TITAN COMPANY

FINANCIAL MODELLING

YADHUKRISHNAN N K
TITAN COMPANY
(NSE : TITAN)
CMP : INR 3120

About the Company

Titan is India's leading lifestyle company and among the most admired and respected corporates in the country. Titan has established leading
positions in the Jewellery, Watches and EyeCare categories led by their trusted brands and superior customer experience. Titan has also
diversified into Wearables, Indian Dress Wear and Fragrances & Fashion Accessories and are driving differentiation in these lifestyle categories,
underpinned by our deep understanding of customer preferences.

Financial Summary

Revenue (INR) EBITDA (INR) Net Income (INR)₹ 3,273.0

₹ 5,187.0
₹ 40,575.0

₹ 2,252.0
₹ 3,575.0
₹ 28,799.0

₹ 2,619.8 ₹ 1,496.7
₹ 21,051.5 ₹ 21,644.0 ₹ 1,390.8
₹ 19,778.5 ₹ 2,174.4
₹ 1,910.0
₹ 979.0

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Return on Capital Employed Return On Equity Interest Coverage Ratio

39.9% 27.5%
38.3x
24.1%
34.0% 34.0% 22.9%
33.1% 22.4%

20.5%
13.0%
15.8x
13.7x 14.6x

7.6x

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Disclaimer:This report has been prepared in fulfillment of an educational assignment, with the sole purpose of providing educational insights. The
author of this report disclaims any responsibility for losses resulting from actions taken based on its information. It is strongly recommended that
individuals seek guidance from a research analyst registered with SEBI before making any investment decisions.
 Historical financial Statements - TITAN COMPANY
Years Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Income Statement
Revenue from Operations ₹ 13,382.1 ₹ 16,156.0 ₹ 19,778.5 ₹ 21,051.5 ₹ 21,644.0 ₹ 28,799.0 ₹ 40,575.0
Other income ₹ 70.5 ₹ 88.9 ₹ 182.9 ₹ 153.2 ₹ 186.0 ₹ 234.0 ₹ 308.0
Total Revenue ₹ 13,452.6 ₹ 16,244.8 ₹ 19,961.5 ₹ 21,204.8 ₹ 21,830.0 ₹ 29,033.0 ₹ 40,883.0
Revenue Growth 20.76% 22.88% 6.23% 2.95% 33.00% 40.82%

Excise duty ₹ 121.3 ₹ 36.2 - - - - -

Cost of materials and components consumed ₹ 8,646.6 ₹ 10,452.8 ₹ 12,230.6 ₹ 13,042.3 ₹ 13,713.0 ₹ 22,108.0 ₹ 26,891.0
Purchase of stock in trade ₹ 1,174.5 ₹ 2,212.0 ₹ 2,940.0 ₹ 2,990.8 ₹ 2,579.0 ₹ 4,328.0 ₹ 5,698.0
changes in inventories of finished goods,stock and WIP (₹ 313.7) (₹ 978.6) (₹ 776.4) (₹ 878.1) ₹ 122.0 (₹ 4,795.0) (₹ 2,234.0)
Total COGS ₹ 9,628.7 ₹ 11,722.4 ₹ 14,394.3 ₹ 15,155.1 ₹ 16,414.0 ₹ 21,641.0 ₹ 30,355.0
COGS % Revenue 71.58% 72.16% 72.11% 71.47% 75.19% 74.54% 74.25%

Gross Profit ₹ 3,823.9 ₹ 4,522.4 ₹ 5,567.2 ₹ 6,049.7 ₹ 5,416.0 ₹ 7,392.0 ₹ 10,528.0

Gross margin 28.42% 27.84% 27.89% 28.53% 24.81% 25.46% 25.75%

Employee benefit expense ₹ 787.5 ₹ 885.1 ₹ 1,019.3 ₹ 1,199.4 ₹ 1,065.0 ₹ 1,349.0 ₹ 1,647.0
other expenses ₹ 1,810.4 ₹ 1,903.8 ₹ 2,373.5 ₹ 2,230.5 ₹ 2,441.0 ₹ 2,468.0 ₹ 3,694.0

EBITDA ₹ 1,226.0 ₹ 1,733.6 ₹ 2,174.4 ₹ 2,619.8 ₹ 1,910.0 ₹ 3,575.0 ₹ 5,187.0

EBITDA Margin 9.11% 10.67% 10.89% 12.35% 8.75% 12.31% 12.69%

Depreciation and Amortisation expenses ₹ 110.5 ₹ 131.4 ₹ 162.8 ₹ 348.0 ₹ 375.0 ₹ 399.0 ₹ 441.0

EBIT ₹ 1,115.5 ₹ 1,602.1 ₹ 2,011.6 ₹ 2,271.9 ₹ 1,535.0 ₹ 3,176.0 ₹ 4,746.0

EBIT Margin 8.29% 9.86% 10.08% 10.71% 7.03% 10.94% 11.61%

Finance Expenses ₹ 37.7 ₹ 52.9 ₹ 52.5 ₹ 166.2 ₹ 203.0 ₹ 218.0 ₹ 300.0

EBT ₹ 1,077.7 ₹ 1,549.2 ₹ 1,959.1 ₹ 2,105.7 ₹ 1,332.0 ₹ 2,958.0 ₹ 4,446.0

EBT Margin 8.01% 9.54% 9.81% 9.93% 6.10% 10.19% 10.87%

Tax Expense ₹ 276.0 ₹ 427.9 ₹ 568.2 ₹ 609.0 ₹ 353.0 ₹ 706.0 ₹ 1,173.0

PAT ₹ 801.7 ₹ 1,121.3 ₹ 1,390.8 ₹ 1,496.7 ₹ 979.0 ₹ 2,252.0 ₹ 3,273.0

PAT Margin 5.96% 6.90% 6.97% 7.06% 4.48% 7.76% 8.01%

No. of Equity Shares 85 86 88 88 89 90 90

EPS Per Share ₹ 9.4 ₹ 13.0 ₹ 15.8 ₹ 17.0 ₹ 11.0 ₹ 25.1 ₹ 36.5
EPS Growth 38.12% 22.12% 7.01% -35.03% 127.77% 45.34%
Balance Sheet
Property,plant and equipment ₹ 853.2 ₹ 1,102.0 ₹ 1,182.3 ₹ 1,285.3 ₹ 1,216.0 ₹ 1,218.0 ₹ 1,343.0
capital WIP ₹ 143.2 ₹ 43.0 ₹ 29.0 ₹ 11.5 ₹ 19.0 ₹ 69.0 ₹ 133.0
Right of use assets - - - ₹ 934.9 ₹ 917.0 ₹ 973.0 ₹ 1,285.0
Investment Property ₹ 10.7 ₹ 22.7 ₹ 24.0 ₹ 24.0 ₹ 24.0 ₹ 1.0 ₹ 1.0
Goodwill ₹ 123.0 ₹ 123.0 ₹ 123.0 ₹ 123.0 ₹ 123.0 ₹ 123.0 ₹ 123.0
other intangible assets ₹ 201.9 ₹ 226.1 ₹ 237.3 ₹ 266.3 ₹ 243.0 ₹ 229.0 ₹ 246.0
intangible assets under develoipment ₹ 8.8 ₹ 0.4 ₹ 2.8 ₹ 6.7 ₹ 13.0 ₹ 16.0 ₹ 11.0
Investments ₹ 37.0 ₹ 34.4 ₹ 39.2 ₹ 44.4 ₹ 19.0 ₹ 279.0 ₹ 351.0
loans receivable - - ₹ 129.1 ₹ 153.5 ₹ 43.0 ₹ 42.0 ₹ 54.0
other financial assets ₹ 113.1 ₹ 125.1 ₹ 8.1 ₹ 198.7 ₹ 326.0 ₹ 382.0 ₹ 595.0
Deferred tax assets(net) ₹ 3.6 ₹ 36.1 ₹ 74.2 ₹ 159.0 ₹ 105.0 ₹ 187.0 ₹ 158.0
income tax assets (net) ₹ 82.8 ₹ 102.2 ₹ 121.7 ₹ 143.7 ₹ 121.0 ₹ 137.0 ₹ 151.0
other non current assets ₹ 94.9 ₹ 108.3 ₹ 157.2 ₹ 78.6 ₹ 86.0 ₹ 84.0 ₹ 165.0
Total Non Current Assets ₹ 1,672.2 ₹ 1,923.2 ₹ 2,128.0 ₹ 3,429.5 ₹ 3,255.0 ₹ 3,740.0 ₹ 4,616.0

Inventories ₹ 4,925.7 ₹ 5,924.8 ₹ 7,038.8 ₹ 8,103.0 ₹ 8,408.0 ₹ 13,609.0 ₹ 16,584.0

Investments ₹ 393.7 ₹ 1.6 ₹ 69.2 ₹ 113.6 ₹ 2,805.0 ₹ 15.0 ₹ 2,164.0
Trade Receivables ₹ 207.6 ₹ 295.7 ₹ 420.5 ₹ 311.6 ₹ 366.0 ₹ 565.0 ₹ 674.0
Cash and cash equivalents ₹ 678.0 ₹ 472.1 ₹ 429.5 ₹ 75.5 ₹ 181.0 ₹ 219.0 ₹ 232.0
Bank balance other than above ₹ 100.9 ₹ 145.9 ₹ 637.0 ₹ 305.6 ₹ 379.0 ₹ 1,354.0 ₹ 1,111.0
loans receivable - - ₹ 246.6 ₹ 56.1 ₹ 76.0 ₹ 423.0 ₹ 135.0
other financial assets ₹ 287.3 ₹ 339.7 ₹ 99.0 ₹ 459.1 ₹ 230.0 ₹ 291.0 ₹ 201.0
Assets held for sale ₹ 18.0
othe current assets ₹ 142.4 ₹ 421.3 ₹ 646.8 ₹ 695.9 ₹ 752.0 ₹ 978.0 ₹ 1,288.0
Total Current Assets ₹ 6,735.7 ₹ 7,601.0 ₹ 9,587.3 ₹ 10,120.3 ₹ 13,197.0 ₹ 17,454.0 ₹ 22,407.0

Total Assets ₹ 8,407.9 ₹ 9,524.2 ₹ 11,715.3 ₹ 13,549.8 ₹ 16,452.0 ₹ 21,194.0 ₹ 27,023.0

Equity share capital ₹ 88.8 ₹ 88.8 ₹ 88.8 ₹ 88.8 ₹ 89.0 ₹ 89.0 ₹ 89.0
Other equity ₹ 4,143.6 ₹ 5,001.1 ₹ 5,981.4 ₹ 6,580.0 ₹ 7,408.0 ₹ 9,214.0 ₹ 11,762.0
Non controlling interest ₹ 26.4 (₹ 1.8) ₹ 14.1 ₹ 4.4 ₹ 5.0 ₹ 30.0 ₹ 53.0
Total Equity ₹ 4,258.7 ₹ 5,088.1 ₹ 6,084.2 ₹ 6,673.2 ₹ 7,502.0 ₹ 9,333.0 ₹ 11,904.0

Borrowings - - ₹ 31.7 ₹ 17.0 ₹ 9.0 ₹ 2.0

lease liabilities - - - ₹ 1,056.3 ₹ 1,059.0 ₹ 1,138.0 ₹ 1,607.0
other financial liabilities - ₹ 1.3 ₹ 1.3 ₹ 4.5 ₹ 3.0 ₹ 4.0 ₹ 4.0
Provisions ₹ 121.1 ₹ 116.3 ₹ 130.7 ₹ 166.1 ₹ 156.0 ₹ 198.0 ₹ 240.0
Deferred tax liability(net) ₹ 0.3 ₹ 3.2 ₹ 5.4 ₹ 6.2 ₹ 8.0 ₹ 6.0 ₹ 3.0
other non current liabilities - - - - ₹ 1.0 ₹ 1.0 ₹ 1.0
Total Non Current Liabilities ₹ 121.4 ₹ 120.8 ₹ 169.1 ₹ 1,250.1 ₹ 1,236.0 ₹ 1,349.0 ₹ 1,855.0

Borrowings - ₹ 79.0 ₹ 0.1 ₹ 705.9 ₹ 163.0 ₹ 516.0 ₹ 2,195.0

Gold on loan ₹ 1,882.4 ₹ 1,612.0 ₹ 2,352.9 ₹ 1,584.6 ₹ 4,210.0 ₹ 5,398.0 ₹ 5,299.0
Lease liabilities - - - ₹ 186.7 ₹ 197.0 ₹ 221.0 ₹ 266.0
Trade Payables
- total o/s dues of micro and small enterprises - - ₹ 15.7 ₹ 68.2 ₹ 167.0 ₹ 242.0 ₹ 181.0
- total o/s dues of creditors other than micro and small enterprises ₹ 782.8 ₹ 877.7 ₹ 890.3 ₹ 528.5 ₹ 622.0 ₹ 1,052.0 ₹ 1,033.0
other financial liabilities ₹ 238.1 ₹ 254.6 ₹ 238.4 ₹ 218.8 ₹ 232.0 ₹ 440.0 ₹ 568.0
Other current liabilities ₹ 1,102.2 ₹ 1,445.3 ₹ 1,889.5 ₹ 2,205.7 ₹ 2,013.0 ₹ 2,523.0 ₹ 3,517.0
Provisions ₹ 20.1 ₹ 24.7 ₹ 65.3 ₹ 119.7 ₹ 30.0 ₹ 38.0 ₹ 132.0
Current tax liabilities(net) ₹ 2.1 ₹ 22.0 ₹ 9.7 ₹ 8.5 ₹ 80.0 ₹ 82.0 ₹ 73.0
Total Current Liabilities ₹ 4,027.8 ₹ 4,315.4 ₹ 5,461.9 ₹ 5,626.6 ₹ 7,714.0 ₹ 10,512.0 ₹ 13,264.0

Total Equity and Liabilities ₹ 8,407.9 ₹ 9,524.2 ₹ 11,715.3 ₹ 13,549.8 ₹ 16,452.0 ₹ 21,194.0 ₹ 27,023.0

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Cash Flow Statement
Net Profit before tax ₹ 973.3 ₹ 1,529.8 ₹ 1,956.9 ₹ 2,101.7 ₹ 1,327.0 ₹ 2,904.0 ₹ 4,447.0
Adjustments for:
Depreciation and amortisation expenses ₹ 110.5 ₹ 131.4 ₹ 162.8 ₹ 348.0 ₹ 376.0 ₹ 399.0 ₹ 441.0
net unrealised exchange (gain)/loss ₹ 2.1 (₹ 1.3) (₹ 1.4) (₹ 0.7) (₹ 2.0) (₹ 3.0) ₹ 7.0
share of profit/(loss) of the associate and JV ₹ 1.8 ₹ 2.8 ₹ 2.2 ₹ 4.0 ₹ 5.0 - (₹ 1.0)
Employee stock compensation expense ₹ 0.9 ₹ 4.3 ₹ 1.1 ₹ 0.4 - ₹ 2.0 ₹ 1.0
loss on sale/disposal/scrapping of PPE(net) ₹ 8.4 ₹ 2.3 ₹ 4.5 (₹ 2.9) ₹ 6.0 ₹ 3.0 ₹ 3.0
Provision for doubtful tarde receivabkes(net)and bad trade receivables written off ₹ 2.7 ₹ 3.3 ₹ 7.3 ₹ 3.9 ₹ 35.0 ₹ 3.0 ₹ 4.0
Provision for asset write off of a subsidiary - - - ₹ 31.0 ₹ 9.0
Interest Income (₹ 51.4) (₹ 64.2) (₹ 103.7) (₹ 98.4) (₹ 61.0) (₹ 96.0) (₹ 143.0)
Gain on investment carried at fair value through profit and loss (₹ 12.8) (₹ 19.5) (₹ 44.6) (₹ 31.7) (₹ 35.0) (₹ 87.0) (₹ 106.0)
Impairment of invst in inter corporate deposits - - ₹ 145.0 -
Gain on investment in joint venture - - - - (₹ 22.0) -
Gain on pre-closure of lease contracts - - - (₹ 8.6) (₹ 13.0) (₹ 20.0) (₹ 14.0)
Rent waiver - - - - (₹ 61.0) (₹ 34.0) (₹ 2.0)
finance costs ₹ 37.7 ₹ 52.9 ₹ 52.5 ₹ 166.2 ₹ 203.0 ₹ 218.0 ₹ 300.0

Operating profit before working changes ₹ 1,073.2 ₹ 1,641.8 ₹ 2,182.5 ₹ 2,481.7 ₹ 1,789.0 ₹ 3,298.0 ₹ 4,937.0
Adjustments for:
(inc)/dec in trade receivables (₹ 11.6) (₹ 90.3) (₹ 139.1) ₹ 109.4 (₹ 59.0) (₹ 207.0) (₹ 112.0)
(inc)/dec in inventories (₹ 448.3) (₹ 995.9) (₹ 1,119.9) (₹ 1,057.1) (₹ 316.0) (₹ 5,199.0) (₹ 2,977.0)
(inc)/dec in financial assets-loans receivable - - (₹ 23.5) (₹ 20.0) (₹ 8.0) (₹ 3.0) (₹ 18.0)
(inc)/dec in other financial assets ₹ 1.4 (₹ 11.9) (₹ 11.5) (₹ 336.2) ₹ 237.0 (₹ 29.0) ₹ 74.0
(inc)/dec in other assets ₹ 2.2 (₹ 14.0) (₹ 276.2) ₹ 35.7 (₹ 62.0) (₹ 223.0) (₹ 363.0)
(inc)/dec in other current financial assets (₹ 39.0) (₹ 16.8) - - - -
(inc)/dec in other current assets (₹ 29.5) (₹ 256.2) - - - -
(inc)/dec in other bank balances - (₹ 3.9) ₹ 0.4 - ₹ 1.0
inc/(dec) in gold on loan ₹ 762.8 (₹ 270.4) ₹ 740.9 (₹ 768.4) ₹ 2,625.0 ₹ 1,188.0 (₹ 99.0)
inc/(dec) in trade payables ₹ 237.6 ₹ 94.8 ₹ 32.3 (₹ 310.0) ₹ 195.0 ₹ 504.0 (₹ 89.0)
inc/(dec) in other financial liabilities ₹ 195.7 (₹ 18.7) ₹ 20.9 (₹ 279.5) ₹ 253.0 ₹ 179.0 ₹ 108.0
inc/(dec) in other liabilities ₹ 235.2 ₹ 343.1 ₹ 446.4 ₹ 316.2 (₹ 192.0) ₹ 510.0 ₹ 994.0
inc/(dec) in provisions ₹ 9.3 (₹ 0.1) ₹ 30.0 ₹ 38.0 (₹ 52.0) ₹ 59.0 ₹ 69.0
Cash generated from operating activities before taxes ₹ 1,989.1 ₹ 405.3 ₹ 1,879.0 ₹ 210.3 ₹ 4,410.0 ₹ 78.0 ₹ 2,524.0
Direct taxes paid,net (₹ 276.8) (₹ 456.1) (₹ 636.0) (₹ 557.7) (₹ 271.0) (₹ 802.0) (₹ 1,154.0)
Net cash generated from operating activities ₹ 1,712.3 (₹ 50.7) ₹ 1,242.9 (₹ 347.4) ₹ 4,139.0 (₹ 724.0) ₹ 1,370.0

Purchase of Property,plant and equipment,intangible assets and investment Property

(₹ 256.1) (₹ 304.9) (₹ 264.7) (₹ 355.0) (₹ 146.0) (₹ 224.0) (₹ 432.0)
Proceeds from sale of PP&E ₹ 5.1 ₹ 5.6 ₹ 1.4 ₹ 9.5 ₹ 7.0 ₹ 8.0 ₹ 12.0
Investment in non convertible debenture (₹ 5.0) (₹ 100.0) (₹ 353.0)
Inter-corporate deposits placed (₹ 370.0) (₹ 670.0) (₹ 910.0) (₹ 100.0) (₹ 150.0) (₹ 1,094.0) (₹ 570.0)
Proceeds from inter -corporate deposits ₹ 375.0 ₹ 635.0 ₹ 795.0 ₹ 300.0 ₹ 100.0 ₹ 750.0 ₹ 864.0
Bank deposits(placed)/matured,net (₹ 69.0) (₹ 44.9) (₹ 487.2) ₹ 330.9 (₹ 73.0) (₹ 975.0) ₹ 243.0
Proceeds from sale of investments in JV - - - ₹ 43.0 -
Purchase of investments in other equity instruments (₹ 10.8) - - (₹ 38.7) - (₹ 153.0) (₹ 1.0)
sale/(purchase) of mutual funds,net - - (₹ 35.9) (₹ 12.6) (₹ 2,651.0) ₹ 2,870.0 (₹ 1,750.0)
Loan given to Groups franchisees and Vendors - - - - (₹ 97.0) (₹ 34.0)
Proceeds from loan given to groups franchisees and vendors - - - - ₹ 94.0 ₹ 34.0 ₹ 3.0
Proceeds from sale of invsts in subsidiaries net of related expenses and cash (₹ 325.4) ₹ 411.5 ₹ 18.2 - - -
Lease payments received from sub-lease (excl.interest received) - ₹ 28.2 ₹ 28.0 ₹ 26.0 ₹ 30.0
Interest received ₹ 40.9 ₹ 63.6 ₹ 84.9 ₹ 72.8 ₹ 49.0 ₹ 56.0 ₹ 143.0
Net cash outflow on acquisition of subsidiary (₹ 374.0)
Net cash generated from Investing activities (₹ 984.4) ₹ 96.0 (₹ 798.3) ₹ 235.0 (₹ 2,801.0) ₹ 1,164.0 (₹ 1,811.0)

Repayment from long term borrowings,net (₹ 124.3) ₹ 79.0 - - (₹ 12.0) (₹ 7.0) (₹ 7.0)
proceeds/(repayments) from borrowings,net - - (₹ 38.9) ₹ 693.4 (₹ 550.0) ₹ 349.0 ₹ 1,684.0
Dividends paid including dividend distribution tax (₹ 3.6) (₹ 277.4) (₹ 397.4) (₹ 535.6) (₹ 355.0) (₹ 355.0) (₹ 666.0)
Payment of lease liabilities excluding interest paid - - - (₹ 233.3) (₹ 114.0) (₹ 172.0) (₹ 254.0)
Finance costs paid (₹ 37.7) (₹ 54.1) (₹ 52.5) (₹ 166.2) (₹ 203.0) (₹ 218.0) (₹ 300.0)
Net cash used in financing activities (₹ 165.6) (₹ 252.4) (₹ 488.8) (₹ 241.7) (₹ 1,234.0) (₹ 403.0) ₹ 457.0

Net increase in cash and cash equivalents during the year ₹ 562.3 (₹ 207.2) (₹ 44.2) (₹ 354.1) ₹ 104.0 ₹ 37.0 ₹ 16.0

Cash and cash equivalents (opening balance) ₹ 84.5 ₹ 678.0 ₹ 472.1 ₹ 429.5 ₹ 75.0 ₹ 181.0 ₹ 219.0
add: cash and cash equi acquired on amalgamation ₹ 33.3 - - - - -
add: Unrealised exchange gain (₹ 0.8) ₹ 1.3 ₹ 1.7 ₹ 0.1 ₹ 2.0 ₹ 1.0 (₹ 3.0)
Cash and cash equivalents (closing balance) ₹ 116.9 ₹ 679.3 ₹ 473.8 ₹ 429.6 ₹ 77.0 ₹ 182.0 ₹ 216.0
 Ratio Analysis - TITAN COMPANY

Year Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trend Mean Median

SalesGrowth - 20.73% 22.42% 6.44% 2.81% 33.06% 40.89% 21.06% 21.58%

GrossMargin - 18.27% 23.10% 8.67% -10.47% 36.48% 42.42% 19.75% 20.68%
EBITDA Growth - 41.40% 25.43% 20.48% -27.09% 87.17% 45.09% 32.08% 33.42%
EBT Growth - 43.75% 26.46% 7.48% -36.74% 122.07% 50.30% 35.55% 35.10%
Net Profit Growth - 39.86% 24.03% 7.61% -34.59% 130.03% 45.34% 35.38% 31.95%

Gross Margin 28.57% 27.99% 28.15% 28.74% 25.02% 25.67% 25.95% 27.16% 27.99%
EBITDA Margin 9.16% 10.73% 10.99% 12.44% 8.82% 12.41% 12.78% 11.05% 10.99%
EBIT Margin 8.34% 9.92% 10.17% 10.79% 7.09% 11.03% 11.70% 9.86% 10.17%
EBT Margin 8.05% 9.59% 9.90% 10.00% 6.15% 10.27% 10.96% 9.28% 9.90%
Net Profit Margin 5.99% 6.94% 7.03% 7.11% 4.52% 7.82% 8.07% 6.78% 7.03%

SalesExpenses%Sales 19.41% 17.26% 17.15% 16.29% 16.20% 13.25% 13.16% 16.11% 16.29%
Depreciation%Sales 0.83% 0.81% 0.82% 1.65% 1.73% 1.39% 1.09% 1.19% 1.09%
OperatingIncome%Sales 8.34% 9.92% 10.17% 10.79% 7.09% 11.03% 11.70% 9.86% 10.17%

Return on Capital Employed 26.19% 31.49% 33.06% 34.04% 20.46% 34.03% 39.87% 31.31% 33.06%
Return on Equity% 18.83% 22.04% 22.86% 22.43% 13.05% 24.13% 27.49% 21.55% 22.43%
Self Sustained Growth Rate 4.93% 6.94% 7.56% 7.64% 2.67% 8.21% 10.96% 6.99% 7.56%
Interest Coverage Ratio 29.6x 30.3x 38.3x 13.7x 7.6x 14.6x 15.8x 21.4x 15.8x

Debtor Turnover Ratio 64.5x 54.6x 47.0x 67.6x 59.1x 51.0x 60.2x 57.7x 59.1x
Creditor Turnover Ratio 12.3x 13.4x 15.9x 25.4x 20.8x 16.7x 25.0x 18.5x 16.7x
Inventory Turnover 2.0x 2.0x 2.0x 1.9x 2.0x 1.6x 1.8x 1.9x 2.0x
Fixed Asset Turnover 15.7x 14.7x 16.7x 16.4x 17.8x 23.6x 30.2x 19.3x 16.7x
Capital Turnover Ratio 3.1x 3.2x 3.3x 3.2x 2.9x 3.1x 3.4x 3.2x 3.2x

Debtor Days 6 7 8 5 6 7 6 6 6
Payable Days 30 27 23 14 18 22 15 21 22
Inventory Days 187 184 178 195 187 230 199 194 187
Cash Conversion Cycle (in days) -151 -150 -148 -175 -163 -201 -179 -167 -163

CFO/Sales 12.80% -0.31% 6.28% -1.65% 19.12% -2.51% 3.38% 5.30% 3.38%
CFO/Total Assets 20.37% -0.53% 10.61% -2.56% 25.16% -3.42% 5.07% 7.81% 5.07%
CFO/Total Debt 0.00% -64.24% 3914.71% -48.06% 2406.40% -139.77% 62.41% 875.92% 0.00%
 Revenue Forcasting - TITAN COMPANY

In Cr. 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E

Revenue from operations ₹ 21,644.0 ₹ 28,799.0 ₹ 40,575.0 ₹ 53,509.0 ₹ 70,253.2 ₹ 91,080.5 ₹ 1,16,875.5 ₹ 1,48,872.5
Revenue Growth 33.06% 40.89% 31.88% 31.29% 29.65% 28.32% 27.38%

Revenue Mix
Jewellery 89.00% 89.00% 88.51% 89.02% 88.40% 87.73% 87.02% 86.20%
Watches 8.00% 8.00% 8.16% 8.90% 9.64% 10.48% 11.41% 12.44%
Eye care 2.00% 2.00% 1.70% 1.62% 1.49% 1.35% 1.15% 0.98%
other business/Corporate 1.00% 1.00% 0.41% 0.46% 0.46% 0.45% 0.42% 0.38%

Category Wise Revenue

Jewellery ₹ 19,263.2 ₹ 25,631.1 ₹ 35,914.0 ₹ 47,631.8 ₹ 62,105.1 ₹ 79,904.1 ₹ 1,01,709.7 ₹ 1,28,333.4
Watches ₹ 1,731.5 ₹ 2,303.9 ₹ 3,310.0 ₹ 4,763.2 ₹ 6,774.3 ₹ 9,542.7 ₹ 13,336.2 ₹ 18,513.6
Eye care ₹ 432.9 ₹ 576.0 ₹ 689.0 ₹ 868.4 ₹ 1,047.9 ₹ 1,227.3 ₹ 1,342.6 ₹ 1,458.0
other business/Corporate ₹ 216.4 ₹ 288.0 ₹ 165.0 ₹ 245.5 ₹ 326.0 ₹ 406.5 ₹ 487.0 ₹ 567.4

No of Stores by category
Tanishq 353 389 423 465 507 549 591 633
Zoya 4 5 7 9 11 13 15 17
Caratlane 117 138 222 306 390 474 558 642
Mia 40 93 111 161 211 261 311 361
WOT 511 544 622 662 702 742 782 822
Fastrack 168 163 185 205 225 245 265 285
Helios 103 136 198 258 318 378 438 498
Titan Eye Plus 599 733 896 1129 1363 1596 1746 1896
Taneira 14 20 41 61 81 101 121 141
Total 1909 2221 2705 3256 3808 4359 4827 5295
Net Stores Addition 312 484 551 551 551 468 468

No.of Store Addition

Tanishq 26 36 34 42 42 42 42 42
Zoya 0 1 2 2 2 2 2 2
Caratlane 25 21 84 84 84 84 84 84
Mia 2 10 18 50 50 50 50 50
WOT 12 33 78 40 40 40 40 40
Fastrack (15) (5) 22 20 20 20 20 20
Helios 11 33 62 60 60 60 60 60
Titan Eye Plus 15 134 163 233 233 233 150 150
Taneira 2 6 21 20 20 20 20 20
Total 78 269 484 551 551 551 468 468

By Gategory Addition
Jewellery 53 68 138 178 178 178 178 178
Watches 8 61 162 120 120 120 120 120
Eye care 15 134 163 233 233 233 150 150
other business/Corporate 2 6 21 20 20 20 20 20

Total Store Sq Feet Brand Wise

Tanishq 1360000 1500000 1700000 1868794 2037589 2206383 2375177 2543972
Zoya 18000 19000 24000 30857 37714 44571 51429 58286
Caratlane 105000 132000 274000 377676 481351 585027 688703 792378
Mia 130000 47000 64000 92829 121658 150486 179315 208144
WOT 410000 418000 443000 471489 499977 528466 556955 585444
Fastrack 83000 78000 87000 96405 105811 115216 124622 134027
Helios 85000 107000 145000 188939 232879 276818 320758 364697
Titan Eye Plus 388000 455000 554000 698271 842542 986813 1079558 1172304
Taneira 51000 59000 115000 171098 227195 283293 339390 395488
Total 2630000 2815000 3406000 3996358 4586716 5177074 5715906 6254739

Sq Feet By Category
Jewellery 1613000 1698000 2062000 2370156 2678312 2986468 3294624 3602780
Watches 578000 603000 675000 756834 838667 920501 1002334 1084168
Eye care 388000 455000 554000 698271 842542 986813 1079558 1172304
Taneraia 51000 59000 115000 171098 227195 283293 339390 395488

Brand Wise Store size (Sq)

Tanishq 3853 3856 4019 4019 4019 4019 4019 4019
Zoya 4500 3800 3429 3429 3429 3429 3429 3429
Caratlane 897 957 1234 1234 1234 1234 1234 1234
Mia 3250 505 577 577 577 577 577 577
WOT 802 768 712 712 712 712 712 712
Fastrack 494 479 470 470 470 470 470 470
Helios 825 787 732 732 732 732 732 732
Titan Eye Plus 648 621 618 618 618 618 618 618
Taneira 3643 2950 2805 2805 2805 2805 2805 2805

Category Wise Revenue Per Sq Feet

Jewellery ₹ 1,19,424.4 ₹ 1,50,948.8 ₹ 1,74,170.7 ₹ 2,00,965.0 ₹ 2,31,881.4 ₹ 2,67,553.9 ₹ 3,08,714.2 ₹ 3,56,206.7
Watches ₹ 29,957.1 ₹ 38,207.6 ₹ 49,037.0 ₹ 62,935.9 ₹ 80,774.2 ₹ 1,03,668.5 ₹ 1,33,051.8 ₹ 1,70,763.4
Eye care ₹ 11,156.7 ₹ 12,658.9 ₹ 12,436.8 ₹ 12,436.8 ₹ 12,436.8 ₹ 12,436.8 ₹ 12,436.8 ₹ 12,436.8
Taneria ₹ 42,439.2 ₹ 48,811.9 ₹ 14,347.8 ₹ 14,347.8 ₹ 14,347.8 ₹ 14,347.8 ₹ 14,347.8 ₹ 14,347.8
Jewellery Growth 26.40% 15.38% 15.38% 15.38% 15.38% 15.38% 15.38%
Watches Growth 27.54% 28.34% 28.34% 28.34% 28.34% 28.34% 28.34%
Eye care Growth 13.46% -1.75% 0.00% 0.00% 0.00% 0.00% 0.00%
Taneria Growth 15.02% -70.61% 0.00% 0.00% 0.00% 0.00% 0.00%
 Income Statement Assumptions - TITAN COMPANY

In Cr. 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E

Revenue from Operations ₹ 21,644.0 ₹ 28,799.0 ₹ 40,575.0 ₹ 53,509.0 ₹ 70,253.2 ₹ 91,080.5 ₹ 1,16,875.5 ₹ 1,48,872.5
Other income ₹ 186.0 ₹ 234.0 ₹ 308.0 ₹ 433.6 ₹ 569.3 ₹ 738.0 ₹ 947.1 ₹ 1,206.4
Total COGS ₹ 16,414.0 ₹ 21,641.0 ₹ 30,355.0 ₹ 40,273.2 ₹ 52,875.6 ₹ 68,551.3 ₹ 87,965.7 ₹ 1,12,048.0
Employee benefit expense ₹ 1,065.0 ₹ 1,349.0 ₹ 1,647.0 ₹ 2,437.1 ₹ 3,199.8 ₹ 4,148.4 ₹ 5,323.2 ₹ 6,780.6
other expenses ₹ 2,441.0 ₹ 2,468.0 ₹ 3,694.0 ₹ 5,163.9 ₹ 6,779.9 ₹ 8,789.8 ₹ 11,279.2 ₹ 14,367.1
Finance Expenses ₹ 203.0 ₹ 218.0 ₹ 300.0 ₹ 434.2 ₹ 570.0 ₹ 739.0 ₹ 948.3 ₹ 1,208.0
Tax Expense ₹ 353.0 ₹ 706.0 ₹ 1,173.0 ₹ 13,689.8 ₹ 17,973.6 ₹ 23,302.1 ₹ 29,901.5 ₹ 38,087.7
EBT ₹ 1,332.0 ₹ 2,958.0 ₹ 4,446.0 - - - - -

As % of Revenue
Other income 0.86% 0.81% 0.76% 0.81% 0.81% 0.81% 0.81% 0.81%
Total COGS 75.84% 75.14% 74.81% 75.26% 75.26% 75.26% 75.26% 75.26%
Employee benefit expense 4.92% 4.68% 4.06% 4.55% 4.55% 4.55% 4.55% 4.55%
other expenses 11.28% 8.57% 9.10% 9.65% 9.65% 9.65% 9.65% 9.65%
Finance 0.94% 0.76% 0.74% 0.81% 0.81% 0.81% 0.81% 0.81%
Tax Expenses % EBIT 26.50% 23.87% 26.38% 25.58% 25.58% 25.58% 25.58% 25.58%
 Balance Sheet Assumptions - TITAN COMPANY

In Cr. 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E

Trade Receivable ₹ 366.0 ₹ 565.0 ₹ 674.0 ₹ 888.8 ₹ 1,167.0 ₹ 1,513.0 ₹ 1,941.4 ₹ 2,473.0
Receivable Days 6 7 6 6 6 6 6 6

Inventory ₹ 8,408.0 ₹ 13,609.0 ₹ 16,584.0 ₹ 9,930.4 ₹ 13,037.8 ₹ 16,903.1 ₹ 21,690.2 ₹ 27,628.3

Inventory Days 187 230 199 90 90 90 90 90

Trade Payables ₹ 622.0 ₹ 1,052.0 ₹ 1,033.0 ₹ 1,370.5 ₹ 1,799.4 ₹ 2,332.8 ₹ 2,993.5 ₹ 3,813.1
Payable Days 14 18 12 12 12 12 12 12
Asset Schedule 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E
Gross PP&E ₹ 1,796.0 ₹ 1,929.0 ₹ 2,185.0 ₹ 2,793.6 ₹ 3,596.3 ₹ 4,650.1 ₹ 6,016.3 ₹ 7,769.4
Accumulated Depreciation ₹ 580.0 ₹ 711.0 ₹ 842.0 ₹ 1,279.0 ₹ 1,837.7 ₹ 2,557.0 ₹ 3,487.0 ₹ 4,690.2
Net PP&E ₹ 1,216.0 ₹ 1,218.0 ₹ 1,343.0 ₹ 1,514.6 ₹ 1,758.5 ₹ 2,093.1 ₹ 2,529.3 ₹ 3,079.2

Capex ₹ 146.0 ₹ 224.0 ₹ 432.0 ₹ 608.6 ₹ 802.6 ₹ 1,053.8 ₹ 1,366.2 ₹ 1,753.1

As % of Revenue 0.69% 1.03% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

Depreciation ₹ 375.0 ₹ 399.0 ₹ 441.0 ₹ 437.0 ₹ 558.7 ₹ 719.3 ₹ 930.0 ₹ 1,203.3

As % of Gross PP&E 22.22% 22.86% 20.00% 20.00% 20.00% 20.00% 20.00%
 Income Statement Forcast - TITAN COMPANY

In Cr. 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E

Revenue from Operations ₹ 21,644.0 ₹ 28,799.0 ₹ 40,575.0 ₹ 53,509.0 ₹ 70,253.2 ₹ 91,080.5 ₹ 1,16,875.5 ₹ 1,48,872.5
Other income ₹ 186.0 ₹ 234.0 ₹ 308.0 ₹ 433.6 ₹ 569.3 ₹ 738.0 ₹ 947.1 ₹ 1,206.4
Total Revenue ₹ 21,830.0 ₹ 29,033.0 ₹ 40,883.0 ₹ 53,942.6 ₹ 70,822.4 ₹ 91,818.6 ₹ 1,17,822.6 ₹ 1,50,078.8
COGS ₹ 16,414.0 ₹ 21,641.0 ₹ 30,355.0 ₹ 40,273.2 ₹ 52,875.6 ₹ 68,551.3 ₹ 87,965.7 ₹ 1,12,048.0
Gross Profit ₹ 5,416.0 ₹ 7,392.0 ₹ 10,528.0 ₹ 13,669.3 ₹ 17,946.8 ₹ 23,267.3 ₹ 29,856.9 ₹ 38,030.8
Employee benefit expense ₹ 1,065.0 ₹ 1,349.0 ₹ 1,647.0 ₹ 2,437.1 ₹ 3,199.8 ₹ 4,148.4 ₹ 5,323.2 ₹ 6,780.6
Other expenses ₹ 2,441.0 ₹ 2,468.0 ₹ 3,694.0 ₹ 5,163.9 ₹ 6,779.9 ₹ 8,789.8 ₹ 11,279.2 ₹ 14,367.1
EBITDA ₹ 1,910.0 ₹ 3,575.0 ₹ 5,187.0 ₹ 6,068.3 ₹ 7,967.2 ₹ 10,329.1 ₹ 13,254.5 ₹ 16,883.1
Depreciation and Amortisation expenses ₹ 375.0 ₹ 399.0 ₹ 441.0 ₹ 437.0 ₹ 558.7 ₹ 719.3 ₹ 930.0 ₹ 1,203.3
EBIT ₹ 1,535.0 ₹ 3,176.0 ₹ 4,746.0 ₹ 5,631.3 ₹ 7,408.4 ₹ 9,609.9 ₹ 12,324.4 ₹ 15,679.9
Finance Expenses ₹ 203.0 ₹ 218.0 ₹ 300.0 ₹ 434.2 ₹ 570.0 ₹ 739.0 ₹ 948.3 ₹ 1,208.0
EBT ₹ 1,332.0 ₹ 2,958.0 ₹ 4,446.0 ₹ 5,197.1 ₹ 6,838.4 ₹ 8,870.8 ₹ 11,376.1 ₹ 14,471.9
Tax Rate 26.50% 23.87% 26.38% 25.58% 25.58% 25.58% 25.58% 25.58%
Tax Expenses ₹ 353.0 ₹ 706.0 ₹ 1,173.0 ₹ 1,329.6 ₹ 1,749.5 ₹ 2,269.5 ₹ 2,910.5 ₹ 3,702.5
Net Income ₹ 979.0 ₹ 2,252.0 ₹ 3,273.0 ₹ 3,867.5 ₹ 5,088.9 ₹ 6,601.3 ₹ 8,465.6 ₹ 10,769.4
 Balancesheet Forcast - TITAN COMPANY

In Cr. 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E

Property,plant and equipment ₹ 1,216.0 ₹ 1,218.0 ₹ 1,343.0 ₹ 1,514.6 ₹ 1,758.5 ₹ 2,093.1 ₹ 2,529.3 ₹ 3,079.2
capital WIP ₹ 19.0 ₹ 69.0 ₹ 133.0 ₹ 133.0 ₹ 133.0 ₹ 133.0 ₹ 133.0 ₹ 133.0
Right of use assets ₹ 917.0 ₹ 973.0 ₹ 1,285.0 ₹ 1,285.0 ₹ 1,285.0 ₹ 1,285.0 ₹ 1,285.0 ₹ 1,285.0
Investment Property ₹ 24.0 ₹ 1.0 ₹ 1.0 ₹ 1.0 ₹ 1.0 ₹ 1.0 ₹ 1.0 ₹ 1.0
Goodwill ₹ 123.0 ₹ 123.0 ₹ 123.0 ₹ 123.0 ₹ 123.0 ₹ 123.0 ₹ 123.0 ₹ 123.0
other intangible assets ₹ 243.0 ₹ 229.0 ₹ 246.0 ₹ 246.0 ₹ 246.0 ₹ 246.0 ₹ 246.0 ₹ 246.0
intangible assets under develoipment ₹ 13.0 ₹ 16.0 ₹ 11.0 ₹ 11.0 ₹ 11.0 ₹ 11.0 ₹ 11.0 ₹ 11.0
Investments ₹ 19.0 ₹ 279.0 ₹ 351.0 ₹ 351.0 ₹ 351.0 ₹ 351.0 ₹ 351.0 ₹ 351.0
loans receivable ₹ 43.0 ₹ 42.0 ₹ 54.0 ₹ 54.0 ₹ 54.0 ₹ 54.0 ₹ 54.0 ₹ 54.0
other financial assets ₹ 326.0 ₹ 382.0 ₹ 595.0 ₹ 595.0 ₹ 595.0 ₹ 595.0 ₹ 595.0 ₹ 595.0
Deferred tax assets(net) ₹ 105.0 ₹ 187.0 ₹ 158.0 ₹ 158.0 ₹ 158.0 ₹ 158.0 ₹ 158.0 ₹ 158.0
income tax assets (net) ₹ 121.0 ₹ 137.0 ₹ 151.0 ₹ 151.0 ₹ 151.0 ₹ 151.0 ₹ 151.0 ₹ 151.0
other non current assets ₹ 86.0 ₹ 84.0 ₹ 165.0 ₹ 165.0 ₹ 165.0 ₹ 165.0 ₹ 165.0 ₹ 165.0
Total Non Current Assets ₹ 3,255.0 ₹ 3,740.0 ₹ 4,616.0 ₹ 4,787.6 ₹ 5,031.5 ₹ 5,366.1 ₹ 5,802.3 ₹ 6,352.2

Inventories ₹ 8,408.0 ₹ 13,609.0 ₹ 16,584.0 ₹ 9,930.4 ₹ 13,037.8 ₹ 16,903.1 ₹ 21,690.2 ₹ 27,628.3

Investments ₹ 2,805.0 ₹ 15.0 ₹ 2,164.0 ₹ 2,164.0 ₹ 2,164.0 ₹ 2,164.0 ₹ 2,164.0 ₹ 2,164.0
Trade Receivables ₹ 366.0 ₹ 565.0 ₹ 674.0 ₹ 888.8 ₹ 1,167.0 ₹ 1,513.0 ₹ 1,941.4 ₹ 2,473.0
Cash and cash equivalents ₹ 181.0 ₹ 219.0 ₹ 232.0 ₹ 10,704.1 ₹ 12,592.4 ₹ 15,181.4 ₹ 18,655.9 ₹ 23,225.3
Bank balance other than above ₹ 379.0 ₹ 1,354.0 ₹ 1,111.0 ₹ 1,111.0 ₹ 1,111.0 ₹ 1,111.0 ₹ 1,111.0 ₹ 1,111.0
loans receivable ₹ 76.0 ₹ 423.0 ₹ 135.0 ₹ 135.0 ₹ 135.0 ₹ 135.0 ₹ 135.0 ₹ 135.0
other financial assets ₹ 230.0 ₹ 291.0 ₹ 201.0 ₹ 201.0 ₹ 201.0 ₹ 201.0 ₹ 201.0 ₹ 201.0
Assets held for sale - - ₹ 18.0 ₹ 18.0 ₹ 18.0 ₹ 18.0 ₹ 18.0 ₹ 18.0
othe current assets ₹ 752.0 ₹ 978.0 ₹ 1,288.0 ₹ 1,288.0 ₹ 1,288.0 ₹ 1,288.0 ₹ 1,288.0 ₹ 1,288.0
Total Current Assets ₹ 13,197.0 ₹ 17,454.0 ₹ 22,407.0 ₹ 26,440.4 ₹ 31,714.2 ₹ 38,514.4 ₹ 47,204.5 ₹ 58,243.6

Total Assets ₹ 16,452.0 ₹ 21,194.0 ₹ 27,023.0 ₹ 31,228.0 ₹ 36,745.7 ₹ 43,880.5 ₹ 53,006.8 ₹ 64,595.7

Equity share capital 89 89 89 89 89 89 89 89

Other equity ₹ 7,408.0 ₹ 9,214.0 ₹ 11,762.0 ₹ 15,629.5 ₹ 20,718.3 ₹ 27,319.6 ₹ 35,785.3 ₹ 46,554.7
Non controlling interest ₹ 5.0 ₹ 30.0 ₹ 53.0 ₹ 53.0 ₹ 53.0 ₹ 53.0 ₹ 53.0 ₹ 53.0
Total Equity ₹ 7,502.0 ₹ 9,333.0 ₹ 11,904.0 ₹ 15,771.5 ₹ 20,860.3 ₹ 27,461.6 ₹ 35,927.3 ₹ 46,696.7

Borrowings ₹ 9.0 ₹ 2.0 - - - - - -

lease liabilities ₹ 1,059.0 ₹ 1,138.0 ₹ 1,607.0 ₹ 1,607.0 ₹ 1,607.0 ₹ 1,607.0 ₹ 1,607.0 ₹ 1,607.0
other financial liabilities ₹ 3.0 ₹ 4.0 ₹ 4.0 ₹ 4.0 ₹ 4.0 ₹ 4.0 ₹ 4.0 ₹ 4.0
Provisions ₹ 156.0 ₹ 198.0 ₹ 240.0 ₹ 240.0 ₹ 240.0 ₹ 240.0 ₹ 240.0 ₹ 240.0
Deferred tax liability(net) ₹ 8.0 ₹ 6.0 ₹ 3.0 ₹ 3.0 ₹ 3.0 ₹ 3.0 ₹ 3.0 ₹ 3.0
other non current liabilities ₹ 1.0 ₹ 1.0 ₹ 1.0 ₹ 1.0 ₹ 1.0 ₹ 1.0 ₹ 1.0 ₹ 1.0
Total Non Current Liabilities ₹ 1,236.0 ₹ 1,349.0 ₹ 1,855.0 ₹ 1,855.0 ₹ 1,855.0 ₹ 1,855.0 ₹ 1,855.0 ₹ 1,855.0

Borrowings ₹ 163.0 ₹ 516.0 ₹ 2,195.0 ₹ 2,195.0 ₹ 2,195.0 ₹ 2,195.0 ₹ 2,195.0 ₹ 2,195.0

Gold on loan ₹ 4,210.0 ₹ 5,398.0 ₹ 5,299.0 ₹ 5,299.0 ₹ 5,299.0 ₹ 5,299.0 ₹ 5,299.0 ₹ 5,299.0
Lease liabilities ₹ 197.0 ₹ 221.0 ₹ 266.0 ₹ 266.0 ₹ 266.0 ₹ 266.0 ₹ 266.0 ₹ 266.0
Trade Payables - - - - - - - -
- total o/s dues of micro and small enterprises ₹ 167.0 ₹ 242.0 ₹ 181.0 ₹ 181.0 ₹ 181.0 ₹ 181.0 ₹ 181.0 ₹ 181.0
- total o/s dues of creditors other than micro and small enterprises ₹ 622.0 ₹ 1,052.0 ₹ 1,033.0 ₹ 1,370.5 ₹ 1,799.4 ₹ 2,332.8 ₹ 2,993.5 ₹ 3,813.1
other financial liabilities ₹ 232.0 ₹ 440.0 ₹ 568.0 ₹ 568.0 ₹ 568.0 ₹ 568.0 ₹ 568.0 ₹ 568.0
Other current liabilities ₹ 2,013.0 ₹ 2,523.0 ₹ 3,517.0 ₹ 3,517.0 ₹ 3,517.0 ₹ 3,517.0 ₹ 3,517.0 ₹ 3,517.0
Provisions ₹ 30.0 ₹ 38.0 ₹ 132.0 ₹ 132.0 ₹ 132.0 ₹ 132.0 ₹ 132.0 ₹ 132.0
Current tax liabilities(net) ₹ 80.0 ₹ 82.0 ₹ 73.0 ₹ 73.0 ₹ 73.0 ₹ 73.0 ₹ 73.0 ₹ 73.0
Total Current Liabilities ₹ 7,714.0 ₹ 10,512.0 ₹ 13,264.0 ₹ 13,601.5 ₹ 14,030.4 ₹ 14,563.8 ₹ 15,224.5 ₹ 16,044.1

Total Equity and Liabilities ₹ 16,452.0 ₹ 21,194.0 ₹ 27,023.0 ₹ 31,228.0 ₹ 36,745.7 ₹ 43,880.5 ₹ 53,006.8 ₹ 64,595.7

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

 Cash Flow Statement Forcast - TITAN COMPANY

In Cr. 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E

Net Profit before tax ₹ 1,327.0 ₹ 2,904.0 ₹ 4,447.0 ₹ 5,197.1 ₹ 6,838.4 ₹ 8,870.8 ₹ 11,376.1 ₹ 14,471.9
Adjustments for:
Depreciation and amortisation expenses ₹ 376.0 ₹ 399.0 ₹ 441.0 ₹ 437.0 ₹ 558.7 ₹ 719.3 ₹ 930.0 ₹ 1,203.3
net unrealised exchange (gain)/loss (₹ 2.0) (₹ 3.0) ₹ 7.0
share of profit/(loss) of the associate and JV ₹ 5.0 - (₹ 1.0)
Employee stock compensation expense - ₹ 2.0 ₹ 1.0
loss on sale/disposal/scrapping of PPE(net) ₹ 6.0 ₹ 3.0 ₹ 3.0
Provision for doubtful tarde receivabkes(net)and bad trade receivables written off ₹ 35.0 ₹ 3.0 ₹ 4.0
Provision for asset write off of a subsidiary ₹ 31.0 ₹ 9.0 -
Interest Income (₹ 61.0) (₹ 96.0) (₹ 143.0)
Gain on investment carried at fair value through profit and loss (₹ 35.0) (₹ 87.0) (₹ 106.0)
Impairment of invst in inter corporate deposits - - -
Gain on investment in joint venture (₹ 22.0) - -
Gain on pre-closure of lease contracts (₹ 13.0) (₹ 20.0) (₹ 14.0)
Rent waiver (₹ 61.0) (₹ 34.0) (₹ 2.0)
finance costs ₹ 203.0 ₹ 218.0 ₹ 300.0

Operating profit before working changes ₹ 1,789.0 ₹ 3,298.0 ₹ 4,937.0 ₹ 5,634.1 ₹ 7,397.1 ₹ 9,590.1 ₹ 12,306.1 ₹ 15,675.1
Adjustments for:
(inc)/dec in trade receivables (₹ 59.0) (₹ 207.0) (₹ 112.0) (₹ 214.8) (₹ 278.1) (₹ 346.0) (₹ 428.5) (₹ 531.5)
(inc)/dec in inventories (₹ 316.0) (₹ 5,199.0) (₹ 2,977.0) ₹ 6,653.6 (₹ 3,107.4) (₹ 3,865.2) (₹ 4,787.1) (₹ 5,938.1)
(inc)/dec in financial assets-loans receivable (₹ 8.0) (₹ 3.0) (₹ 18.0)
(inc)/dec in other financial assets ₹ 237.0 (₹ 29.0) ₹ 74.0
(inc)/dec in other assets (₹ 62.0) (₹ 223.0) (₹ 363.0)
(inc)/dec in other current financial assets - - -
(inc)/dec in other current assets - - -
(inc)/dec in other bank balances - ₹ 1.0 -
inc/(dec) in gold on loan ₹ 2,625.0 ₹ 1,188.0 (₹ 99.0)
inc/(dec) in trade payables ₹ 195.0 ₹ 504.0 (₹ 89.0) ₹ 337.5 ₹ 428.9 ₹ 533.5 ₹ 660.7 ₹ 819.5
inc/(dec) in other financial liabilities ₹ 253.0 ₹ 179.0 ₹ 108.0
inc/(dec) in other liabilities (₹ 192.0) ₹ 510.0 ₹ 994.0
inc/(dec) in provisions (₹ 52.0) ₹ 59.0 ₹ 69.0

Cash generated from operating activities before taxes ₹ 4,410.0 ₹ 78.0 ₹ 2,524.0 ₹ 12,410.4 ₹ 4,440.4 ₹ 5,912.4 ₹ 7,751.2 ₹ 10,025.1
Direct taxes paid,net (₹ 271.0) (₹ 802.0) (₹ 1,154.0) (₹ 1,329.6) (₹ 1,749.5) (₹ 2,269.5) (₹ 2,910.5) (₹ 3,702.5)

Net cash generated from operating activities ₹ 4,139.0 (₹ 724.0) ₹ 1,370.0 ₹ 11,080.8 ₹ 2,690.9 ₹ 3,642.8 ₹ 4,840.7 ₹ 6,322.6

Purchase of Property,plant and equipment,intangible assets and investment Property (₹ 146.0) (₹ 224.0) (₹ 432.0) (₹ 608.6) (₹ 802.6) (₹ 1,053.8) (₹ 1,366.2) (₹ 1,753.1)
Proceeds from sale of PP&E ₹ 7.0 ₹ 8.0 ₹ 12.0
Investment in non convertible debenture (₹ 5.0) (₹ 100.0) (₹ 353.0)
Inter-corporate deposits placed (₹ 150.0) (₹ 1,094.0) (₹ 570.0)
Proceeds from inter -corporate deposits ₹ 100.0 ₹ 750.0 ₹ 864.0
Bank deposits(placed)/matured,net (₹ 73.0) (₹ 975.0) ₹ 243.0
Proceeds from sale of investments in JV ₹ 43.0 - -
Purchase of investments in other equity instruments - (₹ 153.0) (₹ 1.0)
sale/(purchase) of mutual funds,net (₹ 2,651.0) ₹ 2,870.0 (₹ 1,750.0)
Loan given to Groups franchisees and Vendors (₹ 97.0) (₹ 34.0) -
Proceeds from loan given to groups franchisees and vendors ₹ 94.0 ₹ 34.0 ₹ 3.0
Proceeds from sale of invsts in subsidiaries net of related expenses and cash - - -
Lease payments received from sub-lease (excl.interest received) ₹ 28.0 ₹ 26.0 ₹ 30.0
Interest received ₹ 49.0 ₹ 56.0 ₹ 143.0
Net cash outflow on acquisition of subsidiary - - -

Net cash generated from Investing activities (₹ 2,801.0) ₹ 1,164.0 (₹ 1,811.0) (₹ 608.6) (₹ 802.6) (₹ 1,053.8) (₹ 1,366.2) (₹ 1,753.1)

Repayment from long term borrowings,net (₹ 12.0) (₹ 7.0) (₹ 7.0)

proceeds/(repayments) from borrowings,net (₹ 550.0) ₹ 349.0 ₹ 1,684.0
Dividends paid including dividend distribution tax (₹ 355.0) (₹ 355.0) (₹ 666.0)
Payment of lease liabilities excluding interest paid (₹ 114.0) (₹ 172.0) (₹ 254.0)
Finance costs paid (₹ 203.0) (₹ 218.0) (₹ 300.0)

Net cash used in financing activities (₹ 1,234.0) (₹ 403.0) ₹ 457.0 - - - - -

Net increase in cash and cash equivalents during the year ₹ 104.0 ₹ 37.0 ₹ 16.0 ₹ 10,472.1 ₹ 1,888.2 ₹ 2,589.0 ₹ 3,474.5 ₹ 4,569.4

Cash and cash equivalents (opening balance) ₹ 75.0 ₹ 181.0 ₹ 219.0 ₹ 232.0 ₹ 10,704.1 ₹ 12,592.4 ₹ 15,181.4 ₹ 18,655.9
add: cash and cash equi acquired on amalgamation - - -
add: Unrealised exchange gain ₹ 2.0 ₹ 1.0 (₹ 3.0)

Cash and cash equivalents (closing balance) ₹ 181.0 ₹ 219.0 ₹ 232.0 ₹ 10,704.1 ₹ 12,592.4 ₹ 15,181.4 ₹ 18,655.9 ₹ 23,225.3
 Weighted Average Cost Of Capital

Cost of Debt Cost of Equity

Total Debt 2195.00 Risk Free Rate 7.38%

Pre tax cost of debt 4.40%
Tax Rate 26.38% Equity Risk Premium 9.45%
Post tax cost of debt 3.24% Beta 1.06
Cost of Equity 17.40%

Market Capitalization WACC

Share outstanding 89 Cost of Equity 17.40%

Current Share Price 3220 Weight 99%
Market Capitalization 286576
Cost of Debt 3.24%
Weight 1%
WACC 17.29%
 Discounted Cash Flow

WACC 17.29%
Growth 5.00%

Explicit Forecast Linear Decline

In cr. 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E

EBIT ₹ 4,746.0 ₹ 5,631.3 ₹ 7,408.4 ₹ 9,609.9 ₹ 12,324.4 ₹ 15,679.9

Tax Rate 26% 26% 26% 26% 26% 26%
EBIT (1-T) ₹ 3,493.9 ₹ 4,190.6 ₹ 5,513.1 ₹ 7,151.3 ₹ 9,171.3 ₹ 11,668.3 ₹ 14,326.4 ₹ 16,953.2 ₹ 19,308.1 ₹ 21,131.8 ₹ 22,188.4
Depreciation & Amortization ₹ 441.0 ₹ 437.0 ₹ 558.7 ₹ 719.3 ₹ 930.0 ₹ 1,203.3 ₹ 1,463.4 ₹ 1,731.7 ₹ 1,972.2 ₹ 2,158.5 ₹ 2,266.5
Changes in Working Capital (₹ 3,178.0) ₹ 6,776.3 (₹ 2,956.7) (₹ 3,677.7) (₹ 4,554.9) (₹ 5,650.1) (₹ 6,937.2) (₹ 8,209.2) (₹ 9,349.4) (₹ 10,232.5) (₹ 10,744.1)
Capital Expenditure (₹ 432.0) (₹ 608.6) (₹ 802.6) (₹ 1,053.8) (₹ 1,366.2) (₹ 1,753.1) h(₹ 2,112.8) (₹ 2,500.2) (₹ 2,847.5) (₹ 3,116.5) (₹ 3,272.3)
FCFF ₹ 324.9 ₹ 10,795.2 ₹ 2,312.4 ₹ 3,139.0 ₹ 4,180.2 ₹ 5,468.4 ₹ 6,739.8 ₹ 7,975.5 ₹ 9,083.4 ₹ 9,941.3 ₹ 10,438.4

EBIT (1-T) Growth Rate 19.9% 31.6% 29.7% 28.2% 27.2% 22.8% 18.3% 13.9% 9.4% 5.0%
Depreciation & Amortization 10.4% 10.1% 10.1% 10.1% 10.3% 10.2% 10.2% 10.2% 10.2% 10.2%
Changes in Working Capital 161.7% 53.6% 51.4% 49.7% 48.4% 48.4% 48.4% 48.4% 48.4% 48.4%
Capital Expenditure 14.5% 14.6% 14.7% 14.9% 15.0% 14.7% 14.7% 14.7% 14.7% 14.7%

PV OF FCFF

In cr. 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E

0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5
FCFF ₹ 10,795.2 ₹ 2,312.4 ₹ 3,139.0 ₹ 4,180.2 ₹ 5,468.4 ₹ 6,739.8 ₹ 7,975.5 ₹ 9,083.4 ₹ 9,941.3 ₹ 10,438.4
Discount Factor 0.923 0.787 0.671 0.572 0.488 0.416 0.355 0.302 0.258 0.220
Present Value of FCFF ₹ 9,967.72 ₹ 1,820.37 ₹ 2,106.74 ₹ 2,391.92 ₹ 2,667.67 ₹ 2,803.16 ₹ 2,828.07 ₹ 2,746.03 ₹ 2,562.29 ₹ 2,293.75

DCF Valuation Sensitivity Analysis

PV of FCFF ₹ 32,187.72 62% WACC

Terminal Value ₹ 89,158.41
PV of Terminal Value ₹ 19,591.86 38% ₹ 555.05 14% 15% 16% 17% 18% 19%
3% 696.22 632.22 578.56 533.00 493.89 460.00
Growth

Enterprise Value ₹ 51,779.58 4% 730.94 659.08 599.67 549.82 507.46 471.05

Cash ₹ 232.00 5% 773.37 691.31 624.63 569.45 523.11 483.67
Debt (₹ 2,195.0) 6% 826.40 730.70 654.57 592.65 541.36 498.24
7% 894.59 779.94 691.17 620.49 562.94 515.24
Equity Value ₹ 49,816.58
No of Shares 90
Instrict Value ₹ 555.05

Share Price as on 27-10-2023 3120

Share Discount / Premium 462%