Titan Securities Limited (TITANSEC.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-58.0%

₹15.33

vs ₹36.48 price

Levered DCF

₹25.87

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	9.8×	8.26×	7.61×	2.92×	2.97×	2.44×	3.45×	8.27×
P/B	1.15×	0.85×	0.86×	0.51×	0.74×	0.57×	0.22×	0.35×
P/S	20.49×	8.3×	10.94×	11.74×	6.72×	0.53×	3.59×	5.85×
EV / EBITDA	101.07×	57.14×	52.68×	58.7×	20.84×	59.73×	16.89×	18.19×
Gross margin	27.2%	15.8%	19.2%	23.8%	41.2%	1.5%	55.7%	60.8%
Operating margin	23.7%	15.2%	16.6%	23.2%	35.7%	1.2%	26.4%	39.0%
Net margin	208.9%	100.5%	143.8%	401.8%	226.5%	21.8%	103.8%	70.5%
Current ratio	9,242.13×	196.09×	324.71×	388.64×	6.7×	390.1×	52.02×	65.58×
Debt / equity	0×	0×	0×	0×	0.05×	0×	0×	0.01×
Interest coverage	27.59×	305.63×	1,165.4×	45.95×	7,620.85×	211.3×	48.39×	26.22×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.7%	10.3%	11.3%	17.4%	25.0%	23.2%	6.5%	4.2%
Return on invested capital	1.3%	1.5%	1.2%	1.0%	3.6%	1.2%	1.6%	2.2%
Return on assets	11.7%	10.0%	11.0%	17.0%	23.4%	23.0%	6.4%	4.1%
Free cash flow yield	0.1%	2.5%	0.3%	6.4%	2.5%	-13.2%	-32.3%	-24.3%
Earnings yield	10.2%	12.1%	13.1%	34.2%	33.7%	41.0%	28.9%	12.1%
Enterprise value	₹1.2B	₹863.8M	₹752.2M	₹391.7M	₹491.9M	₹242.9M	₹74.6M	₹105.7M
Net debt / EBITDA	0.02×	-0.08×	-0.95×	-1.36×	0.76×	-1.79×	-0.09×	-0.32×
Cash conversion cycle (days)	1,139	535	897	423	1,245	102	2,729	2,313