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Today's prices ask more of Asian Paints than of Titan Company.
At current prices, buyers of Asian Paints are assuming about 25% growth against 4% in its own record; for Titan Company it is 34% against 32%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: Asian Paints on estimate withheld; Titan Company on discounted cash flow.
- Size: Titan Company is worth about 1.8 times Asian Paints on the stock market.
- Record: Titan Company has grown revenue faster: Asian Paints compounded at about 9% a year (FY2018–FY2026) and Titan Company at about 24% (FY2018–FY2026).
- What to watch: volume growth at Asian Paints; share gains from local jewellers at Titan Company.
| Asian Paints | Titan Company | |
|---|---|---|
| Price | ₹2,550 | ₹4,845 |
| Market cap | ₹2.45L Cr | ₹4.31L Cr |
| P/E | 50.5 | 61.3 |
| P/B | 11.44 | 27.46 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Discounted cash flow |
01Two businesses
India's paint leader, under attack
Asian Paints, founded in 1942, is India's largest paint company and has led the decorative-paints market for decades. Its strength is distribution: a network of dealers across the country and a supply chain that can restock them quickly.
A watchmaker that became a jeweller
Titan Company, a Tata group company promoted jointly with the Tamil Nadu government's TIDCO, began making watches in the 1980s and now earns most of its revenue from jewellery through Tanishq, Mia, Zoya and CaratLane. It also sells watches (Titan, Fastrack, Sonata), eyewear (Titan Eye+), fragrances and Taneira saris.
02The records side by side
Titan Company has grown revenue faster: Asian Paints compounded at about 9% a year (FY2018–FY2026) and Titan Company at about 24% (FY2018–FY2026). By revenue, Titan Company is about 2.5 times the size of Asian Paints. Asian Paints kept 12.4% of revenue as net profit in FY2026; Titan Company kept 5.8% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Asian Paints · Titan Company.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Volume growthRepainting cycles and new housing drive demand.
- Market shareHow much share new entrants take decides whether Asian Paints can keep its margins.
- Share gains from local jewellersTanishq's growth has come from customers switching from family jewellers to trusted, hallmarked chains.
- Studded jewelleryDiamond and studded pieces earn much higher margins than plain gold, so the mix matters as much as volume.
05What could go wrong
- Price competitionRivals offering bigger dealer incentives could force price cuts.
- Slower housing demandWeak urban demand slows repainting.
- The multipleA premium P/E leaves little room for a slower year.
- Gold volatility and dutiesSudden price swings or changes in import duty disrupt demand and margins.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Asian Paints or Titan Company better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Asian Paints trades at 50.5 times earnings and 11.44 times book value, and Titan Company at 61.3 times earnings and 27.46 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Asian Paints and Titan Company?
Asian Paints, founded in 1942, is India's largest paint company and has led the decorative-paints market for decades. Titan Company, a Tata group company promoted jointly with the Tamil Nadu government's TIDCO, began making watches in the 1980s and now earns most of its revenue from jewellery through Tanishq, Mia, Zoya and CaratLane.
Are Asian Paints and Titan Company valued the same way?
No. Asian Paints is valued on estimate withheld and Titan Company on discounted cash flow, because forcing one model onto both would misstate at least one of them.
What does today's price assume for Asian Paints and Titan Company?
Worked backwards from the share price, Asian Paints needs about 25% growth and Titan Company about 34% growth, against 4% and 32% in their own records.