Timex Group India Ltd

TIMEXWATCH

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Market Cap

₹ 3,706 Cr

P/E

66.03

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Investment Checklist

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

EXCEPTIONAL

Profitability

HIGH MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Timex Group India Limited is primarily engaged in the manufacturing and trading of watches and related services.

In Q2 FY 2025-26, Timex achieved its best-ever revenue and profit figures, with revenue up by 40% and EBITDA by 70% year-over-year.

The company's e-commerce channel experienced high double-digit growth, signaling strong digital sales momentum alongside traditional trade channels.

Timex launched the limited-edition Timex x Superman watch, emphasizing creative collaborations to boost brand identity and consumer engagement.

Timex's Baddi facility reached a milestone by producing the highest number of watches in a single quarter, showcasing its manufacturing prowess.

Sector

Consumer Durables

Industry

Watches & Accessories

Market Cap

3,706 Cr

Volatility

Moderate Risk

P/E Ratio

66.0

Industry P/E

43.6

PEG Ratio

0.6

P/B Ratio

31.1

52W High

421.00

52W Low

146.90

Sales CAGR

28.45%

26.72%

16.39%

10Y

13.28%

Profit CAGR

50.77%

113.69%

—

10Y

—

ROE

TTM

46.98%

43.74%

37.01%

10Y

31.87%

ROCE

TTM

49.53%

34.71%

28.70%

10Y

26.67%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
HAWKINCOOK	8308.10	4,515 Cr	39.80	12.13	1.52	30.48	36.15	18.01
JCHAC	1495.95	4,038 Cr	100.28	8.46	1.01	8.44	9.14	2.32
ORIENTELEC	182.25	3,892 Cr	44.27	5.49	0.82	12.41	16.98	6.05
TIMEXWATCH	363.60	3,706 Cr	66.03	31.05	0.00	46.98	49.53	16.68
KDDL	2336.55	2,871 Cr	31.01	2.74	0.22	8.85	15.05	5.32
POKARNA	852.35	2,643 Cr	18.34	3.26	0.07	17.77	20.50	11.04
CARYSIL	915.00	2,603 Cr	32.10	4.60	0.26	14.33	16.09	7.81

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	106	126	94	92	109	174	120	135	169	244
Expenses	99	110	95	82	104	149	116	121	147	201
Operating Profit	7.32	16	-0.71	9.69	4.24	25	4.21	14	22	43
OPM %	6.89	12.74	-0.75	10.53	3.90	14.44	3.51	10.62	12.81	17.46
Other Income	0.37	0.57	0.35	1.48	0.52	0.09	0.41	0.70	0.31	0.37
Interest	1.13	1.07	0.75	0.88	0.66	0.53	1.17	1.25	1.27	1.35
Depreciation	0.89	0.90	0.88	0.91	0.85	0.84	0.82	0.79	0.81	0.87
Profit Before Tax	5.67	15	-1.99	9.38	3.25	24	2.63	13	20	41
Tax %	25.04	25.17	25.13	24.52	25.23	25.32	26.24	29.14	26.17	25.71
Net Profit	4.25	11	-1.49	7.08	2.43	18	1.94	9.24	15	30
EPS in Rs	0.42	0.91	-0.15	0.69	0.24	1.70	0.07	0.79	1.33	2.87

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	200	209	242	252	141	264	383	419	538	598
Expenses	199	197	230	248	144	257	345	387	490	533
Operating Profit	1.80	13	11	3.58	-3.59	7.61	38	32	48	65
OPM %	0.90	6.04	4.66	1.42	-2.55	2.88	9.98	7.73	8.91	10.92
Other Income	0.14	0.75	0.27	0.39	1.21	1.08	0.33	2.77	1.72	1.51
Interest	2.77	2.10	1.58	2.80	2.19	1.90	5.32	3.83	3.61	4.22
Depreciation	2.07	1.67	1.60	2.97	3.54	3.57	3.60	3.58	3.30	3.26
Profit Before Tax	-3.27	7.52	8.35	-1.80	-8.11	3.22	30	28	43	59
Tax %	0.00	0.00	10.66	0.00	1.23	0.00	-56.79	24.93	26.54	26.49
Net Profit	-3.27	7.52	7.46	-1.80	-8.01	3.22	47	21	31	44
EPS in Rs	-0.90	0.11	0.51	-0.60	-1.23	-0.39	3.90	1.87	2.80	5.06
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	10	10	10	10	10	10	10	10	10	10
Reserves	-75	-2.12	5.18	12	11	2.45	5.47	50	71	74
Borrowings	76	25	28	27	33	15	35	36	12	42
Other Liabilities	118	64	78	73	89	78	80	98	108	126
Total Liabilities	129	97	121	122	143	106	130	194	201	252
Fixed Assets	12	8.44	7.30	8.37	23	20	17	17	15	12
CWIP	0.00	0.00	0.05	0.00	0.00	0.00	0.00	0.16	0.00	0.06
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	117	88	114	113	120	86	113	178	186	240
Total Assets	129	97	121	122	143	106	130	194	201	252

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-1.42	-23	-0.75	6.41	9.50	22	-18	9.83	32	-3.15
Cash from Investing Activity	-2.07	-0.80	-0.34	-4.45	-1.48	-0.17	-1.03	-1.34	-1.33	-0.37
Cash from Financing Activity	3.21	24	0.24	-3.02	-10	-21	18	-7.55	-28	-0.39
Net Cash Flow	-0.28	-0.11	-0.85	-1.06	-1.99	1.14	-0.97	0.94	2.63	-3.91

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	59.93%	59.93%
FIIs	0.02%	0.37%	0.37%	0.37%	0.76%	0.76%	0.47%	0.21%	0.10%	0.10%	1.09%	1.60%
DIIs	0.01%	0.01%	0.01%	0.01%	0.01%	0.15%	0.16%	0.01%	0.01%	0.01%	0.15%	0.48%
Public	25.04%	24.69%	24.69%	24.69%	24.29%	24.15%	24.44%	24.84%	24.95%	24.95%	38.82%	37.98%
Total Shareholders	42,967	42,369	42,947	42,859	42,524	42,645	43,407	43,402	45,011	44,398	47,812	50,288

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jul 04, 2025	Timex group luxury watches b.v	Insider - Promoter	Disposal	208.09	283.58 Cr	1,36,28,250	13.4
Jul 04, 2025	Timex group luxury watches b.v	Insider - Promoter	Disposal	209.76	31.76 Cr	15,14,250	1.49
Jul 01, 2025	Setu securities private limited	Bulk	Sell	219.70	14.79 Cr	6,73,291	0.66
Jul 01, 2025	Share india securities limited	Bulk	Buy	215.73	12.49 Cr	5,78,881	0.57
Jul 01, 2025	Devi traders llp	Bulk	Sell	216.01	13.89 Cr	6,43,008	0.63
Jul 01, 2025	Setu securities private limited	Bulk	Buy	221.93	3.33 Cr	1,50,000	0.14
Jul 01, 2025	Ishaan tradefin llp	Bulk	Sell	218.67	10.70 Cr	4,89,416	0.48
Jul 01, 2025	Share india securities limited	Bulk	Sell	217.01	10.88 Cr	5,01,380	0.49
Jul 01, 2025	Devi traders llp	Bulk	Buy	223.11	1.58 Cr	71,008	0.07
Jul 01, 2025	Ishaan tradefin llp	Bulk	Buy	216.25	12.21 Cr	5,64,416	0.55

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Change in Directors

4 days ago

Change in Senior Management

Mr. Varun Malik resigns as General Manager-Marketing, effective December 11, 2025, for personal reasons and to pursue other professional opportunities.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Showing 1 - 8 of 29

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	106	126	94	92	109	174	120	135	169	244
Expenses	99	110	95	82	104	149	116	121	147	201
Operating Profit	7.32	16	-0.71	9.69	4.24	25	4.21	14	22	43
OPM %	6.89	12.74	-0.75	10.53	3.90	14.44	3.51	10.62	12.81	17.46
Other Income	0.37	0.57	0.35	1.48	0.52	0.09	0.41	0.70	0.31	0.37
Interest	1.13	1.07	0.75	0.88	0.66	0.53	1.17	1.25	1.27	1.35
Depreciation	0.89	0.90	0.88	0.91	0.85	0.84	0.82	0.79	0.81	0.87
Profit Before Tax	5.67	15	-1.99	9.38	3.25	24	2.63	13	20	41
Tax %	25.04	25.17	25.13	24.52	25.23	25.32	26.24	29.14	26.17	25.71
Net Profit	4.25	11	-1.49	7.08	2.43	18	1.94	9.24	15	30
EPS in Rs	0.42	0.91	-0.15	0.69	0.24	1.70	0.07	0.79	1.33	2.87

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	200	209	242	252	141	264	383	419	538	598
Expenses	199	197	230	248	144	257	345	387	490	533
Operating Profit	1.80	13	11	3.58	-3.59	7.61	38	32	48	65
OPM %	0.90	6.04	4.66	1.42	-2.55	2.88	9.98	7.73	8.91	10.92
Other Income	0.14	0.75	0.27	0.39	1.21	1.08	0.33	2.77	1.72	1.51
Interest	2.77	2.10	1.58	2.80	2.19	1.90	5.32	3.83	3.61	4.22
Depreciation	2.07	1.67	1.60	2.97	3.54	3.57	3.60	3.58	3.30	3.26
Profit Before Tax	-3.27	7.52	8.35	-1.80	-8.11	3.22	30	28	43	59
Tax %	0.00	0.00	10.66	0.00	1.23	0.00	-56.79	24.93	26.54	26.49
Net Profit	-3.27	7.52	7.46	-1.80	-8.01	3.22	47	21	31	44
EPS in Rs	-0.90	0.11	0.51	-0.60	-1.23	-0.39	3.90	1.87	2.80	5.06
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	10	10	10	10	10	10	10	10	10	10
Reserves	-75	-2.12	5.18	12	11	2.45	5.47	50	71	74
Borrowings	76	25	28	27	33	15	35	36	12	42
Other Liabilities	118	64	78	73	89	78	80	98	108	126
Total Liabilities	129	97	121	122	143	106	130	194	201	252
Fixed Assets	12	8.44	7.30	8.37	23	20	17	17	15	12
CWIP	0.00	0.00	0.05	0.00	0.00	0.00	0.00	0.16	0.00	0.06
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	117	88	114	113	120	86	113	178	186	240
Total Assets	129	97	121	122	143	106	130	194	201	252

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-1.42	-23	-0.75	6.41	9.50	22	-18	9.83	32	-3.15
Cash from Investing Activity	-2.07	-0.80	-0.34	-4.45	-1.48	-0.17	-1.03	-1.34	-1.33	-0.37
Cash from Financing Activity	3.21	24	0.24	-3.02	-10	-21	18	-7.55	-28	-0.39
Net Cash Flow	-0.28	-0.11	-0.85	-1.06	-1.99	1.14	-0.97	0.94	2.63	-3.91

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Timex Group India Limited is primarily engaged in the manufacturing and trading of watches and related services.

In Q2 FY 2025-26, Timex achieved its best-ever revenue and profit figures, with revenue up by 40% and EBITDA by 70% year-over-year.

The company's e-commerce channel experienced high double-digit growth, signaling strong digital sales momentum alongside traditional trade channels.

Timex launched the limited-edition Timex x Superman watch, emphasizing creative collaborations to boost brand identity and consumer engagement.

Timex's Baddi facility reached a milestone by producing the highest number of watches in a single quarter, showcasing its manufacturing prowess.

Sector

Consumer Durables

Industry

Watches & Accessories

Market Cap

3,706 Cr

Volatility

Moderate Risk

P/E Ratio

66.0

Industry P/E

43.6

PEG Ratio

0.6

P/B Ratio

31.1

52W High

421.00

52W Low

146.90

Sales CAGR

28.45%

26.72%

16.39%

10Y

13.28%

Profit CAGR

50.77%

113.69%

—

10Y

—

ROE

TTM

46.98%

43.74%

37.01%

10Y

31.87%

ROCE

TTM

49.53%

34.71%

28.70%

10Y

26.67%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
HAWKINCOOK	8308.10	4,515 Cr	39.80	12.13	1.52	30.48	36.15	18.01
JCHAC	1495.95	4,038 Cr	100.28	8.46	1.01	8.44	9.14	2.32
ORIENTELEC	182.25	3,892 Cr	44.27	5.49	0.82	12.41	16.98	6.05
TIMEXWATCH	363.60	3,706 Cr	66.03	31.05	0.00	46.98	49.53	16.68
KDDL	2336.55	2,871 Cr	31.01	2.74	0.22	8.85	15.05	5.32
POKARNA	852.35	2,643 Cr	18.34	3.26	0.07	17.77	20.50	11.04
CARYSIL	915.00	2,603 Cr	32.10	4.60	0.26	14.33	16.09	7.81