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Today's prices ask more of Titan Company than of Maruti Suzuki.
At current prices, buyers of Maruti Suzuki are assuming about 2% 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: the two are worth roughly the same on the stock market.
- Record: Titan Company has grown revenue faster: Maruti Suzuki compounded at about 11% a year (FY2019–FY2026) and Titan Company at about 24% (FY2018–FY2026).
- What to watch: suv share at Maruti Suzuki; share gains from local jewellers at Titan Company.
| Maruti Suzuki | Titan Company | |
|---|---|---|
| Price | ₹12,854 | ₹4,845 |
| Market cap | ₹4.04L Cr | ₹4.31L Cr |
| P/E | 30.0 | 61.3 |
| P/B | 3.77 | 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
India's carmaker
Maruti Suzuki India is the country's largest carmaker and is majority-owned by Japan's Suzuki Motor Corporation. Its range runs from hatchbacks such as the Alto, Wagon R and Swift to SUVs such as the Brezza, Grand Vitara and Fronx, sold through India's largest dealer and service network.
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: Maruti Suzuki compounded at about 11% a year (FY2019–FY2026) and Titan Company at about 24% (FY2018–FY2026). By revenue, Maruti Suzuki is about 2.1 times the size of Titan Company. Maruti Suzuki kept 8.0% 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: Maruti Suzuki · 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
- SUV shareMaruti was late to SUVs and lost share as the market shifted to them; its newer SUVs decide how much of that it wins back.
- Small-car demandThe September 2025 GST cut on small cars lowered prices for Maruti's core buyers — a test of how much demand was held back by price.
- 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
- The EV transitionRivals moved into electric cars earlier; a fast shift could cost Maruti share.
- CompetitionTata, Mahindra and Hyundai are all fighting for the same SUV buyers.
- 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 Maruti Suzuki 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, Maruti Suzuki trades at 30.0 times earnings and 3.77 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 Maruti Suzuki and Titan Company?
Maruti Suzuki India is the country's largest carmaker and is majority-owned by Japan's Suzuki Motor Corporation. 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 Maruti Suzuki 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 Maruti Suzuki and Titan Company?
Worked backwards from the share price, Maruti Suzuki needs about 2% growth and Titan Company about 34% growth, against 19% and 32% in their own records.