BSE: 530045
TITAN SECURITIES LTD.
Operates as a non-banking financial company (NBFC) listed on the BSE, classified under the Financial Services industry. On a standalone basis, its own NBFC operations generated Rs. 596.32 lakh of revenue in FY26, down sharply from Rs. 1,045.84 lakh in FY25, with standalone profit after tax of Rs. 83.55 lakh. The standalone business carries no materials cost; employee costs and other operating expenses are each 3.4% of revenue and depreciation is 0.4%, reflecting a light-cost financial intermediary structure. The bulk of consolidated earnings comes from the company's equity stakes in two associates, Titan Biotech Ltd and Peptech Biosciences Ltd, which contributed Rs. 1,162.02 lakh as share of profit in FY26. Consolidated profit after tax for FY26 was Rs. 1,245.57 lakh, with total assets of Rs. 106.48 crore on the balance sheet. The CFO, Mrs. Darshana Santoshi, resigned effective May 30, 2026 for personal reasons, and the company has stated it is searching for a replacement. The associate-driven nature of consolidated earnings is a defining feature: in Q3 FY26 too, Rs. 329.30 lakh of the Rs. 367.18 lakh consolidated PAT came from Titan Biotech and Peptech Biosciences. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Standalone NBFC operations, Share of profit from associates. Small NBFC holding company whose consolidated profit is dominated by associate-company earnings rather than its own lending or financial services book
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7 | 3 | 7 | 10 | 6 |
| EBITDA (ex other income) | 2 | 1 | 1 | 1 | 1 |
| margin % | 33.4 | 19.6 | 14.7 | 14.2 | 20.3 |
| Owners' profit | 16 | 14 | 10 | 10 | 12 |
| EPS, as reported (₹) | 6.39 | 5.48 | 4.03 | 4.19 | 4.98 |
| ROE % · ROCE % | 25.0 · — | 17.4 · — | 11.3 · — | 10.3 · — | 11.7 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 4 | (0) | 0 | 2 | 0 |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3 | 3 | 3 | 1 | 1 | 1 | 3 | 1 |
| Profit before tax | 0 | 1 | (0) | 0 | 0 | 1 | 1 | (0) |
| Net profit | 4 | 3 | 1 | 3 | 3 | 4 | 3 | 5 |
| EPS (₹) | 1.48 | 1.02 | 0.56 | 1.11 | 1.28 | 1.47 | 1.12 | 1.82 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,66,164 | 27.9 | 4.84 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,314 | 14.6 | 2.95 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED | 1,31,952 | 24.1 | 2.80 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,27,627 | 22.1 | 4.19 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,437 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 49,822 | 21.9 | 3.17 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,233 | 19.3 | 2.90 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,443 | 7.3 | 2.87 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.2 | 18.5 | 31 of 200 | 85% |
| P/B | 0.8 | 1.1 | 106 of 253 | 58% |
| ROE | 11.7 | 3.1 | 40 of 257 | 85% |
| EBITDA margin | (1.1) | 48.6 | 192 of 249 | 23% |
| Revenue growth | (39.3) | 12.6 | 185 of 231 | 20% |
| Profit growth | 63.5 | 7.8 | 78 of 251 | 69% |
| Market cap | 89 | 33 | 88 of 268 | 67% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · RTA compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 30 Sept 2026 · Titan Securities 34th AGM: All 5 resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 34th AGM held via video conferencing; 5 resolutions tabled including borrowing and RPT | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Titan Securities: Trading Window Closure from Oct 1, 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · Titan Securities submits newspaper ads for 34th AGM notice dispatch | compliance | minimal | — | — |
| 5 Sept 2026 · Titan Securities sends FY26 annual report and 34th AGM notice weblink to shareholders | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Titan Securities sets 34th AGM for September 29, 2026 | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Titan Securities files 34th AGM notice and Annual Report FY26 with BSE | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · Notice of 34th AGM via video conferencing on Sept 29, 2026 | compliance | minimal | — | — |
| 3 Sept 2026 · 34th AGM on September 29, 2026 via video conference; book closure and e-voting details notified | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.