Sources – Economic Times,

GENERAL OVERVIEW Motilal Oswal, Ibef, Titan Annual Report

A pioneer of the watch and jewel industry with a robust marketing and distribution network which
aims to grow by setting new standards for innovation and quality with each new product offering.
COMPANY OVERVIEW
52 week range (₹): Mkt. Cap: ü Annual turnover of more than ₹ 19070
1241 (in Cr) Crores with 5 verticals.
ü One of the largest Watchmaker Globally
998.70 1273 111807 ü Titan has a majestic presence in 218
town and cities pan India with 1595
Yearly Figures of Net Turnover and Total Income (in Crores) stores and 11000 multi-brand stores
1,500.00 25,000.00 holding 2.05 million square retail space.
20,000.00 ü Tanishq-India’s Biggest Jewellery Retailer
1,000.00
15,000.00 along with it’s brands Zoya and Mia has
10,000.00 320 stores in 178 towns & cities.
500.00
5,000.00
ü Jewellery business bought an handsome
0.00 0.00
revenue of 16030 Cr with 66% ROCE*
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 ü Titan added a fortune of 2441cr with an
ROCE of 29.5% despite a 3% decline in
Total Profit Total Revenue
global sales of traditional watches.
ü Taneria – the youngest brand of Titan
Mar’19 Mar'18 Mar’17 Mar’16 Mar’15 holds a portfolio of sarees made only
Operating from pure and natural fabrics
10.49 11.09 9.26 8.39 9.68
Profit % ü Net sales turnover has shown a
Current 22.54% growth in FY18 despite
1.25 1.55 1.3 1.82 1.77 decline in global sales of traditional
Ratio
watches and hike in gold price.
Debt/Equi
0.37 0.31 0.43 0.03 0.03 ü A 18% year on year increase in PAT
ty Ratio
(Profit after Tax) and a significant
Inventory operating profit makes this stock a
2.84 2.72 2.7 2.54 2.95
Turnover great buy.
*ROCE- Return On Capital Employed Akhil Thulaseedharan **Operating Profit, EBIT and PAT in Crores, Stock Prices as on NSE
 Sources – Economic Times, Titan Annual
Report
MANAGEMENT OVERVIEW

N Muruganandam N N Tata Bhaskar Bhat

(Chairman) (Vice Chairman) (Managing Director)
He is a 1991 batch IAS Officer. He He joined the Board of Directors of He assumed the position of Managing
has worked in Government of the company on 7th August 2003. Director of Titan Company Limited on
India as Joint Secretary in Rural He graduated from Sussex 1st April 2002. He is an IIT Madras and
Development. He was also the University(UK). He took over as the IIM Ahmedabad Alumni. He has dealt
project Director of World Bank Managing Director of Tata with Sales & Marketing, HR,
funded poverty alleviation International Limited in August International Business and various
programme Pudhu Vaazhvu. He 2010 which is a global trading and general managerial assignments with
was the Principal Resident distribution company with Tata Watch Project since 1983. He was
Commissioner of Tamil Nadu House presence in leather products., awarded the distinguished alumnus
at New Delhi before taking up the metal trading, minerals trading and award of IIT Madras in 2008. He was
current assignment. Agri trading and employing over appointed as a Director on the Board
10000 personnel over 39 countries. of Tata Sons in November 2017.

TATA Sons
Founded in 1868, it is an Indian multinational conglomerate which has a yearly revenue of about USD 11,070 crores. Titan
is a joint venture between Tata Group and the Tamil Nadu Industrial Development Corporation. Each Tata company or
enterprise operates independently under the guidance and supervision of its own Board of Directors. Tata Sons is the
principal investment holding company and the promoter of its group operating companies. Titan follows Tata’s code of
conduct under the Brand Equity and Business Promotion Agreement.
 Sources – MoneyControl, Motilal Oswal, LiveMint

COMPETITOR ANALYSIS 1 YR % 3 YR % 5 YR %
Expected
Returns
30.14 59.66 72.12
Name Current Price(₹) % Change EPS P/E
EBITDA Trend (Quarterly)
Titan Company 1243.5 +24.51% 16.39 75.9
735.6
Rajesh Exports 672.5 +18.7% 52.56 45.77 584.24 565.29 513.19
455.57
Vaibhav Global 1080.65 +77.7% 20.69 112.84

Renaissance 388 +103.4% 30.27 29.67

Asian Star 808 +32.4% 77.51 28.27 Dec'18 Mar'19 Jun'19 Sep'19 Dec'19

PC Jeweller 449.7 -91.4% 45.48 - EPS Trend (Quarterly)

5.29
ü Jewellery Business i.e Tanishq is the Cash Cow of Titan Company which is doing 4.69
4.18
pretty well in it’s segment and is emerging as a market leader and is achieving 3.32 3.61
a growth of 25-30% p.a which makes Titan Company standout and stable.
Apart from that Titan purchases it’s stocks from market which helps to keep up
it’s current market price and ensures the shareowners are benefitted any day.
Dec '18 Mar Jun '19 Sep'19 Dec '19
New Opportunities & Emerging Trends '19

ü Titan Company has launched its project to %Change %Change

Parameters Mar’18 Mar’19
develop defence materials to India Government (Yearly) Quarterly)
maintain their core Competency of PRECISION.
EBITDA 157.51 180.85 15.83 32.05
ü Taneria becomes a promising brand which can
cater the needs of retail clothing and can set EPS 2.88 3.68 27.78 194.40
standards in textile industry and bring in profits.
**Stock Prices as on NSE, EBITDA in Crores
 SWOT ANALYSIS

Strengths Weakness
• Diverse Segments • Rural Market is left unserved
• Innovation is Core to • Decline in Sales of Traditional
Strategy Watches Globally
• Awesome Retail Presence • No Automatic or Mechanical
• Excellent Customer Service Watches.
• International Tie Ups- Hugo • Global Markets are also not
Boss, Tommy Hilfiger, Mount tapered yet
Blanc

Opportunities Threats
• Global Expansion by tie with • Stiff Competition from
global watch and Jewellery foreign brands like Casio,
brands. Seiko and Fossil.
• More Brand Awareness • A small Portfolio of
Globally Smartwatches.
• More Market Penetration for • Escalating gold rates
Segments like Perfumes, • Dynamic Fashion Trends
Eyewear and Sarees.