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
| ₹ crore · consolidated | 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 4,44,743 | 77.5 | 28.32 | 51.7 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 62,083 | 43.3 | 9.84 | 23.4 | 21.4 | 22.1 | 33.0 | 6.5 |
| THANGAMAYIL JEWELLERY LTD | 15,910 | 40.7 | 11.24 | — | 24.8 | 30.3 | — | 5.4 |
| BLUESTONE JEWEL LFSTL LTD | 13,640 | 268.8 | 7.57 | 32.5 | 0.7 | 0.7 | — | 16.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 31 Jul 2026 · Timex Group publishes Q1 FY27 unaudited results in newspapers | compliance | minimal | — | — |
| 29 Jul 2026 · Timex Group India Q1 FY27 revenue up 30% to Rs 218 Cr, PBT up 70% | compliance | low | — | — |
| 29 Jul 2026 · Timex Group India Q1 FY27: 30% revenue growth, EBITDA up 1.6x | investor communications | medium | — | — |
| 29 Jul 2026 · Strong Q1 FY27 results, revenue up about 30 percent, PAT up about 70 percent | results | high | — | — |
| 29 Jul 2026 · Q1 FY27 revenue up about 30 percent YoY, profit jumps 71 percent | results | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| PC JEWELLER LTD | 13,342 | 13.9 | 1.63 | 16.5 | 8.7 | 8.6 | 3.5 | 27.8 |
| SKY GOLD AND DIAMONDS LTD | 12,822 | 38.2 | 10.63 | 29.1 | 23.4 | 29.8 | — | 8.2 |
| P N GADGIL JEWELLERS LTD | 8,307 | 18.6 | 4.23 | 14.1 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 7,118 | 67.7 | 4.28 | 27.7 | 5.8 | 7.0 | — | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 86.4 | 23.4 | 26 of 29 | 11% |
| P/B | 57.2 | 2.8 | 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 | 6363 | 2587 | 9 of 30 | 72% |
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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 |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.
