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.577Z); Incremental return on capital 0.13203570483998942, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.577Z); Dividend observations: [[2017,40000000],[2018,2770000000],[2019,3970000000],[2020,5360000000],[2021,3550000000],[2022,3550000000],[2023,6660000000],[2024,8880000000],[2025,9760000000],[2026,9760000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 25.3% yearly over ten years; actual growth was 23.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.577Z); Ten-year compound average after fade. Initial solved rate 0.3571300877927771. Price 4455.8; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 5.843555555555556 → FY2026 47.28089887640449. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 323.50 per share

- 2016-12: INR 326.80 per share

- 2017-01: INR 362.05 per share

- 2017-02: INR 437.20 per share

- 2017-03: INR 462.75 per share

- 2017-04: INR 470.25 per share

- 2017-05: INR 474.90 per share

- 2017-06: INR 524.45 per share

- 2017-07: INR 544.25 per share

- 2017-08: INR 617.10 per share

- 2017-09: INR 584.55 per share

- 2017-10: INR 635.25 per share

- 2017-11: INR 818.90 per share

- 2017-12: INR 858.15 per share

- 2018-01: INR 869.55 per share

- 2018-02: INR 816.15 per share

- 2018-03: INR 942.30 per share

- 2018-04: INR 981.80 per share

- 2018-05: INR 900.10 per share

- 2018-06: INR 878.50 per share

- 2018-07: INR 912.35 per share

- 2018-08: INR 891.90 per share

- 2018-09: INR 805.60 per share

- 2018-10: INR 844.60 per share

- 2018-11: INR 927.10 per share

- 2018-12: INR 931.00 per share

- 2019-01: INR 995.80 per share

- 2019-02: INR 1,025.20 per share

- 2019-03: INR 1,141.85 per share

- 2019-04: INR 1,158.55 per share

- 2019-05: INR 1,235.75 per share

- 2019-06: INR 1,334.70 per share

- 2019-07: INR 1,056.35 per share

- 2019-08: INR 1,105.10 per share

- 2019-09: INR 1,273.05 per share

- 2019-10: INR 1,331.20 per share

- 2019-11: INR 1,159.70 per share

- 2019-12: INR 1,187.95 per share

- 2020-01: INR 1,187.75 per share

- 2020-02: INR 1,254.50 per share

- 2020-03: INR 933.70 per share

- 2020-04: INR 970.05 per share

- 2020-05: INR 890.00 per share

- 2020-06: INR 949.85 per share

- 2020-07: INR 1,043.25 per share

- 2020-08: INR 1,100.50 per share

- 2020-09: INR 1,201.35 per share

- 2020-10: INR 1,165.75 per share

- 2020-11: INR 1,361.20 per share

- 2020-12: INR 1,567.15 per share

- 2021-01: INR 1,420.30 per share

- 2021-02: INR 1,406.90 per share

- 2021-03: INR 1,558.05 per share

- 2021-04: INR 1,491.65 per share

- 2021-05: INR 1,596.25 per share

- 2021-06: INR 1,732.50 per share

- 2021-07: INR 1,714.55 per share

- 2021-08: INR 1,921.60 per share

- 2021-09: INR 2,161.85 per share

- 2021-10: INR 2,383.55 per share

- 2021-11: INR 2,375.50 per share

- 2021-12: INR 2,522.40 per share

- 2022-01: INR 2,360.30 per share

- 2022-02: INR 2,546.55 per share

- 2022-03: INR 2,536.15 per share

- 2022-04: INR 2,458.20 per share

- 2022-05: INR 2,216.00 per share

- 2022-06: INR 1,941.25 per share

- 2022-07: INR 2,352.05 per share

- 2022-08: INR 2,604.65 per share

- 2022-09: INR 2,606.95 per share

- 2022-10: INR 2,761.50 per share

- 2022-11: INR 2,653.00 per share

- 2022-12: INR 2,597.50 per share

- 2023-01: INR 2,377.15 per share

- 2023-02: INR 2,372.80 per share

- 2023-03: INR 2,514.90 per share

- 2023-04: INR 2,641.85 per share

- 2023-05: INR 2,823.25 per share

- 2023-06: INR 3,047.65 per share

- 2023-07: INR 3,004.05 per share

- 2023-08: INR 3,104.45 per share

- 2023-09: INR 3,148.80 per share

- 2023-10: INR 3,189.65 per share

- 2023-11: INR 3,490.60 per share

- 2023-12: INR 3,675.45 per share

- 2024-01: INR 3,697.55 per share

- 2024-02: INR 3,624.40 per share

- 2024-03: INR 3,801.80 per share

- 2024-04: INR 3,589.25 per share

- 2024-05: INR 3,241.90 per share

- 2024-06: INR 3,404.20 per share

- 2024-07: INR 3,458.95 per share

- 2024-08: INR 3,565.15 per share

- 2024-09: INR 3,823.95 per share

- 2024-10: INR 3,267.05 per share

- 2024-11: INR 3,249.00 per share

- 2024-12: INR 3,253.15 per share

- 2025-01: INR 3,490.25 per share

- 2025-02: INR 3,077.25 per share

- 2025-03: INR 3,063.35 per share

- 2025-04: INR 3,379.70 per share

- 2025-05: INR 3,555.00 per share

- 2025-06: INR 3,690.20 per share

- 2025-07: INR 3,347.30 per share

- 2025-08: INR 3,628.80 per share

- 2025-09: INR 3,367.00 per share

- 2025-10: INR 3,746.70 per share

- 2025-11: INR 3,907.70 per share

- 2025-12: INR 4,051.50 per share

- 2026-01: INR 3,977.40 per share

- 2026-02: INR 4,327.50 per share

- 2026-03: INR 3,951.40 per share

- 2026-04: INR 4,385.20 per share

- 2026-05: INR 4,074.90 per share

- 2026-06: INR 4,404.00 per share

- 2026-07: INR 4,875.20 per share

- 2026-08: INR 5,102.40 per share

- 2026-09: INR 4,587.00 per share

- 2026-10: INR 4,455.80 per share

## Annual estimated value (INR per share)

- FY2019: low INR 139.79 per share, central INR 154.95 per share, high INR 174.18 per share

- FY2020: low INR 155.69 per share, central INR 173.54 per share, high INR 196.18 per share

- FY2021: low INR 161.47 per share, central INR 179.82 per share, high INR 203.09 per share

- FY2022: low INR 226.90 per share, central INR 251.62 per share, high INR 282.98 per share

- FY2023: low INR 311.16 per share, central INR 346.15 per share, high INR 390.52 per share

- FY2024: low INR 389.98 per share, central INR 434.04 per share, high INR 489.92 per share

- FY2025: low INR 543.29 per share, central INR 752.92 per share, high INR 859.70 per share

- FY2026: low INR 780.42 per share, central INR 1,083.18 per share, high INR 1,237.40 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:10.202Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.