Titaanium Ten Enterprise Limited

Consumer Cyclical — Textile Manufacturing · BSE

₹25.00−₹0.53 (−2.08%)

DalalBaazaar Score

60 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Titaanium Ten Enterprise Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Titaanium Ten Enterprise Limited engages in the manufacture and sale of yarn and knitted fabrics in India. The company trades in grey cloth, curtains, and knitted fabrics; hires goods vehicle and machinery; and acts as a commission agent. It also exports its products.

IndustryTextile Manufacturing

SectorConsumer Cyclical

Employees15

Annual revenue₹151 Cr

How does it make money?

Turns over ₹151 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹5 left at the operating level before interest, tax and depreciation. Each of its 15 employees supports ₹10.10 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin5.2%

Net margin2.1%

Revenue / employee₹10.10 Cr

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 28.3%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 14.5% against a peer median of 25.9% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE28.3%

ROE14.5%

Peer median ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -34% while net margin moved +201% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-34%

Margin effect+201%

DalalBaazaar Score

60/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -1.42 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

56/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

5.3x

3Y Median

18.5x

40 monthly readings · mean 22.6x · range 4.0x–58.4x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 71% below its 3y median of 18.5x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 92% below the peer median of 69.2x.

vs. its own history

Cheap

18.5x median over 40 months · -71%

vs. sector peers

Cheap

69.2x median of 4 peers · -92%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

5.3x

P/B

0.71x

EV/EBITDA

5.3x

PEG

0.21

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well7

Margins are improving
EBITDA margin is up from 2.9% to 5.2% over 3 years.
Debt is being paid down
Total debt is down 46% over 3 years.
Return on equity is rising
ROE has improved from 10.0% to 13.5%.
Return on capital is rising
ROCE has improved from 24.5% to 28.3%.
High return on capital employed
ROCE of 28.3% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 5.3x the stock trades 71% below its own median of 18.5x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Inventory building faster than sales
Inventory is up 87% against revenue growth of -34% — stock may not be moving.

Red Flags

1 item require attention · 1 high

🔴Inventory building faster than salesFinancial
Inventory up 87% against revenue up -34% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 28.3% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 2.9% to 5.2%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 46% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 71% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 92% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 3.2x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 3%✓ 5.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 3.2x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✓ 3.1x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 25%✓ 28.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹17 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

5.3x

Cheap

Cheap against the generic band

P/B Ratio

0.71x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹4.73

Profitable

Profitable on a per-share basis

ROE

14.5%

Moderate

Moderate capital efficiency

ROCE

28.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.06x

Moderate

Moderate leverage

Revenue Growth (YoY)

17.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-5.6%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹4 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹25

ROA

8.0%

Good

Assets are working hard

Operating Margin

4.7%

Weak

Thin margins leave little room for error

Net Margin

2.1%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.42

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-1.42

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

21.0 / 19.6

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

73.6

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹229 Cr	₹189 Cr	₹130 Cr	₹151 Cr	-12.9%
EBITDA	₹7 Cr	₹7 Cr	₹9 Cr	₹8 Cr	+5.5%
EBITDA Margin	2.9%	3.6%	7.0%	5.2%	—
PAT (Net Profit)	₹2 Cr	₹1 Cr	₹3 Cr	₹3 Cr	+25.7%
EPS	₹2.38	₹1.97	₹4.62	—	—
ROE	10.0%	7.6%	15.2%	13.5%	—
ROCE	24.5%	25.9%	34.8%	28.3%	—
Total Debt	₹47 Cr	₹42 Cr	₹23 Cr	₹25 Cr	-18.8%
Free Cash Flow	₹6 Cr	₹2 Cr	₹3 Cr	₹1 Cr	-39.4%

🔴 Revenue has shrunk at 12.9% a year over 3 years.

🟢 EBITDA has grown at 5.5% a year over 3 years.

🟢 EBITDA Margin has risen from 2.9% to 5.2% over 3 years (+2.3 pts).

🟢 PAT (Net Profit) has grown at 25.7% a year over 3 years.

🟢 ROE has risen from 10.0% to 13.5% over 3 years (+3.5 pts).

🟢 ROCE has risen from 24.5% to 28.3% over 3 years (+3.8 pts).

🟢 Total Debt has shrunk at 18.8% a year over 3 years.

🔴 Free Cash Flow has shrunk at 39.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹66 Cr

Total Liabilities

₹43 Cr

Total Debt

₹25 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹6 Cr

Capex

-₹4 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

67.4%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 mixed5 general

Titaanium Ten Enterprise Ltd Clarifies Recent Stock Price Movement as Market Driven

scanx.trade, 11 Apr

Compare Company

Equitymaster, 26 Sept

Titanium Ten AGM resolutions pass unanimously with 100% support

scanx.trade, 14 Sept

TITAANIUM Stock Price and Chart — BSE:TITAANIUM

TradingView, 04 Aug

TNA SOLUTIONS LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 10 Oct

Q2 Results Today: Hero MotoCorp, Lemon Tree Hotels, HAL, Glenmark Pharma among 1181 companies to post earnings on Nov 14

Livemint, 14 NovResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🟡Business QualityAdequate12.4/20

🟡Financial HealthAdequate10.7/20

🟡GrowthModest10.5/20

🟡ProfitabilityModerate8.5/15

🟢ValuationAttractive13.2/15

🔴RiskHigh4.4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 3%5.2%
✗Debt / EBITDA falls below 3x3.2x
✓Interest cover stays above 3x3.1x
✓Free cash flow remains positive₹1 Cr
✓ROCE stays above 25%28.3%