InCred Equities - Titan Co Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	510,840	563,742	642,805	738,203
Operating EBITDA (Rsm)	52,920	60,095	71,398	85,716
Net Profit (Rsm)	34,960	39,622	48,096	58,552
Core EPS (Rs)	39.3	44.5	54.0	65.8
Core EPS Growth	7.6%	13.3%	21.4%	21.7%
FD Core P/E (x)	82.09	72.43	59.67	49.02
DPS (Rs)	11.8	13.4	17.3	23.0
Dividend Yield	0.37%	0.41%	0.54%	0.71%
EV/EBITDA (x)	55.11	48.43	40.76	33.89
P/FCFE (x)	44.89	(111.34)	81.32	111.03
Net Gearing	49.5%	24.1%	22.4%	16.0%
P/BV (x)	30.55	17.22	16.00	13.20
ROE	32.9%	30.4%	27.8%	29.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	510,840	563,742	642,805	738,203
Gross Profit	116,520	136,479	157,548	183,144
Operating EBITDA	52,920	60,095	71,398	85,716
Depreciation And Amortisation	(5,840)	(6,253)	(6,563)	(6,873)
Operating EBIT	47,080	53,841	64,835	78,843
Financial Income/(Expense)	(860)	(604)	(124)	(65)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	46,220	53,238	64,711	78,778
Exceptional Items
Pre-tax Profit	46,220	53,238	64,711	78,778
Taxation	(11,270)	(13,629)	(16,631)	(20,246)
Exceptional Income - post-tax
Profit After Tax	34,950	39,609	48,080	58,532
Minority Interests	10	13	16	20
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	34,960	39,622	48,096	58,552
Recurring Net Profit	34,960	39,622	48,096	58,552
Fully Diluted Recurring Net Profit	34,960	39,622	48,096	58,552

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	52,920	60,095	71,398	85,716
Cash Flow from Invt. & Assoc.
Change In Working Capital	(24,260)	(68,639)	(16,352)	(36,556)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(6,190)	(6,200)	(6,000)	(6,000)
Tax Paid	(11,270)	(13,629)	(16,631)	(20,246)
Cashflow From Operations	11,200	(28,373)	32,415	22,914
Capex	(10,730)	(4,000)	(3,000)	(3,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	7,030	5,597	5,876	5,935
Cash Flow From Investing	(3,700)	1,597	2,876	2,935
Debt Raised/(repaid)	56,430	1,000
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(10,488)	(11,886)	(15,391)	(20,493)
Preferred Dividends
Other Financing Cashflow	(49,862)	45,000	(20,000)
Cash Flow From Financing	(3,920)	34,114	(35,391)	(20,493)
Total Cash Generated	3,580	7,337	(99)	5,356
Free Cashflow To Equity	63,930	(25,777)	35,291	25,849
Free Cashflow To Firm	13,690	(20,577)	41,291	31,849

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	31,920	39,257	39,157	44,514
Total Debtors	10,180	14,673	16,731	19,214
Inventories	190,510	209,738	225,432	260,995
Total Other Current Assets	32,070	38,612	45,789	52,584
Total Current Assets	264,680	302,280	327,109	377,306
Fixed Assets	36,820	34,567	31,004	27,131
Total Investments	6,800	6,800	6,800	6,800
Intangible Assets	1,230	1,230	1,230	1,230
Total Other Non-Current Assets	5,940	10,335	13,287	17,009
Total Non-current Assets	50,790	52,932	52,321	52,169
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	67,510	48,295	54,792	60,780
Other Current Liabilities	48,420	34,496	39,137	44,691
Total Current Liabilities	115,930	82,791	93,930	105,471
Total Long-term Debt	78,380	79,380	79,380	79,380
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	23,490	23,490	23,490	23,490
Total Non-current Liabilities	101,870	102,870	102,870	102,870
Total Provisions	3,740	2,898	3,288	3,754
Total Liabilities	221,540	188,559	200,087	212,095
Shareholders Equity	93,930	166,665	179,370	217,429
Minority Interests		(13)	(28)	(48)
Total Equity	93,930	166,653	179,342	217,381

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	25.9%	10.4%	14.0%	14.8%
Operating EBITDA Growth	8.5%	13.6%	18.8%	20.1%
Operating EBITDA Margin	10.4%	10.7%	11.1%	11.6%
Net Cash Per Share (Rs)	(52.20)	(45.08)	(45.19)	(39.18)
BVPS (Rs)	105.54	187.26	201.54	244.30
Gross Interest Cover	7.61	8.68	10.81	13.14
Effective Tax Rate	24.4%	25.6%	25.7%	25.7%
Net Dividend Payout Ratio	30.0%	30.0%	32.0%	35.0%
Accounts Receivables Days	6.04	8.05	8.92	8.89
Inventory Days	164.93	170.96	163.66	159.93
Accounts Payables Days	61.39	49.46	38.77	38.00
ROIC (%)	29.3%	23.8%	27.1%	28.9%
ROCE (%)	33.5%	28.4%	28.0%	30.5%
Return On Average Assets	12.2%	12.0%	13.1%	14.5%

(91) 22 4161 1561 rohan.kalle@incredresearch.com

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

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Market Data

Source: Bloomberg