Titan Company

TITAN · Jewelry & Silverware · INE280A01028

Analyst mean 1.97 · 35 analysts · 21% bullish

₹4,850.20

Close 2026-07-31 · Balanced risk

Reading the Statements forensic interpretation

What the numbers mean when read together — computed from the filings, not a score.

Operating cash flow backs the profit

Operating cash flow is 110% of trailing profit — the earnings are converting to cash, not just accruals.

Full read

Last operating cash flow ₹5,590 cr against trailing net profit ₹5,074 cr. A ratio at or above ~0.9 means reported profit is showing up as real cash.

Profit growing with revenue

Both revenue and profit grew over the last year (44.9% and 52.1%) — growth is translating to the bottom line.

Full read

Trailing revenue ₹87,584 cr, trailing profit ₹5,074 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.

Free cash flow is variable

Free cash flow swings between positive and negative across the cycle.

Full read

Latest ₹4,713 cr, negative in 4 of 12 years.

Borrowing while holding investments

Borrowings rose 97% over two years while the company also carries ₹3,506 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.

Full read

Borrowings moved to ₹30,621 cr from ₹15,528 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.

Price & Valuation 10-year, split-adjusted

Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.

Valuation & Quality

Valuation

P/E (TTM) 69.1x

P/B 27.49x

P/S 4.91x

PEG 5.3

P/FCF 115.9x

Dividend Yield 0.31%

Leverage

Debt / Equity leveraged 1.95

Payout Ratio 26.3%

Returns & Margins

Operating Margin (TTM) 8.5%

Net Margin (TTM) 5.8%

Return on Equity 37.1%

Return on Assets 10%

Implied Growth (Graham) growth the market is pricing in 30.3%

Rule of 40 89

Growth 80.5% + Margin 8.5% — passes

Ownership & Skin in the Game

Promoter52.90% ▲ 0.00

FII15.39%

DII—

Mutual Funds8.73%

Quarterly Financials ₹ cr

Metric	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	13,266	14,534	17,740	14,916	16,523	18,725	25,416	26,920
Expenses	12,019	13,298	16,066	13,379	14,693	16,850	22,703	24,982
Other Income	120	123	128	116	105	113	-1	235
Depreciation	164	171	175	183	184	189	207	246
Profit before tax	973	948	1,396	1,218	1,480	1,522	2,223	1,577
Net Profit	715	704	1,047	871	1,091	1,120	1,684	1,179
EPS	8.05	7.93	11.79	9.81	12.29	12.62	18.97	13.28

Balance Sheet ₹ cr, annual

Item	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	89	89	89	89	89	89
Reserves	7,408	9,214	11,762	9,304	11,535	15,614
Borrowings	5,638	7,275	9,367	15,528	20,777	30,621
Fixed Assets	2,523	2,544	2,998	3,709	4,062	6,878
CWIP	32	85	144	97	105	163
Investments	2,824	294	2,515	2,345	1,988	3,506
Total Assets	16,444	21,188	27,020	31,547	40,645	60,561

DISCLAIMER: FinMinutes is a financial data and analytics platform, not a SEBI-registered investment adviser. Everything here is for educational and informational purposes. Forensic interpretations are computed from disclosed data and are not recommendations. Do your own due diligence.

Titan Company

Reading the Statements forensic interpretation

Price & Valuation 10-year, split-adjusted

Valuation & Quality

Ownership & Skin in the Game

Quarterly Financials ₹ cr

Balance Sheet ₹ cr, annual

Filings, Calls & Ratings