Announcement • Jun 09
Titan Company Limited Appoints Hardik Mehta to Head - Commercial (International Business Division, Jewellery) Titan Company Limited has appointed seasoned finance and business leader Hardik Mehta as head - commercial for the International Business Division of its jewellery business, where he will lead commercial strategy for the global expansion of Tanishq. Mehta joins Titan after a distinguished career spanning nearly two decades across finance, business transformation, governance, international operations and strategic leadership roles in India and overseas markets. In his new position, based in Bengaluru, he will oversee commercial operations for Tanishq's international business as the jewellery brand continues to strengthen its presence in global markets and take Indian craftsmanship to a wider international audience. The appointment marks the end of a five-year journey at Schneider Electric, where Mehta held a series of senior leadership positions. Most recently, he served as senior general manager, overseeing business finance portfolios across the Power Products Division, National Sales, Sri Lanka and Bangladesh territories while continuing to support the Digital Energy Division. Prior to that, he was general manager and finance business partner for the Digital Energy Division between October 2023 and January 2025, following a stint as deputy general manager and finance business partner from July 2021 to September 2023. Before relocating to India, Mehta spent almost four years in Indonesia with PT. Tamco Indonesia, first as head of finance under the ownership of Larsen & Toubro and later following the company's acquisition by Schneider Electric. During that period, he played a key role in financial restructuring, compliance management and the transition of the business following the sale of Larsen & Toubro's Electrical & Automation division. One of his notable achievements included converting loans worth approximately Rs 43 crore into capital, helping
improve the subsidiary's financial position and ensuring compliance with local regulations. Earlier in his career, Mehta spent more than nine years with a Larsen & Toubro subsidiary, managing finance and accounting functions, treasury operations, foreign exchange risk management, budgeting, audits and working capital planning. His corporate experience now spans more than 18 years across India, Indonesia, Sri Lanka and Bangladesh. Academically, Mehta is a chartered accountant from the The Institute of Chartered Accountants of India, having cleared all examinations in his first attempt. He also holds a Bachelor of Laws degree from Veer Narmad South Gujarat University. Reported Earnings • May 09
Full year 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2026 results: EPS: ₹57.19 (up from ₹37.62 in FY 2025). Revenue: ₹875.8b (up 45% from FY 2025). Net income: ₹50.7b (up 52% from FY 2025). Profit margin: 5.8% (up from 5.5% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 1.9%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 18% per year. New Risk • May 09
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 0.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (148% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Apr 29
Titan Company Limited to Report Q4, 2026 Results on May 08, 2026 Titan Company Limited announced that they will report Q4, 2026 results on May 08, 2026 Price Target Changed • Feb 16
Price target increased by 7.1% to ₹4,775 Up from ₹4,457, the current price target is an average from 36 analysts. New target price is 14% above last closing price of ₹4,179. Stock is up 30% over the past year. The company is forecast to post earnings per share of ₹55.19 for next year compared to ₹37.62 last year. Reported Earnings • Feb 11
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: ₹18.98 (up from ₹11.80 in 3Q 2025). Revenue: ₹254.2b (up 43% from 3Q 2025). Net income: ₹16.8b (up 61% from 3Q 2025). Profit margin: 6.6% (up from 5.9% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.5%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 19
Titan Company Limited to Report Q3, 2026 Results on Feb 10, 2026 Titan Company Limited announced that they will report Q3, 2026 results on Feb 10, 2026 Reported Earnings • Nov 04
Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2026 results: EPS: ₹12.63 (up from ₹7.94 in 2Q 2025). Revenue: ₹187.3b (up 29% from 2Q 2025). Net income: ₹11.2b (up 59% from 2Q 2025). Profit margin: 6.0% (up from 4.8% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 3.4%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 14
Titan Company Limited to Report Q2, 2026 Results on Nov 03, 2025 Titan Company Limited announced that they will report Q2, 2026 results on Nov 03, 2025 Reported Earnings • Aug 09
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: ₹12.30 (up from ₹8.06 in 1Q 2025). Revenue: ₹165.2b (up 25% from 1Q 2025). Net income: ₹10.9b (up 53% from 1Q 2025). Profit margin: 6.6% (up from 5.4% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 23
Titan Company Limited Approves Dividend for the Financial Year Ended March 31, 2025 Titan Company Limited approved to declare dividend of INR 11/- per equity share of face value of INR 1/- each on equity shares for the Financial Year ended 31st March 2025, at its AGM held on 22nd July 2025. Announcement • Jul 17
Titan Company Limited to Report Q1, 2026 Results on Aug 07, 2025 Titan Company Limited announced that they will report Q1, 2026 results on Aug 07, 2025 Upcoming Dividend • Jul 04
Upcoming dividend of ₹11.00 per share Eligible shareholders must have bought the stock before 08 July 2025. Payment date: 21 August 2025. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.6%). Reported Earnings • Jun 29
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ₹37.62 (down from ₹39.40 in FY 2024). Revenue: ₹604.6b (up 18% from FY 2024). Net income: ₹33.4b (down 4.5% from FY 2024). Profit margin: 5.5% (down from 6.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) missed analyst estimates by 5.1%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jun 20
Dividend of ₹11.00 announced Dividend of ₹11.00 is the same as last year. Ex-date: 8th July 2025 Payment date: 21st August 2025 Dividend yield will be 0.3%, which is lower than the industry average of 0.4%. Sustainability & Growth Dividend is covered by earnings (29% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 87% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 10
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ₹37.62 (down from ₹39.40 in FY 2024). Revenue: ₹609.4b (up 19% from FY 2024). Net income: ₹33.4b (down 4.5% from FY 2024). Profit margin: 5.5% (down from 6.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) missed analyst estimates by 5.1%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 21
Titan Company Limited to Report Q4, 2025 Results on May 08, 2025 Titan Company Limited announced that they will report Q4, 2025 results on May 08, 2025 Announcement • Feb 19
Titan in Talks with Mannai Corp to Acquire A Significant Stake in Damas Jewellery Titan Company Limited (BSE:500114) is said to be in talks with Qatar-based Mannai Corporation Q.P.S.C. (DSM:MCCS) to acquire a significant stake in Damas Jewellery LLC, a prominent retailer in West Asia. Discussions are focused on valuation, estimated at INR 45 billion (about $518 million), with no consensus yet, said people with knowledge of the matter. This marks the second attempt at a deal between Titan and Damas. A previous round of negotiations, held a few years ago, floundered over valuation. The renewed talks indicate Titan’s continued interest in expanding its footprint in the West Asian jewellery market, aligning with its broader global ambitions.“Valuation depends on the structure of the company and the bullion stock that Damas holds during negotiations,” said a veteran gold trade analyst. “If the bullion stock is low, the valuation will drop, and if the stock is high, the valuation will increase automatically.”300-strong store network Titan, Mannai, and Damas did not comment. Reported Earnings • Feb 05
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ₹11.80 (down from ₹11.91 in 3Q 2024). Revenue: ₹177.4b (up 25% from 3Q 2024). Net income: ₹10.5b (flat on 3Q 2024). Profit margin: 5.9% (down from 7.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 12% per year. Announcement • Jan 15
Titan Company Limited to Report Q3, 2025 Results on Feb 04, 2025 Titan Company Limited announced that they will report Q3, 2025 results on Feb 04, 2025 Board Change • Jan 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director P Balaji was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 26
Titan Company Limited Approves Appointment of Mr. P B Balaji as Director Titan Company Limited approved appointment of Mr. P B Balaji as a Director. Reported Earnings • Nov 06
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: ₹7.94 (down from ₹10.31 in 2Q 2024). Revenue: ₹145.3b (up 16% from 2Q 2024). Net income: ₹7.04b (down 23% from 2Q 2024). Profit margin: 4.8% (down from 7.3% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates by 30%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Oct 16
Titan Company Limited to Report Q2, 2025 Results on Nov 05, 2024 Titan Company Limited announced that they will report Q2, 2025 results on Nov 05, 2024 Reported Earnings • Aug 03
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: ₹8.06 (down from ₹8.48 in 1Q 2024). Revenue: ₹132.7b (up 12% from 1Q 2024). Net income: ₹7.15b (down 5.0% from 1Q 2024). Profit margin: 5.4% (down from 6.3% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.8%. Earnings per share (EPS) missed analyst estimates by 3.7%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 25% per year. Announcement • Jul 15
Titan Company Limited Approves Dividend for the Financial Year Ended March 31, 2024 Titan Company Limited at its Annual General Meeting held on July 12, 2024, approved to declare dividend of INR 11 per equity share of face value of INR 1 each on equity shares for the financial year ended March 31, 2024. Announcement • Jun 24
Titan Company Limited Announces Senior Management Transition, Effective October 1, 2024 Titan Company Limited on the recommendation of the Board Nomination and Remuneration Committee considered, and approved the appointment of Mr. N.S Raghavan, currently serving as the Chief Sales & Marketing Officer of Eyecare Division of the Company, as the Chief Executive Officer (CEO) of EyeCare Division. Mr. Saumen Bhaumik, currently the CEO of EyeCare Division of the Company will take over the position of Managing Director of CaratLane Trading Private Limited (CaratLane), Subsidiary of the Company where Titan holds 99.99%. The transition of these roles will be completed on or before 1st October 2024. Raghavan joined Titan in December 2023 and brings with him over 27 years of experience in eyewear industry, and he brings in a wealth of expertise and impressive track record of success. Mr. raghavan holds an MBA in marketing from symbiosis institute of management studies and executive management degree from INSEAD and ESSEC business schools. Upcoming Dividend • Jun 20
Upcoming dividend of ₹11.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 11 August 2024. Payout ratio is a comfortable 28% and the cash payout ratio is 88%. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (0.5%). Reported Earnings • Jun 19
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ₹39.40 (up from ₹36.61 in FY 2023). Revenue: ₹510.8b (up 26% from FY 2023). Net income: ₹35.0b (up 7.6% from FY 2023). Profit margin: 6.8% (down from 8.0% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 2.8%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Jun 06
Titan Company Limited, Annual General Meeting, Jul 12, 2024 Titan Company Limited, Annual General Meeting, Jul 12, 2024. Reported Earnings • May 04
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ₹39.40 (up from ₹36.61 in FY 2023). Revenue: ₹516.2b (up 27% from FY 2023). Net income: ₹35.0b (up 7.6% from FY 2023). Profit margin: 6.8% (down from 8.0% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 2.8%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 35% per year. Announcement • Apr 23
Titan Company Limited to Report Q4, 2024 Results on May 03, 2024 Titan Company Limited announced that they will report Q4, 2024 results on May 03, 2024 Announcement • Feb 28
Titan Company Limited (BSE:500114) agreed to acquire remaining 0.36% stake in CaratLane Trading Private Limited from individual shareholders for approximately INR 600 million. Titan Company Limited (BSE:500114) agreed to acquire remaining 0.36% stake in CaratLane Trading Private Limited from individual shareholders for approximately INR 600 million on February 27, 2024. The consideration consists of INR 600.8 million in cash. As part of the consideration, INR 600.8 million was paid towards common equity. Prior to the transaction, Titan Company Limited (BSE:500114) held 99.64%. The transaction is subject to fulfilment of other closing conditions and is expected to complete on March 31, 2024. Reported Earnings • Feb 02
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: ₹11.91 (up from ₹10.18 in 3Q 2023). Revenue: ₹143.0b (up 23% from 3Q 2023). Net income: ₹10.5b (up 17% from 3Q 2023). Profit margin: 7.4% (down from 7.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 34% per year. Announcement • Jan 09
Titan Company Limited to Report Q3, 2024 Results on Feb 01, 2024 Titan Company Limited announced that they will report Q3, 2024 results on Feb 01, 2024 Reported Earnings • Nov 04
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: ₹10.31 (up from ₹9.36 in 2Q 2023). Revenue: ₹126.5b (up 38% from 2Q 2023). Net income: ₹9.15b (up 10% from 2Q 2023). Profit margin: 7.2% (down from 9.1% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 6.3%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Announcement • Nov 04
Titan Company Limited Announces Change in Directorate Board of Titan Company Limited has at its meeting held on 3rd November 2023 noted/approved the following: Nomination of Mr. Sandeep Nanduri, IAS (DIN: 07511216). The Board took note of the nomination of Mr. Sandeep Nanduri, IAS, Managing Director of TIDCO on the Board of the Company in place of Ms. Jayashree Muralidharan, IAS with effect from 3rd November 2023. Accordingly, Mr. Sandeep Nanduri will hold office as a Director liable to retire by rotation, effective 3rd November 2023, and the approval of the shareholders as required under the Listing Regulations would be obtained within the period prescribed under the SEBI Regulations. Mr. Sandeep Nanduri, IAS (DIN: 07511216) has been appointed as Chairman and Additional Director on the Board of the Company as a Nominee of Tamilnadu Industrial Development Corporation Limited. Mr. Sandeep Nanduri is a 2009 batch IAS officer who has held many key positions in various departments in the Government of Tamil Nadu. Presently, Mr. Sandeep Nanduri is the Managing Director of TIDCO. Earlier, he has served as Managing Director of Tamilnadu Tourism Development Corporation Limited, District Collector and District Magistrate at Tuticorin, Thiruvannamalai and Tirunelveli, Executive Director at Chennai Metro Water Supply and Sewage Board and held the position of Additional Collector, PD-DRDA at the Government of Tamilnadu. Announcement • Oct 20
Titan Company Limited to Report Q2, 2024 Results on Nov 03, 2023 Titan Company Limited announced that they will report Q2, 2024 results on Nov 03, 2023 Announcement • Oct 18
Titan Company Limited Announces Board Changes The board of directors of Titan Company Limited meeting held on October 17, 2023, noted the letter dated 16 October 2023 received from Tamilnadu Industrial Development Corporation Limited (TIDCO), co-promoter of the Company, communicating the following: The Board took note of the resignation of Mr. S Krishnan, IAS, nominee of TIDCO as a Director of the Company, with effect from 17 October 2023. The Board took note of the nomination of Mr. Arun Roy, IAS, Secretary, Industries Investment Promotion and Commerce Department, Tamil Nadu Government as Chairman and Additional Director on the Board of the Company in place of Mr. S Krishnan, IAS with effect from 17th October 2023 and accordingly the Board approved the same. Mr. Arun Roy will hold office as a Director liable to retire by rotation, effective 17th October 2023, and the approval of the shareholders as required under the Listing Regulations would be obtained within the period prescribed under the SEBI Regulations. Mr. Arun Roy, IAS has been appointed as Chairman and Additional Director on the Board of the Company as Nominee of Tamilnadu Industrial Development Corporation Limited. Term of Appointment - Mr. Arun Roy will hold office as a Non-Executive, Non-Independent Director, liable to retire by rotation, subject to the approval of the shareholders of the Company as required under the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. Mr. Arun Roy is a 2003 batch IAS Officer who has held many key positions in various departments in the Government of Tamil Nadu. Earlier, Mr. V Arun Roy served as the Secretary, Micro, Small and Medium Enterprises Department of the Tamil Nadu Government and held positions as the State Commissioner for the Differently-Abled and Deputy Secretary to Government Finance Department, Managing Director, Chennai Metropolitan Water Supply and Sewerage Board and Registrar, Tamilnadu National Law School. He is also on the Board of several other investee companies of Tamil Nadu Government. New Risk • Aug 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Announcement • Aug 03
Titan Company Limited Declares Dividend for the Financial Year Ended March 31, 2023 Titan Company Limited at its AGM held on August 1, 2023, declared dividend for the financial year ended March 31, 2023 at the rate of INR 10.00 for equity share of INR 1 each recommended by the Board of Directors of the Company at its meeting held on May 3, 2023. Announcement • Jul 12
Titan Company Limited to Report Q1, 2024 Results on Aug 02, 2023 Titan Company Limited announced that they will report Q1, 2024 results on Aug 02, 2023 Reported Earnings • Jul 09
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ₹36.61 (up from ₹24.48 in FY 2022). Revenue: ₹405.8b (up 41% from FY 2022). Net income: ₹32.5b (up 50% from FY 2022). Profit margin: 8.0% (up from 7.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 2.9%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 48% per year and the company’s share price has also increased by 48% per year. Upcoming Dividend • Jul 06
Upcoming dividend of ₹10.00 per share at 0.3% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.5%). Announcement • Jun 07
Titan's Plan to Acquire Remaining Stake in CaratLane Reaches an Impasse Titan Company Limited (BSE:500114) and the founders of CaratLane Trading Private Limited are in disagreement over the valuation of the latter, which has resulted in an impasse, The Economic Times (ET) reports. Titan owns a majority stake in CaratLane. With no solution in sight, the talks so far have not delivered any positive results, and the issue has now been escalated to the offices of Tata Sons chairman N Chandrasekaran. People aware of the matter were quoted in the ET report as saying that discussions are ongoing with a quick resolution as its objective. A senior Tata Group executive said, "It's an ongoing negotiation — these things take time." Additionally, the same official added, "Titan is a listed company, so it has to follow certain guidelines. On the other hand, entrepreneurs want quick solutions as startups need to be nimble". To arrive at a valuation agreeable to both parties, both sides could appoint an independent agency to determine the valuation. Later, the average of the two valuations was to be shortlisted, but this could only be done if both parties agreed to the arrangement, the report added. Earlier, Titan appointed Bank of America to determine the valuation of the residual 28% stake. Bank of America valued the entire company at INR 6,000 - INR 7,000 crore, meaning the founder's stake was worth INR 16,800 million - INR 19,600 million. However, the founders found this valuation too low. In case the discussions do not conclude, the only way to find out the fair valuation of CaratLane will be through listing it on the stock exchanges. The listing may take two more years to be completed, the ET report said, quoting people in the know. Announcement • May 17
Titan Company Limited, Annual General Meeting, Jul 11, 2023 Titan Company Limited, Annual General Meeting, Jul 11, 2023. Reported Earnings • May 04
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ₹36.61 (up from ₹24.48 in FY 2022). Revenue: ₹405.8b (up 41% from FY 2022). Net income: ₹32.5b (up 50% from FY 2022). Profit margin: 8.0% (up from 7.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 2.9%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 48% per year whereas the company’s share price has increased by 47% per year. Reported Earnings • Feb 05
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: ₹10.18 (down from ₹11.31 in 3Q 2022). Revenue: ₹116.1b (up 16% from 3Q 2022). Net income: ₹9.04b (down 10.0% from 3Q 2022). Profit margin: 7.8% (down from 10.0% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) missed analyst estimates by 2.7%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Jan 17
Titan Company Limited to Report Q3, 2023 Results on Feb 02, 2023 Titan Company Limited announced that they will report Q3, 2023 results at 3:30 PM, Indian Standard Time on Feb 02, 2023 Reported Earnings • Nov 07
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: ₹9.36 (up from ₹7.20 in 2Q 2022). Revenue: ₹91.6b (up 22% from 2Q 2022). Net income: ₹8.31b (up 30% from 2Q 2022). Profit margin: 9.1% (up from 8.5% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 34% per year. Reported Earnings • Aug 06
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: ₹8.84 (up from ₹0.22 in 1Q 2022). Revenue: ₹94.9b (up 173% from 1Q 2022). Net income: ₹7.85b (up ₹7.65b from 1Q 2022). Profit margin: 8.3% (up from 0.6% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Over the next year, revenue is forecast to grow 8.4%, compared to a 22% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth.