Titan Company Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for TITAN, BSE:500114 Titan Company Ltd.

Titan Company Ltd.

09 May 2019

3401.20

2.22%

Titan (4QFY19): Remains in (Gold)ilocks Zone. Maintain NEUTRAL

Neutral: Titan Company Ltd.

Target

HDFC Securities

While there is no questioning the execution skills of the outfit, its no See's Candy as Titan operates in a put-up-more-to-earn-more' industry. ~96% of the cumulative CFO (ex-working capital) has gone towards working capital and capex needs. This acts as gravity to Titan's punchy valuations of 43x FY21E EPS multiples. Also, the want from growth and its longevity is massive to justify the same. Peers too are expected to catch up on the design and capital curve over the medium to long-term. Channel check suggests that most big-box jewellers performance was a mixed bag (-5 to 20% in 4Q). In this backdrop, Titans 4Q performance seems commendable. Big-box peers inability to fix their debilitating capital pangs continues to benefit Titan. We largely maintain our EPS estimates FY20/FY21. However, opportunistic aggression in expansion plans by Titan poses an upside risk to our estimates. We maintain our DCF based TP of Rs 990/sh (implying a P/E of 39x FY21E EPS). Reiterate NEUTRAL.

Titan Company Ltd. has an average target of 3811.83 from 6 brokers.

Titan Company Ltd.

09 May 2019

3401.20

2.22%

Titan Company Ltd

Buy: Titan Company Ltd.

ICICI Securities Limited

Jewellery continues to glitter in FY19, despite headwinds The jewellery division reported robust revenue growth of 22.3% YoY to | 4105.4 crore, driven by healthy like-to-like sales growth of 14%. The grammage growth was at 15% while gold prices were up 7% YoY to | 3102/gram in Q4FY19. The division reported inventory valuation loss of | 37.0 crore, which is expected to be largely reversed in the next quarter. Adjusting for the same, EBIT margins for the jewellery division improved 50 bps YoY to 13.0%. FY19 was a challenging year for the jewellery industry...

Titan Company Ltd. average weekly volume is high.

Titan Company Ltd.

08 May 2019

3401.20

2.22%

Titan Company

Buy: Titan Company Ltd.

Sharekhan

adjusted profit after tax (PAT) grew by 30.4% y-o-y to Rs. 404.2 crore (in-line with our expectation of Rs. 403 crore for the quarter). Jewellery business retained its strong footing, with 21% revenue growth. Eyewear business grew by 20%. Gross margins, however, declined marginally by 150BPS to 27.9%. OPM marginally increased by 21BPS to 10.8% due to operating...

Titan Company Ltd. average weekly volume is high.

Titan Company Ltd.

08 May 2019

3401.20

2.22%

Continued robust performance sans one-offs; outlook buoyant too

Buy: Titan Company Ltd.

Target

Motilal Oswal

completely written-off after INR460m provision in 4QFY19), (b) the transient inventory valuation impact of INR370 (to be reversed in 1QFY20) and (c) the one-off ex-gratia payment of INR350m EBITDA is up by 29.9% YoY (margin up 100bp YoY to 11.6%, 30bp ahead of estimates) and PAT by 29% YoY. Since these costs are not extraordinary, we continue using the reported numbers in our model. However, the above adjustments indicate that the underlying performance is far healthier than what the numbers are reflecting. Concall highlights: (1) YTD growth (up to 7th May) in Jewelry is ~19% YoY. (2)...

Number of FII/FPI investors increased from 1019 to 1049 in Jun 2025 qtr.

Titan Company Ltd.

10 Apr 2019

3401.20

2.22%

Titan Company Ltd

Buy: Titan Company Ltd.

Target

ICICI Securities Limited

After five consecutive years of single digit revenue growth, the watches division registered a turnaround in FY19 with 16% revenue growth. The division strengthened its smart watches product portfolio with number new launches. Smart products including wearables grew at 80%+, crossing the landmark of | 100 crore in FY19. On a net basis, the division added six WOT stores, eight Fastrack stores and eight Helios stores in FY19. For the eyewear division, the management's strategy to increase assortment at more affordable points have worked out well in FY19 with revenue growth of 23%....

Titan Company Ltd. has an average target of 3811.83 from 6 brokers.

Titan Company Ltd.

04 Apr 2019

3401.20

2.22%

Jewelry sparkles for another year with 20 %+ growth

Buy: Titan Company Ltd.

Target

Motilal Oswal

The company achieved overall sales growth of ~21% in FY19. Jewelry sales grew by~22% after increasing by 25% in FY18, thereby exceeding the originally envisaged 20% five-year sales CAGR target for the second consecutive year .

Titan Company Ltd. average weekly volume is high.

Titan Company Ltd.

04 Apr 2019

3401.20

2.22%

Company Report - Tanishq growth story on track

Buy: Titan Company Ltd.

Prabhudas Lilladhar

Jewellery demand. For 4Q19, we estimate 19.5% Jewellery sales growth and 13.5% volume growth led by sustained market share gains. We expect 11.3% sales growth in watches with 15% EBIT margin led by benefits of...

Titan Company Ltd. is trading below all available SMAs

Titan Company Ltd.

12 Feb 2019

3401.20

2.22%

Titan Company

Results Update: Titan Company Ltd.

SMC online

18.8% over last year. The income figures are not comparable as the income last year was post a December 2018 grew by 25.8%, to Rs.1532 crores. During the quarter there was an additional provision of Rs. 70 crores made for investments as part of Treasury operations in inter corporate...

Number of FII/FPI investors increased from 1019 to 1049 in Jun 2025 qtr.

Titan Company Ltd.

04 Feb 2019

3401.20

2.22%

Titan Company Ltd

Buy: Titan Company Ltd.

Target

ICICI Securities Limited

Overall revenues grew 35% YoY to | 5871.5 crore (I-direct estimate: | 5239.4 crore). Supported by healthy festive season and successful exchange programme, the jewellery division reported robust revenue growth of 37% YoY to | 4997.0 crore (highest ever quarterly revenues). The watches segment sustained its revenue trajectory with growth of 18% YoY to | 646.6 crore. Revenues from eyewear division grew 43% YoY to | 129.5 crore Adjusting for IL&FS; provision (| 70 crore), EBITDA margins for the...

Titan Company Ltd. is trading below all available SMAs

Titan Company Ltd.

03 Feb 2019

3401.20

2.22%

Titan (3QFY19): Midas touch continues. Maintain NEUTRAL

Neutral: Titan Company Ltd.

Target

HDFC Securities

We reiterate a NEUTRAL rating with DCF based TP of Rs 900/sh (implied P/E of 38x Dec-20E EPS). Titan delivered a stellar quarter considering most big-box jewellers grew at 13-15% in 3Q; albeit one-offs impacted profitability. One-offs include a Rs. 700 mn provision towards IL&FS; exposure (Total exposure of Rs. 1.45bn, Rs 290 mn provided for in 2QFY19). Titans revenue grew by 34.6% (vs est. 30%). Adj. EBIT/APAT growth at 61/66% resp. to Rs 6.2/4.6 bn (a 13%/19% miss). Jewellery biz grew by ~37% (est. 32%) to Rs 49.9bn as all variables moved with clockwork precision (volume/price/mix grew ~20/8/9% YoY). Beat on revenue was on account of large institutional order for gold coins worth Rs 2bn for 3Q. Expansion in margins were even more pronounced +290bps to 12.9 % (194bps beat) due to 1. higher GM led by inventory valuation loss reversal from 2Q (Rs 180mn), 2. lower discount and 3. lower ad-spends.

Titan Company Ltd. is trading below all available SMAs

Is Titan Company Ltd. worth buying?

1344 Votes:

Buy 69.12%

Sell 17.78%

Hold 13.1%

RESEARCH REPORTS

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