InCred Equities - Titan Co Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	604,560	678,800	787,375	913,919
Operating EBITDA (Rsm)	56,940	74,111	87,001	101,154
Net Profit (Rsm)	33,370	47,259	56,842	67,147
Core EPS (Rs)	37.5	53.1	63.9	75.4
Core EPS Growth	(4.5%)	41.6%	20.3%	18.1%
FD Core P/E (x)	95.26	67.27	55.93	47.34
DPS (Rs)	11.2	17.0	22.4	26.4
Dividend Yield	0.31%	0.48%	0.63%	0.74%
EV/EBITDA (x)	57.15	43.90	37.35	32.09
P/FCFE (x)	277.16	89.27	133.06	118.31
Net Gearing	64.4%	57.9%	42.6%	32.1%
P/BV (x)	27.35	24.76	19.23	15.21
ROE	31.8%	38.6%	38.7%	35.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	604,560	678,800	787,375	913,919
Gross Profit	130,000	162,233	189,757	220,254
Operating EBITDA	56,940	74,111	87,001	101,154
Depreciation And Amortisation	(6,930)	(6,950)	(7,015)	(7,200)
Operating EBIT	50,010	67,161	79,986	93,954
Financial Income/(Expense)	(4,670)	(3,397)	(3,496)	(3,594)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	45,340	63,764	76,490	90,360
Exceptional Items
Pre-tax Profit	45,340	63,764	76,490	90,360
Taxation	(11,980)	(16,515)	(19,658)	(23,222)
Exceptional Income - post-tax
Profit After Tax	33,360	47,249	56,832	67,137
Minority Interests	10	10	10	10
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	33,370	47,259	56,842	67,147
Recurring Net Profit	33,370	47,259	56,842	67,147
Fully Diluted Recurring Net Profit	33,370	47,259	56,842	67,147

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	56,940	74,111	87,001	101,154
Cash Flow from Invt. & Assoc.
Change In Working Capital	(50,320)	(15,588)	(36,955)	(44,467)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(9,530)	(8,500)	(8,650)	(8,800)
Tax Paid	(11,980)	(16,515)	(19,658)	(23,222)
Cashflow From Operations	(14,890)	33,508	21,738	24,665
Capex	(7,750)	(3,000)	(3,000)	(3,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	8,430	5,103	5,154	5,206
Cash Flow From Investing	680	2,103	2,154	2,206
Debt Raised/(repaid)	25,680
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(10,011)	(15,123)	(19,895)	(23,501)
Preferred Dividends
Other Financing Cashflow	(879)	(20,000)
Cash Flow From Financing	14,790	(35,123)	(19,895)	(23,501)
Total Cash Generated	580	488	3,998	3,369
Free Cashflow To Equity	11,470	35,611	23,892	26,870
Free Cashflow To Firm	(4,680)	44,111	32,542	35,670

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	29,210	29,698	33,696	37,065
Total Debtors	10,680	11,711	13,584	15,767
Inventories	281,840	217,872	256,185	301,749
Total Other Current Assets	31,910	48,353	56,087	65,101
Total Current Assets	353,640	307,634	359,551	419,682
Fixed Assets	37,640	33,690	29,675	25,475
Total Investments	6,520	6,520	6,520	6,520
Intangible Assets	1,230	1,230	1,230	1,230
Total Other Non-Current Assets	4,630	10,074	13,574	17,990
Total Non-current Assets	50,020	51,514	50,999	51,215
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	97,730	57,984	65,240	73,483
Other Current Liabilities	57,910	41,417	47,971	55,669
Total Current Liabilities	155,640	99,401	113,211	129,152
Total Long-term Debt	104,060	104,060	104,060	104,060
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	23,180	23,180	23,180	23,180
Total Non-current Liabilities	127,240	127,240	127,240	127,240
Total Provisions	4,540	4,141	4,796	5,566
Total Liabilities	287,420	230,782	245,247	261,958
Shareholders Equity	116,240	128,376	165,324	208,969
Minority Interests		(10)	(20)	(30)
Total Equity	116,240	128,366	165,304	208,939

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	18.3%	12.3%	16.0%	16.1%
Operating EBITDA Growth	7.6%	30.2%	17.4%	16.3%
Operating EBITDA Margin	9.4%	10.9%	11.0%	11.1%
Net Cash Per Share (Rs)	(84.10)	(83.55)	(79.06)	(75.28)
BVPS (Rs)	130.61	144.24	185.76	234.80
Gross Interest Cover	5.25	7.90	9.25	10.68
Effective Tax Rate	26.4%	25.9%	25.7%	25.7%
Net Dividend Payout Ratio	30.0%	32.0%	35.0%	35.0%
Accounts Receivables Days	6.30	6.02	5.86	5.86
Inventory Days	181.65	176.55	144.77	146.79
Accounts Payables Days	63.55	55.01	37.63	36.50
ROIC (%)	23.6%	30.0%	31.1%	31.5%
ROCE (%)	28.0%	31.9%	33.9%	34.1%
Return On Average Assets	10.6%	13.3%	15.7%	16.0%

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

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

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Market Data

Source: Bloomberg