Titan Firm Ltd. – Three Decade Previous Firm
Titan Firm Ltd is amongst India’s most revered life-style firms.
- Titan Firm Restricted (Titan), previously Titan Industries Restricted, was integrated in 1984 as a three way partnership (JV) between the Tata Group and Tamil Nadu Industrial Growth Company Restricted (TIDCO).
- In 1994, Titan diversified into Jewelry (Tanishq) and subsequently into EyeCare.
- At current, the Tata Group and TIDCO maintain 25.02% and 27.88% shares, respectively, in Titan. The remainder is held by institutional traders and the general public.
- It’s a market chief within the home branded jewelry market (with Tanishq, Caratlane, Zoya, and Mia manufacturers) and within the home wristwatch section (with manufacturers comparable to Titan, Sonata, Fastrack, and Xylys).
Titan has, through the years, withstood challenges and emerged as a resilient participant. We consider Titan is a structural progress story and seems to be a key beneficiary of the unorganised to organised shift within the Indian jewelry mark. At CMP, the inventory trades at 55x FY24E EPS. We suggest a BUY ranking within the inventory with the goal value (TP) of Rs.2430, 65x FY24E EPS.
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