01 — At a Glance
The Watch That Learned to Run.
- 52-Week High / Low₹421 / ₹149
- Q3 FY26 Revenue₹150.78 Cr
- Q3 FY26 PAT₹3.20 Cr
- TTM EPS₹5.68
- Q3 Standalone EPS₹0.32
- Book Value / Share₹11.8
- Price to Book23.7x
- Debt / Equity0.11x
- ROCE42.6%
- Stock Return (3-Yr)+30.3%
Flash Summary: Timex Group just delivered Q3 FY26 revenue of ₹150.78 crores (+26% YoY), with PAT at ₹3.20 crores. Stock is at ₹280, returned -19.6% in 3 months, trades at 47.7x P/E, and has the most insane 197% ROE you’ve ever seen in a watch company. The promoter just sold 23% stake in an Offer for Sale in Dec 2025. Either the best deal in the market, or a flashing red light. Maybe both.
02 — Introduction
A Watch Brand That Decided to Become a Tech Company Overnight
Let’s talk about Timex. Not the Casio you see at every railway station in Mumbai. Not the “₹3,000 watch from the mall kiosk” kind of brand. We’re talking about the Timex — the one founded in 1854 in Connecticut, the one that’s been making watches longer than India has had a stock market.
Timex Group India came to India in 1988 as a joint venture with Titan, ended that in 2000, and then quietly went about being a subsidiary of its global parent. For 20 years, it was invisible. Trading on the BSE at prices that made investors weep. Then something happened. Q1 FY26, Q2 FY26, Q3 FY26 — suddenly, the company started printing money like it discovered oil in Baddi, Himachal Pradesh (spoiler: the oil is watches).
The Q3 story has two parts. First: the numbers went absolutely ballistic. Revenue up 26%, EBITDA up 122%, profit before tax up 182%. The management came on the call and explained it like they’d just figured out how to sell watches by posting them on Instagram. Second: the promoter, Timex Group Luxury Watches B.V., decided to sell 8.93% stake in December 2025 via an Offer for Sale. Raised ₹2,940 crores. Then held a board meeting in March 2026 and declared a preference dividend because apparently regular dividends are for normies.
Investor Presentation Deep Dive (Feb 3, 2026): Management highlighted Timex Atelier (Swiss-made luxury collection) and Aston Martin watches as the new growth drivers. The Atelier Marine M1A got coverage from Hodinkee, HYPEBEAST, and every watch enthusiast site in existence. Media impressions: 581 million. Ad value: $1.1 million. This is not a watch company reporting numbers. This is a luxury brand using watches as the vehicle.
03 — Business Model: WTF Do They Even Do?
They Make Watches. Also Jewelry. Also Vibes. Mostly Vibes.
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