Buy TTK Prestige; target of Rs 975: Geojit

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26 Aug, 2025 12:21

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Geojit's research report on TTK Prestige

TTK Prestige Ltd (TTK), the flagship company of TTK group, mainly operates in the Kitchen Appliances segment. The company has 5 manufacturing plants and a strong distribution network, including 670 Prestige Xclusives. We revise our Target to Rs. 975 (from Rs.1,225) factoring moderate revenue growth, but upgrade to Buy due to recent correction in price. Q3FY22 revenue grew by 5.5%YoY (-11QoQ) despite high base (24%YoY in Q3FY21) and shifting of Diwali festive sales to Q2FY22 aided by price hike and healthy demand from rural. Sharp surge in commodity prices impacts cost of production, but the company has taken necessary price hikes in recent quarters. Gross margin improved by 90bps to 42.4% (40.1% QoQ) despite surge in input costs aided by price hike while EBITDA margin maintained at 16.9% Vs 17.0%YoY & 16.7%QoQ. TTK targets Rs.50bn revenue by FY25 and has almost doubled its capacity for cookware segment and has significantly expanded distribution in high growth areas. Demand outlook is positive given strong thrust of GoI to revive the economy and ongoing vaccination. We value TTK at 35xFY24E EPS.

Outlook

We revise our Target to Rs. 975 (from Rs.1,225) factoring moderate revenue growth, but upgrade to Buy due to recent correction in price.

More Info

At 11:37 hrs TTK Prestige was quoting at Rs 795.85, down Rs 5.65, or 0.70 percent.

It has touched an intraday high of Rs 805.20 and an intraday low of Rs 789.85.

It was trading with volumes of 1,151 shares, compared to its thirty day average of 10,817 shares, a decrease of -89.36 percent.

In the previous trading session, the share closed up 1.06 percent or Rs 8.40 at Rs 801.50.

The share touched its 52-week high Rs 1,269.60 and 52-week low Rs 682.21 on 14 December, 2021 and 17 May, 2021, respectively.

Currently, it is trading 37.31 percent below its 52-week high and 16.66 percent above its 52-week low.

Market capitalisation stands at Rs 11,031.60 crore.
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