Titan Securities is a lean investment office disguised as a finance company - it runs a proprietary stock-trading book and holds two large, long-term stakes in biotech manufacturers, all from a Delhi office with just two employees and no debt. Incorporated in 1993 and listed on the BSE since 1995, the company has spent three decades refining a single, recurring approach: use its own capital to back businesses it knows intimately, often those connected to its own group, and keep the structure so simple that risk is visible at a glance. That approach explains everything that follows - a trading desk that lives on market cycles, a pair of associate investments that pay dividends, and a tiny lending book that puts surplus cash to work inside the group. # Business segments Three engines, all running on the company's own balance sheet - a stock-trading operation that turns over inventory for gains, two biotech associate stakes that sit quietly and pay dividends, and a small related-party loan book that earns interest on the side. ## 1. Proprietary trading in shares: the daily profit engine **The company buys and sells shares as stock-in-trade, holding an inventory of securities and booking gains when markets move - this is where nearly all the action happens.** - **Inventory, not a punt** - shares are held as stock-in-trade and valued at the lower of cost or net realisable value, so the company carries a disciplined, markdown-ready book rather than an open-ended bet. - **The balance-sheet muscle** - with a capital-to-risk-weighted-assets ratio of 72.58% and zero debt, the company can sit through market downturns without a lender forcing it to sell at the wrong time. - **Revenue from the sale of products** - the trading desk generates income by selling shares from its inventory, making it one of the three operating revenue streams alongside interest and dividends. ## 2. Strategic associate stakes: the quiet compounders **The company owns roughly one-third of two biotech manufacturers - Titan Biotech and Peptech Biosciences - and collects dividends while those businesses grow.** - **Dividends, not just appreciation** - these holdings generate dividend income that lands directly in operating revenue, giving the company a cash return even when it does not sell a single share. - **No control, just influence** - the company has no subsidiaries and no joint ventures, so these are pure portfolio positions with board-level access rather than operating businesses it has to run. ## 3. Related-party lending: the surplus-cash sweeper **When the company has cash that is not needed for trading or new investments, it lends it out unsecured to group entities and earns interest - small, safe, and entirely inside the circle.** - **Loans to people it knows** - the lending book consists of unsecured loans to related parties including Titan Biotech, Peptech Biosciences, and Titan Agritech, so credit assessment relies on group knowledge rather than arm's-length underwriting. - **Interest income without the bank** - the company earns interest on these loans, and because it carries minimal finance costs, the spread is largely pure income with negligible funding cost to offset. - **No deposit-taking, no systemic risk** - registered as a non-deposit-taking NBFC in the RBI's base layer, the company does not accept public money and is not large enough to pose a threat to the financial system, which keeps compliance light. # Group structure and partners **The company sits at the centre of a web of Singla-family entities, with two biotech associates as the crown jewels and a cluster of private companies that borrow, lend, and transact among themselves.** - The two associates - Titan Biotech Ltd. (33.59%) and Peptech Biosciences Limited (33.87%) - are the only entities in which the company holds a significant stake, and neither is a subsidiary or joint venture. - Related-party relationships extend to over a dozen entities including Tanita Leasing & Finance, Titan Media, Titan Agritech, Connoisseur Management Services, and several LLPs and HUFs, creating a dense network for lending and borrowing transactions. - Key managerial personnel are drawn from the promoter family - Mrs. Manju Singla serves as Managing Director, while Mr. Naresh Kumar Singla and Mr. Suresh Chand Singla sit on the board, alongside a professional company secretary and chief financial officer. - The company's registrar and transfer agent is Beetal Financial & Computer Services, and it uses CDSL for e-voting, keeping shareholder-facing infrastructure outsourced and lean.