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Model Note · TIMEX GROUP INDIA LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TIMEX GROUP INDIA LTD. Discounted cash flow · base FY26
TIMEX GROUP INDIA LTD.
Value per share, this model₹218
CMP 2026-09-10₹630.00
Difference(65.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of TIMEX GROUP INDIA LTD., built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
30% a year
FY26 48.4% · 5-yr CAGR 41.5%
EBITDA margin
13.6%
FY26 13.6% · 5-yr average 8.6%
Depreciation · capex, % of revenue
0.4% · 0.2%, fading to 1.2× depreciation
FY26 0.4% · 0.2%
Working capital, % of added revenue · tax
16.8% · 26%
61 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 0.56
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(4) · ₹0 · ₹0 cr
FY26 net debt ₹(4) cr
Shares
10.10 crore
10.10 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
799
1,038
1,350
1,755
2,281
2,965
growth %
48.4
30.0
30.0
30.0
30.0
30.0
EBITDA
109
141
184
239
310
403
Depreciation
(3)
(4)
(5)
(7)
(9)
(12)
NOPAT
78
101
132
171
223
290
less capex
(2)
(2)
(4)
(6)
(9)
(14)
less working-capital build
—
(40)
(52)
(68)
(88)
(115)
Free cash flow to firm
—
63
81
104
134
172
Present value
60
69
80
93
108
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · TIMEX GROUP INDIA LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
411
PV of the terminal value (81% of EV)
1,789
Enterprise value
2,200
less net debt
4
less non-controlling interest
0
add non-operating investments
0
Equity value
2,204
÷ 10.10 crore shares
₹218
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
226
243
265
290
323
10.5%
207
222
239
260
286
11.0%
191
204
218
235
256
11.5%
178
188
200
215
231
12.0%
166
175
185
197
211
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
