TITAN · Consumer Durables
Titan Company Ltd. reported revenue of ₹14,916 cr for January to March 2025, +19.4% on the year and −15.9% on the quarter. Over the last four quarters revenue comes to ₹60,456 cr, +18.3% on the four before.
Operating profit (EBITDA) was ₹1,537 cr, a margin of 10.3%, +77 bps on the year and +87 bps on the quarter. Over the last 8 quarters the margin has ranged from 8.5% to 11.3%, averaging 9.9%. Operating costs grew +18.4% against revenue growth of +19.4%, so more of each rupee of sales reached operating profit.
Net profit was ₹871 cr, +13.0% on the year and −16.8% on the quarter, with earnings per share of ₹9.81. Profit before other income, one-offs and tax grew faster, at +32.5%; other income, one-offs or tax held the headline back. The tax rate of 28% is in line with its recent average. Profit over the last four quarters totals ₹3,337 cr, −4.5% on the four before.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹37.58 over the last four quarters, the stock at ₹4,462.50 trades at 118.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +13.0% on the year; profit before other income, exceptional items and tax +32.5%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹14,164 cr | ₹12,494 cr | ₹13,266 cr | ₹14,534 cr | ₹17,740 cr | ₹14,916 cr | ₹16,523 cr | ₹18,725 cr | ₹25,416 cr | ₹26,920 cr | ₹21,356 cr | ₹20,614 cr |
| YoY | — | — | +12% | +16% | +25% | +19% | +25% | +29% | +43% | +80% | +29% | +10% |
| EBITDA margin | 11.0% | 9.5% | 9.4% | 8.5% | 9.4% | 10.3% | 11.1% | 10.0% | 10.7% | 7.2% | 13.5% | 14.5% |
| Other income, % of PBT | 10% | 16% | 12% | 13% | 9% | 10% | 7% | 7% | −0% | 15% | 6% | 27% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 22% | 27% | 26% | 25% | 28% | 26% | 26% | 24% | 25% | 27% | 20% |
| Net profit | ₹1,053 cr | ₹771 cr | ₹715 cr | ₹704 cr | ₹1,047 cr | ₹871 cr | ₹1,091 cr | ₹1,120 cr | ₹1,684 cr | ₹1,179 cr | ₹1,777 cr | ₹2,393 cr |
| YoY | — | — | −5% | −23% | −1% | +13% | +53% | +59% | +61% | +35% | +63% | +114% |
| Core profit YoY | — | — | −4% | −27% | +2% | +32% | +61% | +71% | +75% | +22% | +66% | +55% |
| EPS | ₹11.86 | ₹8.68 | ₹8.05 | ₹7.93 | ₹11.79 | ₹9.81 | ₹12.29 | ₹12.63 | ₹18.97 | ₹13.28 | ₹20.03 | ₹26.96 |
| Flags | · | · | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ | 5 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Titan Company Ltd. reported revenue of ₹14,916 cr (+19.4% on the year) and net profit of ₹871 cr (+13.0% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +32.5% on the year, against +13.0% for reported profit.
None of the 7 checks that could run raised a question.
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