Titan International

Titan Company recorded broad‑based growth in jewellery, watches and brands in the first quarter of 2027, driven by over 30% like‑for‑like growth in the jewellery segment and a 5% increase in customer traffic. Results were supported by customs benefits of 407 crore INR, but no specific EPS or revenue figures were disclosed. Management kept the margin target in the jewellery business at around 11% and named Damas as the sole drag on the overseas business. The stock fell moderately by 1.14%, trading just below its 52‑week high as investors awaited clarity on the extent of one‑off effects. » Więcej na de.investing.com

S&P Global Ratings downgraded the outlook for Titan International from “stable” to “negative” but affirmed the issuer rating at 'B'. The agency cites a prolonged downturn in the agricultural segment, which accounts for about 40% of revenue, and limited improvement in earnings and cash flow, leaving adjusted leverage expected at 5.5x–6.0x EBITDA. S&P forecasts only modest free operating cash flow in 2026, sees a recovery in the earthmoving/construction segment, and expects an adjusted EBITDA margin of around 6.7% in 2026. Titan has roughly $160m of liquidity and an ABL line of about $50m, but faces secured bonds of around $400m due in April 2028; a sustained leverage ratio above 6.0x could trigger a downgrade. » Więcej na de.investing.com

Moody’s has downgraded Titan International’s Corporate Family Rating from B1 to B2, the Probability of Default rating from B1-PD to B2-PD, and lowered several other ratings as well as the liquidity rating. The move is attributed to persistently weak global demand for agricultural and construction equipment, low commodity prices, high interest rates and macroeconomic headwinds; inflation is also weighing on the consumer business. Moody’s expects an EBITA margin of around 2% for 2026, a debt-to-EBITDA in the high six-times range, negative free cash flow in 2026, and a slight recovery in liquidity and cash flow in 2027. » Więcej na de.investing.com