InCred Equities - Titan Co Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	510,840	604,560	678,800	787,375
Operating EBITDA (Rsm)	52,920	56,940	74,111	87,001
Net Profit (Rsm)	34,960	33,370	48,741	58,291
Core EPS (Rs)	39.3	37.5	54.8	65.5
Core EPS Growth	7.6%	(4.5%)	46.1%	19.6%
FD Core P/E (x)	90.63	94.94	65.00	54.35
DPS (Rs)	11.8	11.2	17.5	22.9
Dividend Yield	0.33%	0.32%	0.49%	0.64%
EV/EBITDA (x)	60.75	56.96	43.74	37.20
P/FCFE (x)	49.56	276.23	85.42	125.03
Net Gearing	49.5%	64.4%	56.7%	40.9%
P/BV (x)	33.73	27.26	24.49	18.94
ROE	32.9%	31.8%	39.7%	39.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	510,840	604,560	678,800	787,375
Gross Profit	116,520	130,000	162,233	189,757
Operating EBITDA	52,920	56,940	74,111	87,001
Depreciation And Amortisation	(5,840)	(6,930)	(6,950)	(7,015)
Operating EBIT	47,080	50,010	67,161	79,986
Financial Income/(Expense)	(860)	(4,670)	(1,397)	(1,546)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	46,220	45,340	65,764	78,440
Exceptional Items
Pre-tax Profit	46,220	45,340	65,764	78,440
Taxation	(11,270)	(11,980)	(17,033)	(20,159)
Exceptional Income - post-tax
Profit After Tax	34,950	33,360	48,731	58,281
Minority Interests	10	10	10	10
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	34,960	33,370	48,741	58,291
Recurring Net Profit	34,960	33,370	48,741	58,291
Fully Diluted Recurring Net Profit	34,960	33,370	48,741	58,291

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	52,920	56,940	74,111	87,001
Cash Flow from Invt. & Assoc.
Change In Working Capital	(24,260)	(50,320)	(15,588)	(36,955)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(6,190)	(9,530)	(6,500)	(6,700)
Tax Paid	(11,270)	(11,980)	(17,033)	(20,159)
Cashflow From Operations	11,200	(14,890)	34,990	23,187
Capex	(10,730)	(7,750)	(3,000)	(3,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	7,030	8,430	5,103	5,154
Cash Flow From Investing	(3,700)	680	2,103	2,154
Debt Raised/(repaid)	56,430	25,680
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(10,488)	(10,011)	(15,597)	(20,402)
Preferred Dividends
Other Financing Cashflow	(49,862)	(879)	(20,000)
Cash Flow From Financing	(3,920)	14,790	(35,597)	(20,402)
Total Cash Generated	3,580	580	1,496	4,939
Free Cashflow To Equity	63,930	11,470	37,093	25,341
Free Cashflow To Firm	13,690	(4,680)	43,593	32,041

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	31,920	29,210	30,706	35,645
Total Debtors	10,180	10,680	11,711	13,584
Inventories	190,510	281,840	217,872	256,185
Total Other Current Assets	32,070	31,910	48,353	56,087
Total Current Assets	264,680	353,640	308,641	361,501
Fixed Assets	36,820	37,640	33,690	29,675
Total Investments	6,800	6,520	6,520	6,520
Intangible Assets	1,230	1,230	1,230	1,230
Total Other Non-Current Assets	5,940	4,630	10,074	13,574
Total Non-current Assets	50,790	50,020	51,514	50,999
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	67,510	97,730	57,984	65,240
Other Current Liabilities	48,420	57,910	41,417	47,971
Total Current Liabilities	115,930	155,640	99,401	113,211
Total Long-term Debt	78,380	104,060	104,060	104,060
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	23,490	23,180	23,180	23,180
Total Non-current Liabilities	101,870	127,240	127,240	127,240
Total Provisions	3,740	4,540	4,141	4,796
Total Liabilities	221,540	287,420	230,782	245,247
Shareholders Equity	93,930	116,240	129,384	167,273
Minority Interests			(10)	(20)
Total Equity	93,930	116,240	129,374	167,253

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	25.9%	18.3%	12.3%	16.0%
Operating EBITDA Growth	8.5%	7.6%	30.2%	17.4%
Operating EBITDA Margin	10.4%	9.4%	10.9%	11.0%
Net Cash Per Share (Rs)	(52.20)	(84.10)	(82.42)	(76.87)
BVPS (Rs)	105.54	130.61	145.38	187.95
Gross Interest Cover	7.61	5.25	10.33	11.94
Effective Tax Rate	24.4%	26.4%	25.9%	25.7%
Net Dividend Payout Ratio	30.0%	30.0%	32.0%	35.0%
Accounts Receivables Days	6.04	6.30	6.02	5.86
Inventory Days	164.93	181.65	176.55	144.77
Accounts Payables Days	61.39	63.55	55.01	37.63
ROIC (%)	29.3%	23.6%	30.0%	31.1%
ROCE (%)	33.5%	28.0%	31.9%	33.7%
Return On Average Assets	12.2%	10.6%	13.1%	15.5%

(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