Timex Group India Ltd Q2FY26: From Timex to Timextra – How a Watchmaker Turned Its Ticking Into a Roaring 70% PBT Beat
1. At a Glance
It’s 2025, and your dad’s first salary watch is suddenly cooler than your Apple Watch. Timex Group India Ltd, the vintage wrist magician, just pulled off a Q2FY26 flex worthy of a Wall Street meme: Revenue up 40% YoY to ₹243.67 crore and Profit Before Tax up 70%. Not bad for a company once known for “It takes a licking and keeps on ticking.”
The market sure noticed — stock’s up 106% YoY and 34% in the last three months, trading at ₹370 (04 Nov close), with a spicy P/E of 66.6 and a ROE so wild it should come with a trigger warning — 197%.
But before you call your broker, let’s remember: this company doesn’t pay a dividend (zero yield), has a price-to-book of 31x, and recently saw its promoter sell 15% stake via OFS at ₹175, pocketing ₹3,150 crore. Talk about a timed exit.
So, what’s ticking behind this revival? A 170-year-old American icon reinventing itself through smartwatches, luxury collabs, and one very well-timed Indian makeover. Let’s crack it open.
2. Introduction – The Great Indian Time Machine
Timex Group India’s comeback story is the kind that Netflix should option. From a near-obsolete analog relic to one of India’s hottest smallcaps — the company clocked 117% profit growth (TTM) and 42% sales growth YoY, powered by post-pandemic fashion revenge and consumers rediscovering wrists that aren’t glued to screens.
Founded in 1988 as a JV, listed in 1994, Timex has been around long enough to see India move from pagers to Paytm. For decades, it was the “affordable uncle brand,” the kind of gift you got in your school farewell. Now it’s flexing across e-commerce, luxury retail, and “connected” watches, while casually throwing shade at the Fitbit crowd.
With its manufacturing facility in Baddi, Himachal Pradesh, churning out 3 million watches a year, the company’s transformation isn’t just in branding — it’s in execution. From analog to Ana-Digi to iConnect wearables, Timex is quietly bridging nostalgia and technology like a boomer who just discovered ChatGPT.
So what changed? A mix of ruthless operational discipline (12.4% OPM), slick brand portfolio management (Versace, Guess, Ted Baker, Nautica, and more), and a little corporate drama — including that promoter OFS and a few GST notices to keep things spicy.
3. Business Model – WTF Do They Even Do?
Let’s break it down: Timex India has two core engines — Watch Manufacturing & Trading, and After-Sales + IT Support Services for its global parent, Tanager Group B.V. (formerly Timex Group B.V.).
a) Watch Manufacturing & Sales: Timex makes and sells watches across all price segments:
Flagship: Timex (affordable, mass-market)
Luxury: Versace, Ferragamo, Missoni
Fashion & Lifestyle: Guess, Ted Baker, Nautica, Philipp Plein, Furla
Smart & Connected: iConnect by Timex
Its Baddi facility handles everything from quartz analogs to connected devices, blending traditional craft with new-age tech.
b) IT & Support Services: Timex India also provides tech support and shared services to other Timex Group entities worldwide — a quiet but steady income line that balances the glam side of retail.
c) Retail & Distribution Network: They aren’t just online — they’re everywhere:
d) Just Watches Acquisition (FY23): Timex acquired Just Watches, a premium retail chain and e-commerce portal. This move gave Timex direct access to customers, better control over pricing, and a fancy showroom to show off Versace instead of just your neighborhood Timex.
So yes, they make watches, sell them, fix them, and even manage backend IT for the group. Basically, the horological equivalent of “I do everything, bro.”
4. Financials Overview
Metric (₹ Cr)
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
243.67
173.8
169.0
40.0%
44.2%
EBITDA
43.0
25.0
22.0
72.0%
95.5%
PAT
30.2
17.8
15.0
69.7%
101.3%
EPS (₹)
2.99
1.76
1.45
69.9%
106.2%
Commentary: That’s not growth — that’s a quartz-powered rocket. Revenue up 40%, profit up 70%, and OPM steady at 17% — this isn’t your dad’s slow-ticking Timex anymore. The company has clearly found its rhythm between luxury, digital, and retail.
Annualised EPS = 2.99 × 4 = ₹11.96, which at ₹370/share gives a P/E of ~30.9x (vs reported 66.6 due to TTM rounding). Either way, valuations are in luxury territory — but so is the brand lineup.
