TTK Prestige: Brand Leader in Cookware

TTK Prestige detailed stock research

TTK Prestige is flagship company of the conglomerate TTK Group.

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(A) Family Structure

TTK Prestige - family structure of TTK group

TTK Group:

Mr. T.T. Krishnamachari found TTK Group in 1928. The group is a conglomerate with presence across across several segments of industry including consumer durables, pharmaceuticals & supplements, bio-medical devices, maps and atlases, consular visa services, virtual assistant services & health care services.

Brands under the group include TTK Chitra Heart Valves, Prestige pressure cookers, Woodward's gripe water, Eva Deodorants, Skore, CignaTTK Health Insurance, GetFriday, Fryums.

TTK Prestige:

The group founder, Mr. T.T. Krishnamachari joined politics & became Commerce and Finance Minister of India after Independence. It was his son Mr. T T Narasimhan, who introduced product like Pressure Cooker, way beyond its time in India. In 1975, his son Mr. T T Jagannathan took over the charge of TTK Prestige, when it was on the verge of bankruptcy. He turned around TTK Prestige and made it one of the country’s best known brands of Kitchen Appliances, Cookware & Home Appliances. Currently, Mr. T.T. Jagannathan holds the position of Executive Chairman in the company.

The company started manufacturing Pressure cookers in 1959 with technical collaboration from UK based Prestige Group.

Brand acquisition: Then in 1992, TTK decided to buy the Prestige brand for India from the UK entity. The Prestige Brand has been in existence from 1936 which is currently owned by UK based Meyer Group.

(B) Shareholding Pattern

TTK Prestige Ltd - Shareholding Pattern
TTK Prestige -  Share holdings

TTK family members hold 70.41% of the total shares of TTK Prestige. T.T Krishnamachari & Co. is family owned firm with Mr. TT Jagannathan & his wife Mrs. Lath Jagannathan as partners. TT Mukund, TT Venkatesh & TT Lakshman are sons of Mr. TT Jagannathan.

(C) Executive Management

(i) Mr. T.T. Jagannathan – Executive Chairman

Mr. TT Jagannathan is the grandson of Mr. T.T. Krishnamachari (group founder) & son of Mr. T.T. Narasimhan. He is a Gold Medalist from IIT, Chennai and holds a Masters in Operations Research. He was also at no. 87 on Forbes list of India’s Richest 2012. His age is 82 years.

He joined the company as Managing Director & now been part of BOD since 42 years. He received Remuneration of INR 7.59 crore for F.Y. 2021 which is 0.34% of net sales & 3.12% of net profit for FY21.

(ii) Mr. Chandru Kalro – Managing Director & CEO

He is not a part of the TTK family. Mr Chandru joined TTK Prestige in 1993 & served as Chief Operating Officer of the Company till March 2015. Mr Kalro is part of BOD since 1995.

He began his career in March 1986 with BPL Limited, Chennai, in the sales department. He had a big hand in creating distribution network of TTK Prestige.

His remuneration for FY21 is Rs. 4.79 crore which is 0.21% of net sales & 1.97% of net profit of FY21.

(iii) Mr. T.T. Raghunathan – Vice Chairman

Mr TT Raghunathan is the brother of Mr. TT Jagannathan. He is on the Board since 1995. Mr Raghunathan mainly manages TTK Healthcare Ltd where he holds position of Vice Chairman & CEO.

His remuneration for FY21 is Rs. 28 lakh which is 0.01% of net sales & 0.11% of net profit of FY21.

(iv) Other Family members in Business

3 sons of Mr. TT Jagannathan are also involved in the family business:

TT Mukund - He is director in the company. Mr Mukund graduated from USA and did Ph.d (Physics) from Cambridge. He is presently Reader National Centre for Biological Services, Bengaluru. Age of Dr. Mukund is 46 years. His remuneration for FY21 amounted to Rs 28.50 Lakhs as sitting fee.

TT Venkatesh - He is son of Mr TT Jagannathan & holds the position of Deputy General Manager - Retail in TTK Prestige.

TT Lakshman - He is also under employment with the company.

Total Managerial Remuneration

Total remuneration of management for FY21 amounts to Rs. 20.93 crore which is 0.95% of net sales & 8.61% of net revenue for FY21.

(D) Business Segments

TTK Prestige - Revenue Segments
TTK Prestige - Revenue as per geography

Thus, besides pressure cookers from which the company started, TTK Prestige gradually diversified into various kitchen & home appliances.

Company's UK subsidiary TTK British Holdings Limited (FY19 revenue of Rs 140.09 Cr) actively carries on distribution operations outside India. The subsidiary also added new range of products along with a new category called ‘Smidge’ focusing on environment friendly products suitable for home.

Product Categorization of the Company

(i) Pressure Cookers

TTK Group introduced Pressure Cookers for the first time into Indian Kitchen. It was introduced for making cooking safe for the users. For over six decades pressure cooker has been the part of kitchen appliances market. Though modifications have been done over the time, the brand won the trust of people. The segment includes several categories like Mini (upto 4 Litres), Junior (5-7 Litres), Senior (7.5 Litres & above), Outer Lid, Inner Lid, Clip On, Combo Set.

(ii) Non Stick Cookware

In order to match with the needs of Indian consumers, Prestige released the entire a range of non-stick cookware in the year 1994. This range includes – Kadai, Pans, Casserole, Handi, kitchen sets, clip on cookware, Chinese Wok, Paniyarakkal, Tawa etc.

(iii) Gas Stoves & Electrical Appliances

In the year 2001 Company launched Gas Stoves as well as a wide range of Electrical Appliances into the Indian kitchen Market. This range of Electrical Appliances includes products like Mixers, Grinders, Toasters, Ovens, Grill, Juicers, Choppers and Electric Kettle etc.  

(iv) Clean Home Solutions

In 2016 Prestige widened its horizons & further launched cleaning solutions products under the brand “Clean Home”. Under this brand company provides the products like Vacuum Cleaner, Floor Polisher, Steam Cleaner, Air Purifier, Fruits & Vegetable Cleaner, Water Purifiers and Cleaning Tools Etc.

(v) Induction & Electro domestic Appliances

Company also provides Induction & Electro domestic Appliances like Chimneys.

(vi) Tools & Accessories

Prestige also provides various Tools and Accessories like Gas Spares, Flasks, Water Bottles, Rechargeable Lanterns etc.

(E) Distribution Network

TTK Prestige has network of 65,000 outlets in India with 16,000 direct touch point. The distribution network includes dealers as well as own exclusive retail stores. Also the company has service network for call centre operations so as to ensure timely service & customer loyalty. It also provides the platform to increase sale of original spares.

Thus, the distribution network includes -

  • Prestige Xclusive (own retail outlets)
  • Traditional Trade (authorized distributors & retailers)
  • Modern Trade (Hypermarkets, supermarkets & malls)
  • Institutional buyers
  • Online ( as well as E-Commerce Platforms)

The distribution network is spread across India over 28 states & more than 374 towns.

TTK Prestige - Distribution network

Prestige xclusive stores contribute around 15% of the sales. Also, sales growth of stores is simultaneous with the overall sales growth of the company.

(F) Key Financial Parameters

(i) Revenue Growth

TTK Prestige - Net Sales

(ii) Segment Sales Growth

TTK Prestige - Segment Sales growth

Home appliances sales grew by 21.4% in FY22, Cookware grew by 25.5% and Pressure Cooker also grew by 30.9%.

(iii) Free Cash Flow

TTK Prestige Ltd - Free Cash Flow

TTK Prestige sales impacted in 4th quarter due to COVID-19 pandemic & thus overall reduced by 1.61% for FY20. Also, the PAT margin for FY20 reduced to 8.9% from 9.13% in FY19.

But, the company maintains a healthy free cash flow. Cash flow from operating activities increased to Rs 244 crore in FY22 from Rs 94 crore as on 31 March 2019. This is majorly on account of improvement in working capital efficiency.

Advertisement & Sales Promotion

TTK Prestige maintains a constant ratio of sales promotion expense each year as 7-8% of revenue from last 10 years. Prestige has maintained its brand name across all kitchen & other related appliances. The management believes in advertising aggressively in all print & TV medium. Following this principle, the management expects to actually garner share because of superior position in the market.

(G) Market Share

TTK Prestige holds significant market share across its product segments:

  • Cookers segment: ~32% market share in value
  • Cookware: ~35%
  • Mixer Grinder: Ranks number 3 in the industry

The appliances segment includes several product categories & large number of players. Also, TTK Prestige appliances segment is now growth segment. Cookers & cooktops segments are fully penetrated.

(H) Valuation

(i) ROCE

TTK Prestige Ltd - ROCE

(ii) Earnings

TTK Prestige - PAT

Company has grew its earnings from Rs 133 Cr to Rs 305 Cr in last 10 years with a CAGR growth of 8.65%.

TTK Prestige Earning Growth is good & we can expect good revenue & earning expansion ahead after current abnormal circumstances. But return on invested capital (ROCE) did not expand in last 2 years.

(I) Growth Drivers & Opportunities

(i) New Product Launches

To gain mixer grinder market share company has launched 24 models in different colors, aesthetics, different configuration, etc in last 24 months.

(ii) E-commerce & online Platforms

After the COVID-19 pandemic, more people are preferring not to visit the stores & the same trend is expected to continue for unforeseeable period. Thus, E-commerce & online sales provide shall be growth drivers going forward.

(iii) Response to changing circumstances

Current pandemic situation gives way to trend of more people preferring for home cooked food. Thus, this is a positive factor for cookware segment as well as home cleaning solutions. Furthermore, certain PSK stores saw more than pre-Covid level average daily sales (10%+ in June) due to pent up demand. Due to absence of domestic help, increase in demand for cleaning segment (2% of sales) was also visible.

(iv) Export Growth

The company has strong ambition on the export front and expects to scale up exports significantly over next five years. TTK has sufficient spare capacity to cater to the increased export demand from new customers that the company added in preceding years.

Because of new geopolitical situation, and the China Plus One happening with all buyers company is looking for more opportunity in emerging markets.

Also, TTK Prestige acquired the company “Horwood” for brand expansion in Europe region. In FY17, TTK Prestige acquired Horwood which includes brands such as ‘Horwood’, ‘Stellar’ and ‘Judge’.

(v) Premium Product segment

In June 2020, TTK Prestige further introduced a new store format called “Prestige Lifestyle”, in the city of Bangalore. The store includes new range of chimneys, built-in appliances like ovens, countertop dishwasher, countertop grain grinder & more exclusive products not available at company's regular stores.

The company shall also go for expanding the lifestyle stores from next financial year.

(vi) Appliances Segment

TTK Prestige target is to double the revenue over next 4-5 years. The same may get delayed some where on account of situation of pandemic. The appliances segment is expected to grow double digit to achieve the target.

The growth is expected from new products in all core categories within appliances. These include gas stoves, mixer grinders, small appliances, which are convenience appliances, rice cookers and chimneys.

The cookers segment is fully penetrated & shall have single digit growth ahead. Thus, the company secured benefit of diversification with applications segment.


  • Rural region sales: The rural sales affected because of rural stress as well as non-availability of credit from micro-finance channels on account of NBFC crisis.
  • The growth is expected from e-commerce & online channel as well exports (when deliveries get normalized post COVID-19 factors)
  • Management aim of doubling the revenue over 5 years shall be broadly based on double digit growth in appliances segment with new product launches. Also, new product launches across core segments shall also facilitate maintaining market position.
  • On the capex front, the management indicated they would be incurring a capex of Rs 50-75 crore to complete past projects.

The demand of consumer goods industry is low on account of pandemic & resultant lockdowns. Thus, the same shall impact revenue & earning of the players.

(J) Management Discussion & Concall

  • Sharp surge in commodity prices impacts cost of production, but the company has taken necessary price hikes by ~10% in most segments in FY22.
  • Company introduced around 150 new SKUs covering Pressure Cookers, Induction Cook tops, Mixer Grinders, Rice Cookers, Gas Stoves and other Small Electric/Non-Electric Appliances and Cleaning Solutions.
  • Judge brand as a tactical brand is progressing well and contributed around 33 Crores to Sales (PY 23 crores)
  • The share of organized market across products (cooker, cookware, gas stoves) is 30-50%.
  • Steel cookers are growing the fastest compared to aluminum cookers. However, aluminum cookers are still the largest selling products.
  • 85% of pressure cookers and ~15% of gas stoves are now sold under the Swacch platform.
  • The company has improved its market share from no.6 in mixers to no.3 in mixers now. It plans to reach no.2 position.
  • The company has guided for revenue of Rs 5,000 Cr by FY25. It includes inorganic growth of Rs 1,000 Cr.
  • It has almost 700 SKUs in pressure cooker now. The company also runs exchange programs annually.
  • Company’s significant revenues (more than 5%) are derived from sales to three customers last year it was from 2 customers.


TTK Prestige has announced acquisition of 51% equity stake in Ultrafresh, an end-to-end modular kitchen solutions provider. Company has invested around Rs 20 Cr to acquire 40% stake and would infuse around another Rs 10 Cr to acquire majority 51% stake.

(K) Strengths & Weaknesses


(i) Robust market position in the kitchen equipment space, with sound operating capabilities

The company should be able to maintain its strong market position, driven by a wide distribution network and growing opportunities in the global market. Prestige is one of the strongest kitchen equipment brands, with a market share of around 30% in the domestic pressure cooker segment. The company is present across the entire range, which includes cookware, appliances, gas stoves, mixer-grinders, cleaning solutions, etc.

(ii) Healthy financial risk profile

The financial risk profile should remain stable over the medium term, backed by healthy cash accrual, a comfortable capital structure, nil outstanding debt (on a standalone basis), and robust debt protection metrics.


(i) Exposure to intense competition

Company has a healthy market share in the domestic pressure cooker segment. In the inner-lid category, the company competes with established players such as Hawkins Cookers Ltd, which also holds a significant share of the pie. The multi-chain, large-format stores have further launched their own brands, in order to target customers looking for all products under one roof. Though the company is gradually increasing its market presence in the electric appliances segment by introducing new designs and products every year, it continues to faces competition from various regional players.

(ii) Susceptibility to volatility in raw material prices and currency rates

Operating margin remains susceptible to volatility in prices of key raw materials (steel and aluminum) and adverse movements in forex rates. Additionally, any change in regulatory policies on imports could affect the cost structure. The company has been successful in transferring cost hikes to end-customers in the past, but may still be partly vulnerable to any adverse movement in input cost.

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References:  Annual Reports, News Publications, Investor Presentations, Corporate Announcements, Management Discussions, Analyst Meets & Management Interviews, Industry's Publications. 

Disclaimer: The report only represents personal opinions and views of the author. No part of the report should be considered as recommendation for buying/selling any stock. Thus, the report & references mentioned are only for the information of the readers about the industry stated.

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