Timex Group India Ltd Q3 FY26 — ₹151 Cr Quarterly Revenue, 164% PAT Jump & a ₹3,000 Cr Valuation Wearing a ₹12 Book Value Watch

1. At a Glance

Timex Group India Ltd is currently that stock which looks like it just ran a marathon but is still wearing a tuxedo. Market cap around ₹3,089 Cr, stock price hovering near ₹306, and a P/E of 52x — all this for a company selling watches that most Indians first bought during board exams or first salaries. Yet here we are.

Q3 FY26 numbers? Revenue ₹151 Cr (+26% YoY), PAT ₹5.13 Cr (+164% YoY). ROE looks like it drank Red Bull — 197%, while ROCE is a respectable 42.6%. Debt is practically non-existent at ₹12.6 Cr, but book value is just ₹11.8, which makes the 25.9x P/B feel like buying a ₹500 roadside watch for ₹13,000 because it says “Swiss Design”.

Promoters just sold 8.93% stake via OFS, bringing holding down to 51%, which adds spice. Stock is up ~70% YoY, but down 17% in 3 months, so momentum traders are confused and long-term investors are sharpening Excel sheets.

Bottom line: this is no longer a sleepy watch assembler. It’s a lifestyle, retail, and distribution play pretending to be a manufacturing company. Curious already?

2. Introduction

Timex is that rare Indian listed company whose brand recall is stronger than its balance sheet history. For nearly two decades, it struggled — losses, negative reserves, awkward cash flows, and the occasional “why is this even listed?” moment.

Then something changed.

From FY22 onwards, revenue started accelerating, margins stopped embarrassing management, and suddenly Timex India discovered something revolutionary: operating leverage + retail expansion + premiumisation. Add e-commerce, Just Watches acquisition, and luxury brand licensing, and voilà — the market woke up.

But don’t get carried away. This is still a company with:

• Thin net margins (~6%)
• Heavy royalty & advertising costs
• And a valuation that assumes