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Today's prices ask more of Indian Hotels than of Titan Company.
At current prices, buyers of Indian Hotels are assuming about 32% growth against 24% 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 3.4 times Indian Hotels on the stock market.
- Record: Titan Company has grown revenue faster: Indian Hotels compounded at about 11% a year (FY2018–FY2026) and Titan Company at about 24% (FY2018–FY2026).
- What to watch: room rates and occupancy at Indian Hotels; share gains from local jewellers at Titan Company.
| Indian Hotels | Titan Company | |
|---|---|---|
| Price | ₹890 | ₹4,845 |
| Market cap | ₹1.27L Cr | ₹4.31L Cr |
| P/E | 57.3 | 61.3 |
| P/B | 9.71 | 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
Taj, Vivanta and Ginger
The Indian Hotels Company, part of the Tata group, opened the Taj Mahal Palace in Mumbai in 1903. Today it runs Taj, Vivanta, SeleQtions and the budget Ginger brand across India and abroad.
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: Indian Hotels compounded at about 11% a year (FY2018–FY2026) and Titan Company at about 24% (FY2018–FY2026). By revenue, Titan Company is about 9.0 times the size of Indian Hotels. Indian Hotels kept 23.2% of revenue as net profit in FY2026; Titan Company kept 5.8% of revenue as net profit in FY2026 — a sign of very different business models. Indian Hotels reported a net loss in FY2021 and FY2022; Titan Company was profitable in every year shown.
Full ten-year tables and charts are on each company's page: Indian Hotels · 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
- Room rates and occupancyAverage rates have risen sharply since the pandemic.
- Management contractsAsset-light growth adds fees with little capital.
- 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
- Travel shocksPandemics or crises can empty hotels quickly.
- New supplyMore hotels could slow rate growth.
- 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 Indian Hotels 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, Indian Hotels trades at 57.3 times earnings and 9.71 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 Indian Hotels and Titan Company?
The Indian Hotels Company, part of the Tata group, opened the Taj Mahal Palace in Mumbai in 1903. 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 Indian Hotels 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 Indian Hotels and Titan Company?
Worked backwards from the share price, Indian Hotels needs about 32% growth and Titan Company about 34% growth, against 24% and 32% in their own records.