NSE: TIMEX · BSE: 500414
TIMEX GROUP INDIA LTD.
Designs, manufactures and sells watches in India under brands including Timex, Guess and Aston Martin, with watches accounting for 98% of FY26 revenue of Rs 798.59 crore. In-house manufacturing covers about 66.5% of operations, with the balance sourced from external vendors; exports are minimal at 1.7% of revenue. Distribution runs mainly through 371 dealers that deliver 84.5% of sales, while e-commerce (up 67% YoY in Q1 FY27) and the trade channel (up 51%) are the fastest-growing routes to market. The business employs around 600 people. Brand-level momentum in Q1 FY27 was led by the core Timex brand (up 42%) and Guess (up 74%), with Aston Martin the fastest-growing label and a new premium franchise, Timex Signio for men, recently launched. Materials, namely watch components and movements, are the largest cost at 36.9% of revenue, followed by other operating expenses at 21.2% and employee costs at 7.7%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Watches (98%). Brand-driven consumer durables watch business with a licensed portfolio across price points
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 264 | 383 | 419 | 538 | 799 |
| EBITDA (ex other income) | 8 | 38 | 32 | 48 | 109 |
| margin % | 2.9 | 10.0 | 7.7 | 8.9 | 13.6 |
| Owners' profit | 3 | 47 | 21 | 31 | 75 |
| EPS, as reported (₹) | (0.39) | 3.90 | 1.36 | 2.62 | 7.30 |
| ROE % · ROCE % | 20.7 · 14.9 | 76.9 · 40.7 | 25.6 · 29.6 | 37.4 · 35.0 | 67.8 · 65.2 |
| Debt / equity (x) | 1.53 | 0.41 | 0.02 | 0.40 | 0.27 |
| Cash from operations | (18) | 10 | 32 | (3) | 91 |
| Capex | (1) | (1) | (2) | (1) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 109 | 174 | 120 | 135 | 169 | 244 | 151 | 235 |
| Profit before tax | 3 | 24 | 3 | 13 | 20 | 41 | 5 | 37 |
| Net profit | 2 | 18 | 2 | 9 | 15 | 30 | 3 | 27 |
| EPS (₹) | 0.06 | 1.70 | 0.07 | 0.79 | 1.33 | 2.87 | 0.19 | 2.90 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,249 | 67.5 | 24.66 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 52,825 | 36.8 | 8.37 | 20.0 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 15,284 | 15.9 | 1.87 | 18.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,531 | 37.2 | 10.26 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 13,784 | 41.0 | 11.43 | 31.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,095 | 218.6 | 6.15 | 26.7 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,763 | 17.4 | 3.95 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,569 | 62.5 | 3.95 | 25.5 | 5.8 | 7.0 | — | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 86.3 | 23.8 | 26 of 29 | 11% |
| P/B | 57.1 | 2.7 | 28 of 28 | 0% |
| ROCE | 61.8 | 16.7 | 1 of 28 | 100% |
| ROE | 67.8 | 14.6 | 1 of 28 | 100% |
| Debt / Equity | 0.3 | 0.3 | 13 of 28 | 56% |
| EBITDA margin | 16.5 | 10.7 | 10 of 30 | 69% |
| Revenue growth | 73.7 | 45.7 | 4 of 25 | 88% |
| Profit growth | 195.9 | 49.8 | 2 of 25 | 96% |
| Market cap | 6358 | 2932 | 9 of 30 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Earnings call scheduled for November 4, 2026 | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Timex India files quarterly RTA certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results board meet on Nov 3 | results | low | — | — |
| 28 Sept 2026 · Timex Group India Board to consider Q2 and H1 FY26 results on Nov 3 | results | low | — | — |
| 18 Sept 2026 · Timex Group India: GST proceedings dropped, no further action required | regulatory legal | high | — | — |
| 29 Aug 2026 · GST proceedings dropped against Timex Group India, no further action required | regulatory legal | medium | — | — |
| 20 Aug 2026 · 38th AGM proceedings and voting results - all 4 resolutions passed | board shareholder meetings | low | — | — |
| 20 Aug 2026 · 38th AGM concluded; all 4 resolutions passed with requisite majority | board shareholder meetings | medium | — | — |
| 20 Aug 2026 · Timex Group India 38th AGM: All 4 resolutions passed | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Timex Group India to hold one-on-one call with Hill Fort Capital on Sept 16 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.