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Today's prices ask more of DMart than of Titan Company.
At current prices, buyers of DMart are assuming about 32% growth against 19% 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: both on discounted cash flow.
- Size: Titan Company is worth about 1.9 times DMart on the stock market.
- Record: Titan Company has grown revenue faster: DMart compounded at about 21% a year (FY2018–FY2026) and Titan Company at about 24% (FY2018–FY2026).
- What to watch: store openings at DMart; share gains from local jewellers at Titan Company.
| DMart | Titan Company | |
|---|---|---|
| Price | ₹3,439 | ₹4,845 |
| Market cap | ₹2.24L Cr | ₹4.31L Cr |
| P/E | 72.0 | 61.3 |
| P/B | 9.17 | 27.46 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
Everyday low prices, owned stores
DMart is run by Avenue Supermarts, founded by Radhakishan Damani, which opened its first store in Mumbai in 2002. It sells groceries, household goods and basic apparel at everyday low prices, and also runs DMart Ready for online orders.
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: DMart compounded at about 21% a year (FY2018–FY2026) and Titan Company at about 24% (FY2018–FY2026). By revenue the two are of broadly similar size. DMart kept 4.3% 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: DMart · 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
- Store openingsNew stores are the main source of growth, and each costs a lot because DMart usually owns the property.
- Same-store growthSales growth in existing stores shows whether the model still works as competition rises.
- 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
- Quick-commerce competitionFast delivery apps are taking some urban grocery spending.
- Slower store expansionFinding and buying suitable sites takes time.
- 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 DMart 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, DMart trades at 72.0 times earnings and 9.17 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 DMart and Titan Company?
DMart is run by Avenue Supermarts, founded by Radhakishan Damani, which opened its first store in Mumbai in 2002. 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 DMart and Titan Company valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for DMart and Titan Company?
Worked backwards from the share price, DMart needs about 32% growth and Titan Company about 34% growth, against 19% and 32% in their own records.