InCred Equities - Titan Co Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	510,840	569,866	650,065	757,320
Operating EBITDA (Rsm)	52,920	55,856	71,814	85,888
Net Profit (Rsm)	34,960	35,501	48,034	58,085
Core EPS (Rs)	39.3	39.9	54.0	65.3
Core EPS Growth	7.6%	1.5%	35.3%	20.9%
FD Core P/E (x)	78.88	77.68	57.41	47.48
DPS (Rs)	11.8	12.0	17.3	22.8
Dividend Yield	0.38%	0.39%	0.56%	0.74%
EV/EBITDA (x)	52.99	50.20	39.03	32.63
P/FCFE (x)	43.13	(83.26)	76.43	130.72
Net Gearing	49.5%	28.2%	25.8%	20.9%
P/BV (x)	29.36	16.84	15.63	12.87
ROE	32.9%	27.6%	28.2%	29.7%
% 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	569,866	650,065	757,320
Gross Profit	116,520	137,962	159,328	187,887
Operating EBITDA	52,920	55,856	71,814	85,888
Depreciation And Amortisation	(5,840)	(6,253)	(6,563)	(6,873)
Operating EBIT	47,080	49,602	65,251	79,016
Financial Income/(Expense)	(860)	(1,904)	(624)	(865)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	46,220	47,699	64,627	78,151
Exceptional Items
Pre-tax Profit	46,220	47,699	64,627	78,151
Taxation	(11,270)	(12,211)	(16,609)	(20,085)
Exceptional Income - post-tax
Profit After Tax	34,950	35,488	48,018	58,066
Minority Interests	10	13	16	20
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	34,960	35,501	48,034	58,085
Recurring Net Profit	34,960	35,501	48,034	58,085
Fully Diluted Recurring Net Profit	34,960	35,501	48,034	58,085

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	52,920	55,856	71,814	85,888
Cash Flow from Invt. & Assoc.
Change In Working Capital	(24,260)	(71,863)	(15,499)	(40,844)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(6,190)	(7,500)	(6,500)	(6,800)
Tax Paid	(11,270)	(12,211)	(16,609)	(20,085)
Cashflow From Operations	11,200	(35,718)	33,206	18,160
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)	(10,650)	(15,371)	(20,330)
Preferred Dividends
Other Financing Cashflow	(49,862)	45,000	(20,000)
Cash Flow From Financing	(3,920)	35,350	(35,371)	(20,330)
Total Cash Generated	3,580	1,228	711	765
Free Cashflow To Equity	63,930	(33,121)	36,082	21,095
Free Cashflow To Firm	13,690	(26,621)	42,582	27,895

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	31,920	33,148	33,860	34,625
Total Debtors	10,180	14,832	16,919	19,711
Inventories	190,510	214,054	228,132	268,573
Total Other Current Assets	32,070	39,032	46,306	53,946
Total Current Assets	264,680	301,066	325,217	376,855
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	10,427	13,416	17,401
Total Non-current Assets	50,790	53,024	52,450	52,562
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	67,510	49,289	55,449	62,544
Other Current Liabilities	48,420	35,206	39,606	45,988
Total Current Liabilities	115,930	84,495	95,055	108,533
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	2,957	3,327	3,863
Total Liabilities	221,540	190,322	201,252	215,266
Shareholders Equity	93,930	163,780	176,443	214,199
Minority Interests		(13)	(28)	(48)
Total Equity	93,930	163,768	176,415	214,151

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	25.9%	11.6%	14.1%	16.5%
Operating EBITDA Growth	8.5%	5.5%	28.6%	19.6%
Operating EBITDA Margin	10.4%	9.8%	11.0%	11.3%
Net Cash Per Share (Rs)	(52.20)	(51.95)	(51.15)	(50.29)
BVPS (Rs)	105.54	184.02	198.25	240.67
Gross Interest Cover	7.61	6.61	10.04	11.62
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	8.01	8.91	8.83
Inventory Days	164.93	170.95	164.44	159.19
Accounts Payables Days	61.39	49.35	38.95	37.82
ROIC (%)	29.3%	21.6%	27.0%	28.3%
ROCE (%)	33.5%	26.6%	28.5%	30.9%
Return On Average Assets	12.2%	11.2%	13.3%	14.6%

(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