Sharekhan's research report on Titan Company
Titan Company’s (Titan’s) Q4FY25 performance was good with consolidated revenues (ex-bullion sales) growing by 21% y-o-y led by double-digit growth across key businesses. EBITDA margin rose by 77 bps y-o-y to 10.3% and PAT grew by 13% y-o-y. The company eyes healthy double-digit revenue growth driven by a good wedding season in Q1, higher government spending, tax cuts, and liquidity injection. Jewellery business’ EBIT margin stood almost flat y-o-y at 11.9% in Q4 despite a surge in gold prices. The management has maintained EBIT margin guidance at 11-11.5%.
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Outlook
Stock trades at 67x/56x its FY26E/FY27E earnings, respectively. We maintain a Buy with a revised PT of Rs. 4,155.
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