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Alpha | Titan Company Ltd.


Titan Company Ltd. – Three Decade Old Company

Titan Company Ltd is among India’s most respected lifestyle companies.

  • Titan Company Limited (Titan), formerly Titan Industries Limited, was incorporated in 1984 as a joint venture (JV) between the Tata Group and Tamil Nadu Industrial Development Corporation Limited (TIDCO).
  • In 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare.
  • At present, the Tata Group and TIDCO hold 25.02% and 27.88% shares, respectively, in Titan. The rest is held by institutional investors and the public.
  • It is a market leader in the domestic branded jewellery market (with Tanishq, Caratlane, Zoya, and Mia brands) and in the domestic wristwatch segment (with brands such as Titan, Sonata, Fastrack, and Xylys).

Valuation

Titan has, over the years, withstood challenges and emerged as a resilient player. We believe Titan is a structural growth story and appears to be a key beneficiary of the unorganised to organised shift in the Indian jewellery mark. At CMP, the stock trades at 55x FY24E EPS. We recommend a BUY rating in the stock with the target price (TP) of Rs.2430, 65x FY24E EPS. 

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