Buy Titan Company, target price Rs 3080: ICICI Direct

Buy Titan Company, target price Rs 3080:  ICICI Direct

ICICI Direct has buy call on with a target price of Rs 3080. The current market price of Company is Rs 2631.2. Time period given by analyst is one year when it’s price can reach defined target.

Titan Company, incorporated in the year 1984, is a large cap company (having a market cap of Rs 233620.93 Crore) operating in gems and jewellery sector.

It’s key products/revenue segments include jewellery, watches, precious & semi precious stones, eyewear, others, other operating revenue, scrap, other services for the year ended March 31, 2022.


For the quarter ended June 30, 2022, the company has reported a consolidated total income of Rs 9487 crore, up 20.52 per cent from last quarter total income of Rs 7872 crore and up 169.59 per cent from last year same quarter total income of Rs 3519 crore.

Company has reported net profit after tax of Rs 790.00 crore in latest quarter.

The company’s top management includes Mr.S Krishnan, Mr.Bhaskar Bhat, Mr.Sandeep Singhal, Ms.Sindhu Gangadharan, Dr.Mohanasankar Sivapraksam, Mr.Pradyumna Vyas, Mr.B Santhanam, Mr.Ashwani Puri, Mr.C K Venkataraman, Mr.N N Tata, Ms.Jayashree Muralidharan. Company has B S R & Co. LLP as its auditors. As on June 30, 2022, the company has a total of 89 crore shares outstanding.

Investment Rationale
Titan has been a consistent compounder with the stock price increasing at 26%CAGR in the last three years. Titan is a structural growth story and appears to be a key beneficiary of the un-organised to organised shift in the Indian jewellery market. The brokerage values Titan at Rs 3080 i.e. 70x FY24E EPS.

Promoter/FII Holdings
Promoters held 52.9 per cent stake in the company as of June 30, 2022, while FIIs owned 16.77 per cent, DIIs 11.26 per cent.

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