FINANCIAL MODELLING

AND VALUATION
REPORT

TITAN
COMPANY LTD
Prepared By - Vikram Ithape
Email Id - vikramithapee@gmail.com
TITAN COMPANY LTD
(TITAN | BSE Code: 500114)
INR 2467.8
52 Week (High - INR 3887 & Low - 2321)

Altman's Z Score Analysis

Titan Company Limited is an Indian company that mainly manufactures luxury fashion accessories such as jewellery, watches and
eyewear. Part of the Tata Group and started as a joint venture with the TIDCO, the company has its corporate headquarters in
Electronic City, Bangalore, and registered office in Hosur, Tamil Nadu.
Titan Company commenced operations in 1984 under the name Titan Watches Limited. In 1994, Titan diversified into jewellery with
Tanishq and subsequently into eyewear with Titan Eyeplus. In 2005, it launched its youth fashion accessories brand Fastrack. The
company is the largest branded jewellery maker in India, with more than 80% of its total revenues coming from the jewellery
segment. As of 2022, Titan has a 6% market share in India's jewellery market. As of 2019, it is also the fifth-largest watch
manufacturer in the world.

Financial Summary

Working Capital / Total Assets Retained Earnings / Total Assets EBIT / Total Assets

15.62% 16.44%
64.45% 7.27% 7.69%
57.59% 13.90%
54.80% 6.39%
47.17%
8.21%
2.66%

2020 2021 2022 2023 2020 2021 2022 2023 1900 1900 1900 1900

Market Cap / Long term Liabilities Sales / Total Assets Altman's Z Score
155.43% 26.6
150.17% 23.0 22.9
3095.%
20.2
2327.% 2453.% 2390.%
135.92%
131.62%

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Recent Updates
• Net profit rises 9% YoY to Rs 1,040 crore, misses estimates.
• Titan reported a 9% YoY growth in standalone net profit at Rs 1,040 crore in Q3. Revenue from operations increased by 20% YoY to Rs 13,052
crore.
• Jewellery segment’s total Income for the quarter grew 23% over Q3FY23 to ₹11, 709 crore. The India business grew 21% in the same period.
EBIT at ₹1,432 crore recorded a margin of 12.2% for the quarter.
• During the quarter, in India, Tanishq opened 18 stores whereas Mia added 16 new stores. The domestic network now covers 453 stores in
Tanishq, 161 stores in Mia and 8 stores of Zoya, the company said in a release.
• Titan’s Watches & Wearables business’ total income grew 21% YoY to ₹982 crore. The domestic business grew 23% in the same period. EBIT
came in at ₹55 crore with an EBIT margin of 5.6% for the quarter.
• Titan Eye+ opened two new stores internationally during the quarter, one each in Dubai and Sharjah taking the international footprint to 3
Altman's Z Score Analysis Calculation
Working Capital / Total Assets
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Working Capital 4,343.3 5,227.7 6,756.3 7,422.0 7,756.0 13,655.0 15,561.0
Total Assets 8,407.6 9,521.0 11,709.8 13,544.0 16,444.0 21,188.0 27,020.0
Working Capital / Total Assets (A) 51.66% 54.91% 57.70% 54.80% 47.17% 64.45% 57.59%

Retained Earnings / Total Assets

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Retained Earnings 508.8 699.1 766.3 984.0 438.0 1,353.5 2,078.0
Total Assets 8,407.6 9,521.0 11,709.8 13,544.0 16,444.0 21,188.0 27,020.0
Retained Earnings / Total Assets (B) 6.05% 7.34% 6.54% 7.27% 2.66% 6.39% 7.69%

EBIT / Total Assets

EBIT 1,053.4 1,512.8 1,831.0 2,115.0 1,350.0 2,945.0 4,441.0
Total Assets 8,407.6 9,521.0 11,709.8 13,544.0 16,444.0 21,188.0 27,020.0
EBIT/Total Assets (C) 12.53% 15.89% 15.64% 15.62% 8.21% 13.90% 16.44%

Market Cap / Long term Liabilities

Market Cap 41,082.3 83,656.1 1,01,371.9 82,892.6 1,38,321.5 2,25,155.9 2,23,826.1
Long term Liabilities 1,882.4 1,691.0 2,393.0 3,562.0 5,638.0 7,275.0 9,367.0
Market Cap / Long term Liabilities (D) 2182.41% 4947.11% 4236.22% 2327.14% 2453.38% 3094.93% 2389.52%

Sales / Total Assets

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Total Sales 13,260.8 16,119.8 19,778.5 21,052.0 21,644.0 28,799.0 40,575.0
Total Assets 8,407.6 9,521.0 11,709.8 13,544.0 16,444.0 21,188.0 27,020.0
Return on Asset (E) 157.72% 169.31% 168.91% 155.43% 131.62% 135.92% 150.17%

Altman's Z Score
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Final Score 21.8 51.5 44.2 23.0 20.2 26.6 22.9
Financial Stability Strong Strong Strong Strong Strong Strong Strong

Disclaimer : This report is made as part of educational assignment and is meant for educational purpose only. The author of the report is not liable for any losses due to actions taken
basis this report. It is advisable to consult SEBI registered reasearch analyst before making any investments
 TITAN COMPANY LTD
(TITAN | BSE Code: 500114)
INR 3583.4
52 Week (High - INR 3887 & Low - 2321)

About the company

Titan Company Limited is an Indian company that mainly manufactures luxury fashion accessories such as
jewellery, watches and eyewear. Part of the Tata Group and started as a joint venture with the TIDCO, the
company has its corporate headquarters in Electronic City, Bangalore, and registered office in Hosur, Tamil Nadu.
Titan Company commenced operations in 1984 under the name Titan Watches Limited. In 1994, Titan diversified
into jewellery with Tanishq and subsequently into eyewear with Titan Eyeplus. In 2005, it launched its youth
fashion accessories brand Fastrack. The company is the largest branded jewellery maker in India, with more than
80% of its total revenues coming from the jewellery segment. As of 2022, Titan has a 6% market share in India's
jewellery market. As of 2019, it is also the fifth-largest watch manufacturer in the world.

Financial Summary
Net Profit (INR Crs.) Average Total Assets (INR Crs.)
Revenues (INR Crs.)

40,575 3,250 24,104

28,799 18,816
2,173 14,994
21,052 21,644 12,627
1,501
973

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Return on Equity (%) Return on Asset (%) Financial Leverage

13.%
12.% 2.28x
31.% 12.% 2.24x
26.%
24.% 2.12x
6.%
14.% 1.98x

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023
Dupont Analysis - Return on Equity & Return on Asset
Return on Equity (ROE)
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 711.5 1,130.1 1,404.2 1,501.0 973.0 2,173.0 3,250.0
Average Shareholder Equity 3,869.3 4,661.1 5,580.0 6,369.6 7,083.0 8,400.0 10,577.0
Return on Equity 18.39% 24.24% 25.16% 23.57% 13.74% 25.87% 30.73%

ROE - Dupont Equation

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 711.5 1,130.1 1,404.2 1,501.0 973.0 2,173.0 3,250.0
Revenue 13,260.8 16,119.8 19,778.5 21,052.0 21,644.0 28,799.0 40,575.0
Net Profit Margin (A) 5.37% 7.01% 7.10% 7.13% 4.50% 7.55% 8.01%

Revenue 13,260.8 16,119.8 19,778.5 21,052.0 21,644.0 28,799.0 40,575.0

Average Total Asset 7,374.7 8,964.3 10,615.4 12,626.9 14,994.0 18,816.0 24,104.0
Asset Turnover Ratio (B) 1.8x 1.8x 1.9x 1.7x 1.4x 1.5x 1.7x

Average Total Asset 7,374.7 8,964.3 10,615.4 12,626.9 14,994.0 18,816.0 24,104.0
Average Shareholder Equity 3,869.3 4,661.1 5,580.0 6,369.6 7,083.0 8,400.0 10,577.0
Equity Multiplier (C) 1.91x 1.92x 1.90x 1.98x 2.12x 2.24x 2.28x

Return on Equity (A*B*C) 18.39% 24.24% 25.16% 23.57% 13.74% 25.87% 30.73%

Return on Asset
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 711.5 1,130.1 1,404.2 1,501.0 973.0 2,173.0 3,250.0
Average Total Asset 7,374.7 8,964.3 10,615.4 12,626.9 14,994.0 18,816.0 24,104.0
Return on Asset 9.65% 12.61% 13.23% 11.89% 6.49% 11.55% 13.48%

ROA - Dupont Equation

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 711.5 1,130.1 1,404.2 1,501.0 973.0 2,173.0 3,250.0
Revenue 13,260.8 16,119.8 19,778.5 21,052.0 21,644.0 28,799.0 40,575.0
Net Profit Margin (A) 5.37% 7.01% 7.10% 7.13% 4.50% 7.55% 8.01%

Revenue 13,260.8 16,119.8 19,778.5 21,052.0 21,644.0 28,799.0 40,575.0

Average Total Asset 7,374.7 8,964.3 10,615.4 12,626.9 14,994.0 18,816.0 24,104.0
Asset Turnover Ratio (B) 1.8x 1.8x 1.9x 1.7x 1.4x 1.5x 1.7x

Return on Asset (A*B) 9.65% 12.61% 13.23% 11.89% 6.49% 11.55% 13.48%

Disclaimer : This report is made as part of educational assignment and is meant for educational purpose only. The author of the report is not liable for
any losses due to actions taken basis this report. It is advisable to consult SEBI registered reasearch analyst before making any investments
 Historical Financial Statement - TITAN COMPANY LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Income Statement
Sales ₹ 10,927.4 ₹ 11,913.4 ₹ 11,275.9 ₹ 13,260.8 ₹ 16,119.8 ₹ 19,778.5 ₹ 21,052.0 ₹ 21,644.0 ₹ 28,799.0 ₹ 40,575.0
Sales Growth - 9.02% -5.35% 17.60% 21.56% 22.70% 6.44% 2.81% 33.06% 40.89%

COGS ₹ 8,776.6 ₹ 9,615.3 ₹ 9,183.3 ₹ 10,606.0 ₹ 12,762.6 ₹ 15,660.5 ₹ 16,626.0 ₹ 17,661.0 ₹ 23,225.0 ₹ 32,295.0
COGS % Sales 80.32% 80.71% 81.44% 79.98% 79.17% 79.18% 78.98% 81.60% 80.65% 79.59%

Gross Profit ₹ 2,150.8 ₹ 2,298.1 ₹ 2,092.6 ₹ 2,654.8 ₹ 3,357.1 ₹ 4,118.0 ₹ 4,426.0 ₹ 3,983.0 ₹ 5,574.0 ₹ 8,280.0
Gross Margins 19.68% 19.29% 18.56% 20.02% 20.83% 20.82% 21.02% 18.40% 19.35% 20.41%

Selling & General Expenses ₹ 1,103.6 ₹ 1,145.5 ₹ 1,153.2 ₹ 1,490.9 ₹ 1,712.9 ₹ 2,124.3 ₹ 1,963.0 ₹ 2,258.0 ₹ 2,230.0 ₹ 3,398.0
S&G Exp % Sales 10.10% 9.62% 10.23% 11.24% 10.63% 10.74% 9.32% 10.43% 7.74% 8.37%

EBITDA ₹ 1,047.2 ₹ 1,152.6 ₹ 939.3 ₹ 1,163.9 ₹ 1,644.2 ₹ 1,993.8 ₹ 2,463.0 ₹ 1,725.0 ₹ 3,344.0 ₹ 4,882.0
EBITDA % Margins 9.58% 9.67% 8.33% 8.78% 10.20% 10.08% 11.70% 7.97% 11.61% 12.03%

Interest ₹ 87.1 ₹ 80.7 ₹ 42.4 ₹ 37.7 ₹ 52.9 ₹ 52.5 ₹ 166.0 ₹ 203.0 ₹ 218.0 ₹ 300.0
Interest % Sales 0.80% 0.68% 0.38% 0.28% 0.33% 0.27% 0.79% 0.94% 0.76% 0.74%

Depreciation ₹ 67.6 ₹ 89.6 ₹ 98.2 ₹ 110.5 ₹ 131.4 ₹ 162.8 ₹ 348.0 ₹ 375.0 ₹ 399.0 ₹ 441.0
Depreciation % Sales 0.62% 0.75% 0.87% 0.83% 0.82% 0.82% 1.65% 1.73% 1.39% 1.09%

Earnings Before Tax ₹ 892.5 ₹ 982.3 ₹ 798.8 ₹ 1,015.6 ₹ 1,459.9 ₹ 1,778.4 ₹ 1,949.0 ₹ 1,147.0 ₹ 2,727.0 ₹ 4,141.0
EBT % Sales 8.17% 8.25% 7.08% 7.66% 9.06% 8.99% 9.26% 5.30% 9.47% 10.21%

Tax ₹ 275.1 ₹ 232.6 ₹ 191.6 ₹ 276.0 ₹ 427.9 ₹ 568.2 ₹ 609.0 ₹ 353.0 ₹ 706.0 ₹ 1,173.0
Effective Tax Rate 30.82% 23.68% 23.99% 27.17% 29.31% 31.95% 31.25% 30.78% 25.89% 28.33%

Net Profit ₹ 617.4 ₹ 749.7 ₹ 607.2 ₹ 739.7 ₹ 1,032.0 ₹ 1,210.2 ₹ 1,340.0 ₹ 794.0 ₹ 2,021.0 ₹ 2,968.0
Net Margins 5.65% 6.29% 5.38% 5.58% 6.40% 6.12% 6.37% 3.67% 7.02% 7.31%

No of Equity Shares 88.78 88.78 88.78 88.78 88.78 88.78 88.78 88.78 88.78 88.78

Earnings per Share ₹ 7.0 ₹ 8.4 ₹ 6.8 ₹ 8.3 ₹ 11.6 ₹ 13.6 ₹ 15.1 ₹ 8.9 ₹ 22.8 ₹ 33.4
EPS Growth % 21.42% -19.01% 21.82% 39.52% 17.27% 10.73% -40.75% 154.53% 46.86%

Dividend per Share ₹ 2.10 ₹ 2.30 ₹2 ₹ 2.60 ₹ 3.75 ₹ 5.00 ₹ 4.01 ₹ 4.01 ₹ 7.52 ₹ 10.02
Dividend payout ratio 30.20% 27.24% 32.17% 31.21% 32.26% 36.68% 26.57% 44.84% 33.03% 29.99%

Retained Earnings 69.80% 72.76% 67.83% 68.79% 67.74% 63.32% 73.43% 55.16% 66.97% 70.01%

Balance Sheet
Equity Share Capital ₹ 88.8 ₹ 88.8 ₹ 88.8 ₹ 88.8 ₹ 88.8 ₹ 88.8 ₹ 89.0 ₹ 89.0 ₹ 89.0 ₹ 89.0
Reserves ₹ 2,434.0 ₹ 2,995.1 ₹ 3,417.5 ₹ 4,143.6 ₹ 5,001.1 ₹ 5,981.4 ₹ 6,580.0 ₹ 7,408.0 ₹ 9,214.0 ₹ 11,762.0
Borrowings ₹ 806.8 ₹ 99.8 ₹ 113.1 ₹ 1,882.4 ₹ 1,691.0 ₹ 2,393.0 ₹ 3,562.0 ₹ 5,638.0 ₹ 7,275.0 ₹ 9,367.0
Other Liabilities ₹ 2,781.3 ₹ 2,684.3 ₹ 2,722.6 ₹ 2,292.8 ₹ 2,740.2 ₹ 3,246.7 ₹ 3,313.0 ₹ 3,309.0 ₹ 4,610.0 ₹ 5,802.0
Total Liabilities ₹ 6,110.8 ₹ 5,868.0 ₹ 6,341.9 ₹ 8,407.6 ₹ 9,521.0 ₹ 11,709.8 ₹ 13,544.0 ₹ 16,444.0 ₹ 21,188.0 ₹ 27,020.0

Fixed Assets Net Block ₹ 614.2 ₹ 699.1 ₹ 770.5 ₹ 1,188.7 ₹ 1,473.8 ₹ 1,566.6 ₹ 2,633.0 ₹ 2,523.0 ₹ 2,544.0 ₹ 2,998.0
Capital Work in Progress ₹ 32.9 ₹ 55.2 ₹ 106.7 ₹ 152.1 ₹ 43.4 ₹ 31.8 ₹ 18.0 ₹ 32.0 ₹ 85.0 ₹ 144.0
Investments ₹ 3.1 ₹ 3.1 ₹ 30.4 ₹ 430.7 ₹ 36.0 ₹ 108.4 ₹ 158.0 ₹ 2,824.0 ₹ 294.0 ₹ 2,515.0
Other Assets ₹ 544.5 ₹ 657.7 ₹ 678.3 ₹ 723.8 ₹ 1,129.4 ₹ 1,477.3 ₹ 1,939.0 ₹ 1,731.0 ₹ 2,518.0 ₹ 2,762.0
Total Non Current Assets ₹ 1,194.6 ₹ 1,415.1 ₹ 1,585.9 ₹ 2,495.3 ₹ 2,682.6 ₹ 3,184.1 ₹ 4,748.0 ₹ 7,110.0 ₹ 5,441.0 ₹ 8,419.0

Receivables ₹ 154.1 ₹ 189.7 ₹ 192.5 ₹ 207.6 ₹ 295.7 ₹ 420.5 ₹ 312.0 ₹ 366.0 ₹ 565.0 ₹ 674.0
Inventory ₹ 3,869.4 ₹ 4,049.3 ₹ 4,447.2 ₹ 4,925.7 ₹ 5,924.8 ₹ 7,038.8 ₹ 8,103.0 ₹ 8,408.0 ₹ 13,609.0 ₹ 16,584.0
Cash & Bank ₹ 892.7 ₹ 213.8 ₹ 116.4 ₹ 778.9 ₹ 617.9 ₹ 1,066.5 ₹ 381.0 ₹ 560.0 ₹ 1,573.0 ₹ 1,343.0
Total Current Assets ₹ 4,916.2 ₹ 4,452.8 ₹ 4,756.0 ₹ 5,912.3 ₹ 6,838.4 ₹ 8,525.8 ₹ 8,796.0 ₹ 9,334.0 ₹ 15,747.0 ₹ 18,601.0

Total Assets ₹ 6,110.8 ₹ 5,868.0 ₹ 6,341.9 ₹ 8,407.6 ₹ 9,521.0 ₹ 11,709.8 ₹ 13,544.0 ₹ 16,444.0 ₹ 21,188.0 ₹ 27,020.0

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE
Cash Flow Statements

Operating Activities
Profit from operations ₹ 1,049.0 ₹ 1,163.0 ₹ 942.0 ₹ 1,073.0 ₹ 1,642.0 ₹ 2,183.0 ₹ 2,481.0 ₹ 1,789.0 ₹ 3,298.0 ₹ 4,937.0
Receivables ₹ 12.0 (₹ 39.0) - (₹ 12.0) (₹ 90.0) (₹ 139.0) ₹ 109.0 (₹ 59.0) (₹ 207.0) (₹ 112.0)
Inventory (₹ 189.0) (₹ 180.0) (₹ 398.0) (₹ 448.0) (₹ 996.0) (₹ 1,120.0) (₹ 1,057.0) (₹ 316.0) (₹ 5,199.0) (₹ 2,977.0)
Payables (₹ 1,239.0) ₹ 1,079.0 (₹ 245.0) ₹ 238.0 ₹ 95.0 ₹ 32.0 (₹ 310.0) ₹ 195.0 ₹ 504.0 (₹ 89.0)
Loans Advances (₹ 6.0) (₹ 71.0) (₹ 66.0) - ₹ 3.0 (₹ 24.0) (₹ 20.0) (₹ 8.0) (₹ 3.0) (₹ 18.0)
Operating borrowings - - - ₹ 763.0 (₹ 270.0) ₹ 741.0 (₹ 768.0) ₹ 2,625.0 ₹ 1,188.0 (₹ 99.0)
Other WC items ₹ 104.0 (₹ 1,204.0) ₹ 545.0 ₹ 375.0 ₹ 22.0 ₹ 206.0 (₹ 226.0) ₹ 184.0 ₹ 497.0 ₹ 882.0
Direct taxes (₹ 285.0) (₹ 245.0) (₹ 202.0) (₹ 277.0) (₹ 456.0) (₹ 636.0) (₹ 557.0) (₹ 271.0) (₹ 802.0) (₹ 1,154.0)
Cash from Operating Activities (₹ 554.0) ₹ 503.0 ₹ 576.0 ₹ 1,712.0 (₹ 50.0) ₹ 1,243.0 (₹ 348.0) ₹ 4,139.0 (₹ 724.0) ₹ 1,370.0

Investing Activities
Fixed assets purchased (₹ 213.0) (₹ 209.0) (₹ 254.0) (₹ 256.0) (₹ 305.0) (₹ 265.0) (₹ 355.0) (₹ 146.0) (₹ 224.0) (₹ 432.0)
Fixed assets sold ₹ 2.0 ₹ 2.0 ₹ 2.0 ₹ 5.0 ₹ 6.0 ₹ 1.0 ₹ 10.0 ₹ 7.0 ₹ 8.0 ₹ 12.0
Investments purchased - (₹ 135.0) (₹ 1,078.0) (₹ 325.0) - (₹ 36.0) (₹ 13.0) (₹ 2,656.0) (₹ 253.0) (₹ 2,104.0)
Investments sold - ₹ 135.0 ₹ 1,083.0 - ₹ 412.0 ₹ 18.0 - ₹ 43.0 ₹ 2,870.0 -
Interest received ₹ 112.0 ₹ 77.0 ₹ 58.0 ₹ 41.0 ₹ 64.0 ₹ 85.0 ₹ 73.0 ₹ 49.0 ₹ 56.0 ₹ 143.0
Invest in subsidiaries - - - - - - (₹ 39.0) - - -
Investment in group cos - - (₹ 18.0) - - - - - - -
Acquisition of companies - - - (₹ 385.0) - - - - - -
Inter corporate deposits (₹ 90.0) (₹ 48.0) ₹ 38.0 ₹ 5.0 (₹ 35.0) (₹ 115.0) ₹ 200.0 (₹ 50.0) (₹ 344.0) ₹ 294.0
Other investing items (₹ 82.0) ₹ 60.0 ₹ 10.0 (₹ 38.0) (₹ 43.0) (₹ 485.0) ₹ 359.0 (₹ 46.0) (₹ 948.0) ₹ 273.0
Cash from Investing Activities (₹ 271.0) (₹ 118.0) (₹ 159.0) (₹ 953.0) ₹ 99.0 (₹ 797.0) ₹ 235.0 (₹ 2,799.0) ₹ 1,165.0 (₹ 1,814.0)

Financing Activities
Proceeds from borrowings - - - - - - ₹ 693.0 - ₹ 349.0 ₹ 1,684.0
Repayment of borrowings - - - - - (₹ 39.0) - (₹ 562.0) (₹ 7.0) (₹ 7.0)
Interest paid fin (₹ 87.0) (₹ 81.0) (₹ 42.0) (₹ 38.0) (₹ 54.0) (₹ 53.0) (₹ 399.0) (₹ 317.0) (₹ 218.0) (₹ 300.0)
Dividends paid (₹ 185.0) (₹ 185.0) (₹ 394.0) (₹ 4.0) (₹ 277.0) (₹ 397.0) (₹ 536.0) (₹ 355.0) (₹ 355.0) (₹ 666.0)
Financial liabilities - - - - - - - - (₹ 172.0) (₹ 254.0)
Other financing items ₹ 770.0 (₹ 739.0) (₹ 68.0) (₹ 124.0) ₹ 79.0 - - - - -
Cash from Financing Activities ₹ 498.0 (₹ 1,005.0) (₹ 504.0) (₹ 166.0) (₹ 252.0) (₹ 489.0) (₹ 242.0) (₹ 1,234.0) (₹ 403.0) ₹ 457.0

Net Cash Flow (₹ 327.0) (₹ 620.0) (₹ 87.0) ₹ 593.0 (₹ 203.0) (₹ 43.0) (₹ 355.0) ₹ 106.0 ₹ 38.0 ₹ 13.0
 Common Size Income Statement - TITAN COMPANY LTD

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 74.59% 75.17% 74.25% 74.06% 78.57% 76.70% 76.16% 75.27% 91.79% 80.32%
Change in Inventory 0.91% 1.72% 1.70% 2.37% 6.07% 3.93% 4.17% -0.56% 16.65% 5.51%
Power and Fuel 0.35% 0.34% 0.37% 0.33% 0.28% 0.25% 0.25% 0.17% 0.16% 0.15%
Other Mfr. Exp 1.31% 1.57% 2.32% 1.21% 0.77% 0.98% 1.02% 0.65% 0.64% 0.55%
Employee Cost 4.98% 5.34% 6.21% 6.74% 5.62% 5.18% 5.72% 4.94% 4.71% 4.08%
Selling and admin 7.54% 7.00% 7.51% 9.13% 7.93% 7.35% 6.98% 4.75% 5.89% 6.69%
Other Expenses 2.55% 2.62% 2.72% 2.11% 2.70% 3.39% 2.34% 5.68% 1.85% 1.68%
Other Income 1.07% 0.56% 0.61% -0.32% 0.43% 0.90% 0.73% 0.83% 0.61% 0.75%
Depreciation 0.62% 0.75% 0.87% 0.83% 0.82% 0.82% 1.65% 1.73% 1.39% 1.09%
Interest 0.80% 0.68% 0.38% 0.28% 0.33% 0.27% 0.79% 0.94% 0.76% 0.74%
Profit before tax 9.24% 8.80% 7.70% 7.34% 9.49% 9.89% 9.98% 6.13% 10.08% 10.96%
Tax 2.52% 1.95% 1.70% 2.08% 2.65% 2.87% 2.89% 1.63% 2.45% 2.89%
Net profit 6.73% 6.85% 5.98% 5.37% 7.01% 7.10% 7.13% 4.50% 7.55% 8.01%
Dividend Amount 1.71% 1.71% 1.73% 1.74% 2.07% 2.24% 1.69% 1.64% 2.32% 2.19%
EBITDA 10.66% 10.23% 8.93% 8.56% 10.81% 11.06% 12.46% 8.80% 12.14% 12.73%

Common Size Balance Sheet - TITAN COMPANY LTD

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 1.45% 1.51% 1.40% 1.06% 0.93% 0.76% 0.66% 0.54% 0.42% 0.33%
Reserves 39.83% 51.04% 53.89% 49.28% 52.53% 51.08% 48.58% 45.05% 43.49% 43.53%
Borrowings 13.20% 1.70% 1.78% 22.39% 17.76% 20.44% 26.30% 34.29% 34.34% 34.67%
Other Liabilities 45.51% 45.75% 42.93% 27.27% 28.78% 27.73% 24.46% 20.12% 21.76% 21.47%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 10.05% 11.91% 12.15% 14.14% 15.48% 13.38% 19.44% 15.34% 12.01% 11.10%
Capital Work in Progress 0.54% 0.94% 1.68% 1.81% 0.46% 0.27% 0.13% 0.19% 0.40% 0.53%
Investments 0.05% 0.05% 0.48% 5.12% 0.38% 0.93% 1.17% 17.17% 1.39% 9.31%
Other Assets 89.36% 87.09% 85.69% 78.93% 83.69% 85.42% 79.26% 67.29% 86.20% 79.06%
Receivables 2.52% 3.23% 3.04% 2.47% 3.11% 3.59% 2.30% 2.23% 2.67% 2.49%
Inventory 63.32% 69.01% 70.12% 58.59% 62.23% 60.11% 59.83% 51.13% 64.23% 61.38%
Cash & Bank 14.61% 3.64% 1.83% 9.26% 6.49% 9.11% 2.81% 3.41% 7.42% 4.97%
 Ratio Analysis - TITAN COMPANY LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trend Mean Median

Sales Growth 9.02% -5.35% 17.60% 21.56% 22.70% 6.44% 2.81% 33.06% 40.89% 16.53% 17.60%
EBITDA Growth 10.06% -18.50% 23.91% 41.27% 21.26% 23.53% -29.96% 93.86% 45.99% 23.49% 23.53%
EBIT Growth 10.06% -18.68% 27.15% 43.74% 21.82% 9.59% -41.15% 137.75% 51.85% 26.90% 21.82%
Net Profit Growth 21.42% -19.01% 21.82% 39.52% 17.27% 10.73% -40.75% 154.53% 46.86% 28.04% 21.42%
Dividend Growth 9.52% -4.34% 18.18% 44.23% 33.34% -19.80% 0.00% 87.50% 33.33% 22.44% 18.18%

Gross Margin 19.68% 19.29% 18.56% 20.02% 20.83% 20.82% 21.02% 18.40% 19.35% 20.41% 19.84% 19.85%
EBITDA Margin 9.58% 9.67% 8.33% 8.78% 10.20% 10.08% 11.70% 7.97% 11.61% 12.03% 10.00% 9.88%
EBIT Margin 8.97% 8.92% 7.46% 7.94% 9.38% 9.26% 10.05% 6.24% 10.23% 10.95% 8.94% 9.11%
EBT Margin 8.17% 8.25% 7.08% 7.66% 9.06% 8.99% 9.26% 5.30% 9.47% 10.21% 8.34% 8.62%
Net Profit Margin 5.65% 6.29% 5.38% 5.58% 6.40% 6.12% 6.37% 3.67% 7.02% 7.31% 5.98% 6.21%

Sales Expenses % Sales 10.10% 9.62% 10.23% 11.24% 10.63% 10.74% 9.32% 10.43% 7.74% 8.37% 9.84% 10.16%
Depreciation % Sales 0.62% 0.75% 0.87% 0.83% 0.82% 0.82% 1.65% 1.73% 1.39% 1.09% 1.06% 0.85%
Operating Income % Sales 8.97% 8.92% 7.46% 7.94% 9.38% 9.26% 10.05% 6.24% 10.23% 10.95% 8.94% 9.11%

Return on Capital Employed 29.42% 33.39% 23.24% 17.23% 22.31% 21.63% 20.67% 10.28% 17.76% 20.93% 21.69% 21.28%
Retained Earnings% 69.80% 72.76% 67.83% 68.79% 67.74% 63.32% 73.43% 55.16% 66.97% 70.01% 67.58% 68.31%
Return on Equity% 24.47% 24.31% 17.32% 17.48% 20.28% 19.94% 20.09% 10.59% 21.72% 25.04% 20.12% 20.18%
Self Sustained Growth Rate 17.08% 17.69% 11.75% 12.02% 13.73% 12.62% 14.75% 5.84% 14.55% 17.53% 13.76% 14.14%
Interest Coverage Ratio 11.24x 13.17x 19.86x 27.91x 28.59x 34.85x 12.74x 6.65x 13.51x 14.80x 1833.24% 1415.63%

Debtor Turnover Ratio 70.90x 62.79x 58.58x 63.88x 54.52x 47.04x 67.47x 59.14x 50.97x 60.20x 59.55x 59.67x
Creditor Turnover Ratio 3.93x 4.44x 4.14x 5.78x 5.88x 6.09x 6.35x 6.54x 6.25x 6.99x 5.64x 5.99x
Inventory Turnover 2.82x 2.94x 2.54x 2.69x 2.72x 2.81x 2.60x 2.57x 2.12x 2.45x 2.63x 2.65x
Fixed Asset Turnover 17.79x 17.04x 14.63x 11.16x 10.94x 12.62x 8.00x 8.58x 11.32x 13.53x 12.56x 11.97x
Capital Turnover Ratio 4.33x 3.86x 3.22x 3.13x 3.17x 3.26x 3.16x 2.89x 3.10x 3.42x 3.35x 3.19x

Debtor Days 5 6 6 6 7 8 5 6 7 6 6 6
Payable Days 93 82 88 63 62 60 57 56 58 52 67 61
Inventory Days 129 124 144 136 134 130 140 142 172 149 140 138
Cash Conversion Cycle (in days) 41 48 62 78 79 78 88 92 121 103 79 78

CFO/Sales -5.07% 4.22% 5.11% 12.91% -0.31% 6.28% -1.65% 19.12% -2.51% 3.38% 4.15% 3.80%
CFO/Total Assets -9.07% 8.57% 9.08% 20.36% -0.53% 10.62% -2.57% 25.17% -3.42% 5.07% 6.33% 6.82%
CFO/Total Debt -68.66% 504.06% 509.51% 90.95% -2.96% 51.94% -9.77% 73.41% -9.95% 14.63% 115.32% 33.28%
 TITAN COMPANY LTD - Sales Forecasting TITAN COMPANY LTD - EBITDA Forecasting TITAN COMPANY LTD - Earnings per Share Forecasting
Year Weight Year Sales Growth Year Weight Year EBITDA Growth Year Weight Year EPS Growth
1 2014A 10,927.4 1 2014A 1,164.7 1 2014A 7.0
2 2015A 11,913.4 9.02% 2 2015A 1,219.2 4.67% 2 2015A 8.4 21.42%
3 2016A 11,275.9 -5.35% 3 2016A 1,006.7 -17.43% 3 2016A 6.8 -19.01%
4 2017A 13,260.8 17.60% 4 2017A 1,135.7 12.82% 4 2017A 8.3 21.82%
5 2018A 16,119.8 21.56% 5 2018A 1,742.3 53.41% 5 2018A 11.6 39.52%
6 2019A 19,778.5 22.70% 6 2019A 2,187.8 25.57% 6 2019A 13.6 17.27%
7 2020A 21,052.0 6.44% 7 2020A 2,624.0 19.94% 7 2020A 15.1 10.73%
8 2021A 21,644.0 2.81% 8 2021A 1,904.0 -27.44% 8 2021A 8.9 -40.75%
9 2022A 28,799.0 33.06% 9 2022A 3,496.0 83.61% 9 2022A 22.8 154.53%
10 2023A 40,575.0 40.89% 10 2023A 5,164.0 47.71% 10 2023A 33.4 46.86%
11 2024E 34,997.9 -13.75% 11 2024E 4,208.7 -18.50% 11 2024E 26.0 -22.28%
12 2025E 37,809.4 8.03% 12 2025E 4,580.4 8.83% 12 2025E 28.2 8.66%
13 2026E 40,621.0 7.44% 13 2026E 4,952.1 8.11% 13 2026E 30.5 7.97%
14 2027E 43,432.5 6.92% 14 2027E 5,323.8 7.51% 14 2027E 32.7 7.38%
15 2028E 46,244.0 6.47% 15 2028E 5,695.5 6.98% 15 2028E 35.0 6.87%

50,000.0 0.5 6,000.0 1 40.0 2

0.4 5,000.0 0.8 1.5
40,000.0 30.0
0.3 4,000.0 0.6 1
30,000.0 0.2 0.4
3,000.0 20.0 0.5
20,000.0 0.1 0.2
2,000.0 0
0 0 10.0
10,000.0 1,000.0 -0.5
-0.1 -0.2
- -0.2 - -0.4 - -1
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Sales Growth EBITDA Growth EPS Growth

Weighted Average Cost of Capital

All figures are in INR unless stated otherwise.

Peer Comps
Debt/ Debt/ Levered Unlevered
Name Country Total Debt Total Equity Tax Rate 1 Equity Capital Beta
2
Beta
3

Titan Company India 14,254.0 3,18,790.7 30.00% 4.47% 4.28% 1.06 1.03
Kalyan Jewellers India 2,521.5 36,263.0 30.00% 6.95% 6.50% 0.28 0.27
Rajesh Exports India 626.8 10,325.3 30.00% 6.07% 5.72% 0.12 0.12
Vaibhav Global India 185.3 7,678.9 30.00% 2.41% 2.36% 1.12 1.10

Average 30.00% 4.98% 4.72% 0.65 0.63

Median 30.00% 5.27% 5.00% 0.67 0.65

Cost of Debt Cost of Equity

Pre-tax Cost of Debt 3.61% Risk Free Rate 7.05%

Tax Rate 30.00% Equity Risk Premium 8.64%
4
After Tax Cost of Debt 2.52% Levered Beta 0.83
Cost of Equity 14.24%

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta 0.65

Total Debt 14,254.0 4.28% 4.72% Target Debt/ Equity 4.95%
Market Capitalization 3,18,790.7 95.72% 95.28% Tax Rate 30.00%
Total Capitalization 3,33,044.7 100.00% 100.00% Levered Beta 0.83

Debt / Equity 4.47% 4.95% Weighted Average Cost of Capital

1. Tax Rate considered as Marginal Tax Rate for the country Cost of Equity 14.24%
2. Levered Beta is based on 5 year monthly data Equity Weight 95.28%
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate) x Debt/Equity)
4. Levered Beta = Unlevered Beta*(1+(1-Tax Rate) x Debt/Equity) Cost of Debt 2.52%
Debt Weight 4.72%

WACC 13.69%
Regression Beta - 5 Years Monthly
Titan Weekly Returns NIFTY Returns Beta Drifting

Date Closing Price Return Closing Price Return Levered Raw Beta 1.06
01-03-2019 1122.0 11,623.9 Raw Beta Weight 75.00%
01-04-2019 1138.4 1.46% 11,748.2 1.07%
01-05-2019 1214.3 6.66% 11,922.8 1.49% Market Beta 1.00
01-06-2019 1311.5 8.01% 11,788.8 -1.12% Market Beta Weight 25.00%
01-07-2019 1038.0 -20.85% 11,118.0 -5.69%
01-08-2019 1090.8 5.09% 11,023.3 -0.85% Adjusted Beta 1.04
01-09-2019 1256.6 15.20% 11,474.5 4.09%
01-10-2019 1314.0 4.57% 11,877.5 3.51%
01-11-2019 1144.7 -12.88% 12,056.0 1.50%
01-12-2019 1172.6 2.44% 12,168.5 0.93%
01-01-2020 1172.4 -0.02% 11,962.1 -1.70%
01-02-2020 1238.3 5.62% 11,201.8 -6.36%
01-03-2020 921.6 -25.57% 8,597.8 -23.25%
01-04-2020 957.5 3.89% 9,859.9 14.68%
01-05-2020 878.5 -8.25% 9,580.3 -2.84%
01-06-2020 937.6 6.72% 10,302.1 7.53%
01-07-2020 1029.8 9.83% 11,073.5 7.49%
01-08-2020 1086.3 5.49% 11,387.5 2.84%
01-09-2020 1190.4 9.58% 11,247.5 -1.23%
01-10-2020 1155.1 -2.96% 11,642.4 3.51%
01-11-2020 1348.8 16.77% 12,969.0 11.39%
01-12-2020 1552.9 15.13% 13,981.8 7.81%
01-01-2021 1407.3 -9.37% 13,634.6 -2.48%
01-02-2021 1394.1 -0.94% 14,529.2 6.56%
01-03-2021 1543.8 10.74% 14,690.7 1.11%
01-04-2021 1478.0 -4.26% 14,631.1 -0.41%
01-05-2021 1581.7 7.01% 15,582.8 6.50%
01-06-2021 1716.7 8.54% 15,721.5 0.89%
01-07-2021 1698.9 -1.04% 15,763.0 0.26%
01-08-2021 1908.6 12.34% 17,132.2 8.69%
01-09-2021 2147.3 12.50% 17,618.2 2.84%
01-10-2021 2367.5 10.26% 17,671.7 0.30%
01-11-2021 2359.5 -0.34% 16,983.2 -3.90%
Return on Markets

Year Annual
2000 -14.65% Average Return 15.41%
2001 -16.18% Dividend Yield 0.28%
2002 3.25% Total Market Returns 15.69%
2003 71.90%
2004 10.68%
Nifty Returns
2005 36.34% 100.00%
2006 39.83%
2007 54.77% 80.00%

2008 -51.79% 60.00%

2009 75.76%
2010 17.95% 40.00%
2011 -24.62%
20.00%
2012 27.70%
2013 6.76% 0.00%
2014 31.39%
-20.00%
2015 -4.06%
2016 3.01% -40.00%
2017 28.65%
-60.00%
2018 3.15%
2019 12.02%
2020 14.17%
2021 24.12%
2022 4.32%

Football Field Analysis - Valuation Summary (Rs)

20,000.0
₹ 17,530.50
18,000.0

16,000.0

14,000.0

12,000.0

10,000.0

8,000.0 ₹ 7,001.54 ₹ 9,561.23

6,000.0 ₹ 4,520.97
₹ 3,886.95
4,000.0 ₹ 5,405.17
₹ 1,311.10 ₹ 3,858.97
2,000.0
₹ 2,321.00
0.0 ₹ 981.84

Comps DCF Bear DCF Base DCF Bull 52W H/L

Calculation of ROIC Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Current Assets
Inventories 7,039.0 8,103.0 8,408.0 13,609.0 16,584.0
Trade receivables 420.0 312.0 366.0 565.0 674.0
Short term loans 24.0 24.0 26.0 29.0 35.0
Other asset items 1,453.0 1,915.0 1,705.0 2,489.0 2,727.0
Total Current Assets 8,936.0 10,354.0 10,505.0 16,692.0 20,020.0

Current Liabilities
Trade Payables 906.0 596.0 789.0 1,294.0 1,214.0
Advance from Customers 290.0 386.0 479.0 532.0 718.0
Other liability items 2,037.0 2,327.0 2,036.0 2,754.0 3,817.0
Total Current Liabilities 3,233.0 3,309.0 3,304.0 4,580.0 5,749.0
Net Working Capital 5,703.0 7,045.0 7,201.0 12,112.0 14,271.0

Non Current Assets

Land 85.0 108.0 108.0 136.0 144.0
Building 386.0 1,473.0 1,617.0 1,853.0 2,403.0
Plant Machinery 630.0 724.0 739.0 768.0 838.0
Equipments 50.0 70.0 76.0 96.0 130.0
Computers 92.0 119.0 142.0 159.0 204.0
Furniture n fittings 251.0 313.0 309.0 321.0 376.0
Vehicles 22.0 28.0 30.0 38.0 40.0
Intangible Assets 319.0 333.0 320.0 320.0 320.0
Other fixed assets 96.0 135.0 158.0 157.0 205.0
Gross Block 1,931.0 3,303.0 3,499.0 3,848.0 4,660.0
Accumulated Depreciation (365.0) (670.0) (976.0) (1,304.0) (1,662.0)
Net Non Current Assets 1,566.0 2,633.0 2,523.0 2,544.0 2,998.0
Invested Capital 7,269.0 9,678.0 9,724.0 14,656.0 17,269.0
EBIT 1,831.0 2,115.0 1,350.0 2,945.0 4,441.0
ROIC 25.19% 21.85% 13.88% 20.09% 25.72%

Calculation of Reinvestment Rate Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Net Capex 264.0 345.0 139.0 216.0 420.0

Change in Working Capital 1,342.0 156.0 4,911.0 2,159.0
EBIT 1,831.0 2,115.0 1,350.0 2,945.0 4,441.0
Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) 1,373.2 1,586.3 1,012.5 2,208.8 3,330.8
Reinvestment 1,687.0 295.0 5,127.0 2,579.0
Reinvestment Rate 106.35% 29.14% 232.12% 77.43%

4 Year Average 111.26%

4 Year Median 91.89%

Calculation of Growth Rate Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Reinvestment Rate 106.35% 29.14% 232.12% 77.43%
ROIC 21.85% 13.88% 20.09% 25.72%
Intrinsic Growth 23.24% 4.04% 46.64% 19.91%

4 Year Average 23.46%

4 Year Median 21.58%
Calculation of PV of FCFF Mar-23A Mar-24F Mar-25F Mar-26F Mar-27F Mar-28F

EBIT 1,831.0 1,917.9 2,009.0 2,104.4 2,204.4 2,309.1

Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT (1-T) 1,373.21 1,438.44 1,506.77 1,578.34 1,653.31 1,731.84
Less: Reinvestment Rate 91.89% 85.49% 79.08% 72.68% 66.27% 66.27%
Free Cash Flow to Firm 111.4 208.8 315.2 431.3 557.6 584.1
Mid Year Convention 0 0.5 1.5 2.5 3.5 4.5
Discounting Factor 1.00 0.94 0.82 0.73 0.64 0.56

PV of FCFF 111.4 195.8 260.0 312.9 355.9 327.9

Expected Growth 4.75%

Terminal Growth 6.50%

Calculation of Terminal Value

Sensitivity Analysis - Enterprise Value
FCFF (n+1) 611.9 6,227.72 10.00% 13.69% 15.00% 17.00%
WACC 13.69% 5.00% 9,561.2 5,405.2 4,669.9 3,859.0
Terminal Growth Rate 6.50% 6.00% 11,553.5 5,919.2 5,032.4 4,087.7
6.50% 12,976.6 6,229.8 5,245.6 4,218.3
Terminal Value 8,507.2 7.00% 14,874.1 6,586.8 5,485.5 4,362.1
7.50% 17,530.5 7,001.5 5,757.3 4,521.0

Calculation of Enterprise Value

Sensitivity Analysis - Share Value
PV of FCFF 1,452.5 76.72 10.00% 13.69% 15.00% 17.00%
PV of Terminal Value 4,775.3 5.00% 3,410.2 -745.8 -1,481.1 -2,292.0
Value of Operating Asset 6,227.7 6.00% 5,402.5 -231.8 -1,118.6 -2,063.3
6.50% 6,825.6 78.8 -905.4 -1,932.7
Add: Cash 1,343.0 7.00% 8,723.1 435.8 -665.5 -1,788.9
Less: Debt 7,494.0 7.50% 11,379.5 850.5 -393.7 -1,630.0
Value of Equity 76.7
No. of Shares 88.8
Value per Share 0.9
Amount in crores
Comparable Company Valuation
Market Data Financials Valuation
Share Share Enterprise
Company Price Outsanding Equity Value Net Debt Value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E
Titan Company 3,592 88.78 3,18,862 12,911 3,31,773 48,950 6,193 3,461 6.8x 53.6x 92.1x
Kalyan Jewellers 358 103.01 36,872 1,540 38,412 17,395 1,648 529 2.2x 23.3x 69.8x
Rajesh Exports 350 29.53 10,321 -1,470 8,851 3,33,677 1,264 1,142 0.0x 7.0x 9.0x
Vaibhav Global 459 16.55 7,593 -54 7,539 2,944 299 129 2.6x 25.3x 58.8x
Senco Gold 785 7.77 6,099 928 7,027 4,076 460 161 1.7x 15.3x 37.9x
Thangamayil Jew. 1,351 2.74 3,701 450 4,151 3,621 265 126 1.1x 15.7x 29.4x
PC Jeweller 52 46.54 2,439 3,869 6,307 1,545 493 -673 4.1x 12.8x -3.6x
Goldiam Intl. 202 10.68 2,156 -103 2,054 590 123 89 3.5x 16.7x 24.1x
Motisons Jewel 185 9.84 1,818 167 1,985 366 67 22 5.4x 29.5x 81.9x
Manoj Vaibhav 317 4.88 1,548 457 2,005 2,025 191 72 1.0x 10.5x 21.6x

High 6.8x 53.6x 92.1x

75th Percentile 3.9x 24.8x 67.0x
Average 2.8x 20.9x 42.1x
Median 2.4x 16.2x 33.6x
25th Percentile 1.3x 13.4x 22.3x
Low 0.0x 7.0x -3.6x

Nestle Comparable Valuation EV/Revenue EV/EBITDA P/E

Implied Enterprise Value 1,16,717 1,00,079 1,29,310

Net Debt 12,911 12,911 12,911
Implied Market Value 1,03,806 87,168 1,16,399
Shares Outstanding 88.78 88.78 88.78
Implied Value per Share 1,169.2 981.8 1,311.1
Source: Screener.in Overvalued Overvalued Overvalued

60.0x 100.0x

50.0x 80.0x

40.0x 60.0x

30.0x 40.0x

20.0x 20.0x

10.0x 0.0x

0.0x -20.0x
Titan Company Kalyan Jewellers Rajesh Exports Vaibhav Global Senco Gold Thangamayil Jew. PC Jeweller Goldiam Intl. Motisons Jewel Manoj Vaibhav

EV/Revenue EV/EBITDA P/E

Date Adj Close Return Sorted Returns Calculation of Value at Risk - Titan (Historical)
14-10-2008 43.2 -0.81 0.167600401
11-06-2013 224.6 3.60 0.159618758 Mean -0.05%
14-03-2008 48.9 14.63 0.147710728 Std Deviation 2.82%
01-03-2001 3.1 0.01 0.145454839 Min -22.59%
24-01-2003 3.1 -1.00 0.142382751 Max 16.76%
08-07-2019 1,230.7 3.72 0.13967882 CMP 3591.6
14-08-2013 261.0 7.91 0.13777308
19-05-2006 29.3 -0.49 0.136982751 Percentile Confidence VAR % Stock Price VAR (INR)
21-01-2008 57.0 0.15 0.13088449 5.0% 95.0% -4.66% 3758.9 -167.3
03-10-2008 49.6 -0.94 0.13009756 1.0% 99.0% -7.79% 3871.3 -279.7
20-03-2020 893.2 30.65 0.129783364 0.5% 99.5% -9.37% 3928.1 -336.5
06-06-2006 28.2 7.17 0.126899437 10% 90.0% -3.05% 3701.3 -109.7
22-02-2001 3.5 -0.90 0.126563767
17-05-2006 35.1 -0.45 0.123647954
18-01-2008 63.7 13.62 0.118382989
14-05-2004 4.4 -0.98 0.117681037
10-06-2013 250.6 50.56 0.115936046
13-05-2004 4.9 -0.35 0.115436604
23-07-1996 7.5 2.42 0.115436358
23-02-1998 2.2 0.11 0.110984244
24-02-1998 2.0 -1.00 0.110546417
05-11-2019 1,267.2 228.43 0.110457691
20-01-2004 5.5 1.27 0.107362626
04-06-1998 2.4 0.11 0.105641299
12-03-2001 2.2 -1.00 0.103881467
11-03-2020 1,172.3 23.19 0.102995184
25-05-2009 48.5 6.21 0.101894264
24-07-1996 6.7 1.10 0.096394492
25-07-2002 3.2 0.17 0.096335379
23-05-2001 2.7 0.87 0.095194591
13-09-2001 1.5 -0.36 0.094754901
25-11-1998 2.3 -0.96 0.092291156
05-02-2008 57.0 28.37 0.089915613
11-04-2001 1.9 -0.96 0.088608263
23-10-2008 45.0 -0.95 0.087947452
30-04-2020 957.5 312.28 0.087682913
22-04-1998 3.1 -0.28 0.087479799
15-01-1999 4.2 -0.08 0.086956198
14-01-1999 4.6 -0.53 0.086933648
09-02-2005 9.9 1.10 0.086926148
30-07-1999 4.7 0.33 0.086888336
02-04-1999 3.5 -0.28 0.086685212
17-09-1999 4.9 0.14 0.086610038
31-12-1998 4.3 -0.08 0.086609809
30-12-1998 4.7 0.85 0.086523319
Date Adj Close Return Sorted Returns Replication Simulated Returns Calculation of Value at Risk - Titan (Historical)
14-10-2008 43.2 -0.81 0.167600401 1 0.039934856
11-06-2013 224.6 3.60 0.159618758 2 0.000207631 Historical Approach
14-03-2008 48.9 14.63 0.147710728 3 -0.049386297 Mean -0.05%
01-03-2001 3.1 0.01 0.145454839 4 0.043047758 Std Deviation 2.82%
24-01-2003 3.1 -1.00 0.142382751 5 0.018934215 Min -22.59%
08-07-2019 1,230.7 3.72 0.13967882 6 -0.043643568 Max 16.76%
14-08-2013 261.0 7.91 0.13777308 7 -0.017997503 CMP 3591.6
19-05-2006 29.3 -0.49 0.136982751 8 -0.013736646
21-01-2008 57.0 0.15 0.13088449 9 0.027384302 Monte Carlo Simulation
03-10-2008 49.6 -0.94 0.13009756 10 -0.009326397 Mean -0.03%
20-03-2020 893.2 30.65 0.129783364 11 0.054163771 Std Deviation 2.85%
06-06-2006 28.2 7.17 0.126899437 12 -0.044904792 Min -9.84%
22-02-2001 3.5 -0.90 0.126563767 13 0.030921623 Max 9.93%
17-05-2006 35.1 -0.45 0.123647954 14 -0.005178109 CMP 3591.6
18-01-2008 63.7 13.62 0.118382989 15 0.036284464
14-05-2004 4.4 -0.98 0.117681037 16 0.001398945 Percentile Confidence VAR % Stock Price VAR (INR)
10-06-2013 250.6 50.56 0.115936046 17 0.001216501 5.0% 95.0% -4.79% 3763.5 -171.9
13-05-2004 4.9 -0.35 0.115436604 18 -0.047267166 1.0% 99.0% -6.64% 3829.9 -238.3
23-07-1996 7.5 2.42 0.115436358 19 -0.030185407 0.5% 99.5% -7.30% 3853.6 -262.0
23-02-1998 2.2 0.11 0.110984244 20 0.004206862 10% 90.0% -3.68% 3723.7 -132.1
24-02-1998 2.0 -1.00 0.110546417 21 -0.02216793
05-11-2019 1,267.2 228.43 0.110457691 22 0.000154658
20-01-2004 5.5 1.27 0.107362626 23 -0.010208537
04-06-1998 2.4 0.11 0.105641299 24 0.028681418
12-03-2001 2.2 -1.00 0.103881467 25 0.000323957
11-03-2020 1,172.3 23.19 0.102995184 26 0.00503266
25-05-2009 48.5 6.21 0.101894264 27 -0.022686785
24-07-1996 6.7 1.10 0.096394492 28 0.008857651
25-07-2002 3.2 0.17 0.096335379 29 0.046031637
23-05-2001 2.7 0.87 0.095194591 30 0.01283579
13-09-2001 1.5 -0.36 0.094754901 31 0.05960586
25-11-1998 2.3 -0.96 0.092291156 32 0.007446489
05-02-2008 57.0 28.37 0.089915613 33 -0.018019444
11-04-2001 1.9 -0.96 0.088608263 34 -0.02739904
23-10-2008 45.0 -0.95 0.087947452 35 0.023306819
30-04-2020 957.5 312.28 0.087682913 36 0.021158429
22-04-1998 3.1 -0.28 0.087479799 37 0.039514941
15-01-1999 4.2 -0.08 0.086956198 38 0.003243057
14-01-1999 4.6 -0.53 0.086933648 39 0.046502256
09-02-2005 9.9 1.10 0.086926148 40 -0.042352282
30-07-1999 4.7 0.33 0.086888336 41 0.032219618
02-04-1999 3.5 -0.28 0.086685212 42 -0.009026794
17-09-1999 4.9 0.14 0.086610038 43 -0.001321253
31-12-1998 4.3 -0.08 0.086609809 44 -0.056479449
30-12-1998 4.7 0.85 0.086523319 45 0.047820403
02-10-1998 2.5 -0.47 0.086491612 46 -0.044670113
07-07-2004 4.8 -0.92 0.086385958 47 0.016174186
29-01-2008 57.9 1.44 0.086248466 48 0.001987164
13-07-2005 23.7 5.03 0.08617838 49 0.006139019
10-03-1999 3.9 -1.00 0.086142498 50 -0.011844512
08-10-2018 799.4 34.85 0.085456857 51 -0.02023783
21-09-2005 22.3 7.93 0.08539866 52 0.023965299
23-11-2000 2.5 -0.55 0.085294128 53 -0.044760164
04-02-2000 5.6 2.52 0.085087923 54 0.007800007
17-08-1998 1.6 -0.94 0.085007698 55 0.027700581
13-06-2006 25.5 -0.97 0.084972995 56 -0.036347635
01-04-2020 924.0 20.46 0.084897865 57 0.012674267
28-11-2008 43.1 13.15 0.084545992 58 -0.020390654