Timex Group India Limited posts record Rs 359 crore quarter

Timex Group India Limited posted its biggest quarter in its 35- to 36-year history in the quarter ended September 30, 2026, reporting revenue of Rs 359 crore, up 47% year on year, as e-commerce revenue rose 75% to Rs 190 crore. EBITDA reached a record Rs 66 crore, an increase of 54%.

How did Timex deliver its biggest-ever quarter?

Timex delivered its biggest-ever quarter with revenue of Rs 359 crore in the quarter ended September 30, 2026, up 47% from the year-earlier period. Management said this was the company’s largest quarter in its 35- to 36-year history. Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 54% year on year to a record Rs 66 crore.

Profit before tax, or PBT, rose 57% year on year to Rs 64 crore. The Rs 2 crore gap between reported EBITDA and PBT in the quarter was narrower than the Rs 66 crore EBITDA figure itself, while both measures rose faster than revenue. Management attributed the outcome to growth across online, trade and exclusive retail channels rather than to a single route to market.

E-commerce supplied Rs 190 crore of the Rs 359 crore total, while trade supplied Rs 85 crore. Together, those two disclosed channels accounted for Rs 275 crore during the September 2026 quarter, with the balance coming from other channels and original equipment manufacturer, or OEM, business. Management said online festive events typically occur earlier than offline demand, affecting the quarterly channel mix.

What drove Timex’s e-commerce growth?

Timex’s e-commerce revenue rose 75% year on year to Rs 190 crore in the quarter ended September 30, 2026, from Rs 108 crore a year earlier. The Rs 82 crore increase in online revenue was larger than the Rs 21 crore increase in trade revenue over the same period. Management described e-commerce as a positive outlier against total company revenue growth of 47%.

Timex operates four online sub-channels: first-party sales, third-party marketplaces, quick commerce and its own websites. Management said first-party, or buy-and-sell, operations were the largest e-commerce component and were led by Flipkart, followed by Myntra and Amazon. The company’s websites are timex.com, helix.com and justwatches.com.

Quick-commerce sales are available through the three major portals’ quick-commerce services as well as Blinkit, Swiggy Instamart and Zepto, making six services in total, according to management. However, the transcript does not disclose revenue by first-party, marketplace, quick-commerce or direct website sales. Management said second-quarter online activity tends to run ahead of the festive season, while offline business generally becomes heavier in the third quarter.

Did Timex’s trade and exclusive retail channels grow?

Timex’s trade revenue grew 34% year on year to Rs 85 crore in the September 2026 quarter, compared with Rs 64 crore a year earlier, while exclusive retail grew 48%. Although e-commerce expanded faster at 75%, the disclosed trade figures show that the established offline channel also added revenue rather than contracting. Management did not provide an absolute revenue figure for exclusive retail.

Trade is Timex’s legacy distribution channel, served through distributors and direct dealers. The company’s teams serve large chain stores directly on commercial terms, while distributors serve smaller retailers. Management said other smaller channels recorded high double-digit growth, but it did not disclose their revenue or growth rates.

Exclusive retail is smaller than e-commerce and trade but is strategic to Timex’s channel plan, management said. The company added about four stores during the September quarter, its highest store addition in the last few quarters, after a phase of stabilising the network. Its two store formats are Just Watches, which offers the wider portfolio, and Timex World, which focuses largely on Timex and lower-price fashion brands.

Management intends to open more than 200 stores over the three years from 2027 through 2029 across the two formats. It plans about 40 openings in 2027, followed by about 80 to 100 in 2028 and another 70 to 80 in 2029. The 2028 plan would make that year the largest expected phase of the rollout.

Which brands, margins and capacity plans matter next for Timex?

Timex’s Timex brand grew 67% in the September 2026 quarter and GUESS grew 57%, both exceeding the company’s 47% revenue growth. Management identified Timex, GUESS and Versace as its three strategic brands with the greatest growth potential. Aston Martin added about 14 doors during the quarter, taking its network to 100 points of sale after the brand’s November launch in the prior year.

Management estimated company-realised sales over the previous 12 months at about Rs 450 crore for Timex and about Rs 175 crore for GUESS. It said TMX, Timex’s entry-price sub-brand that has operated for about seven years, would receive greater attention from 2027, particularly in 2028 and 2029. Management intends to grow TMX by multiples rather than setting a percentage growth target.

Gross product margin fell by about 1.1 percentage points year on year in the quarter, management said. It cited inflation in watch movements, foreign-exchange pressure on imports from Japan and China, and higher copper, gold and silver prices. Timex took a price increase from April, though management said pricing also had to remain competitive.

Inventory stood at Rs 368 crore, which management said was concentrated in core styles and top sellers to reduce obsolescence risk if sales momentum slowed. The company said it normally tapers inventory at the calendar year-end before building it again around February. It also ran the Baddi factory on double shifts for a couple of months because quarterly requirements exceeded 500,000 units.

Conclusion

The September 2026 quarter combined record revenue of Rs 359 crore with growth across more than one channel. E-commerce was the largest disclosed contributor at Rs 190 crore and grew 75%, but trade also rose 34% to Rs 85 crore and exclusive retail increased 48%. EBITDA grew 54% to Rs 66 crore and PBT rose 57% to Rs 64 crore, while the Timex and GUESS brands outgrew total company revenue.

The next developments to watch are management’s expectation that the third quarter will be more offline-heavy, its planned inventory taper at the calendar year-end, and its expansion schedule. Timex has finalised plans to build another Baddi facility of equivalent size by about May 2027, which management said would increase single-shift capacity from 6 million to 12 million units, alongside plans for about 40 store openings in 2027.