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 croreandProfit 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 up106% YoYand34% in the last three months, trading at ₹370 (04 Nov close), with a spicyP/E of 66.6and 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 aprice-to-book of 31x, and recently saw itspromoter 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 clocked117% profit growth (TTM)and42% sales growth YoY, powered by post-pandemic fashion revenge and consumers rediscovering wrists that aren’t glued to screens.
Founded in1988 as a JV, listed in1994, 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 itsmanufacturing facility in Baddi, Himachal Pradesh, churning out3 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 thatpromoter OFSand a fewGST noticesto 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, andAfter-Sales + IT Support Servicesfor 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
ItsBaddi facilityhandles everything from quartz analogs to connected devices, blending traditional craft with new-age tech.
b) IT & Support Services:Timex India also providestech supportandshared servicesto 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:
- 5,526 Multi-brand outlets
- 362 Large format stores
- 510 Defence Canteen outlets
- 149 Luxury retail stores
- E-commerce: Flipkart, Amazon, Myntra, Tata Cliq, Nykaa, AJIO
d) Just Watches Acquisition (FY23):Timex acquiredJust 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 at17%— 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 aP/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.
5.Valuation Discussion – Fair Value Range Only
Let’s crunch like CFOs on caffeine.
(a) P/E Method:Industry P/E: 31.2Timex EPS (annualised): ₹11.96👉 Fair Value = 31.2 × 11.96 =₹373–₹390 range
(b) EV/EBITDA Method:EV/EBITDA Industry Avg ≈ 20xTimex FY25 EBITDA = ₹83 Cr (TTM)Net Debt = ₹12.6 CrEV = ₹3,736 Cr → EV/EBITDA = 45x (currently expensive)To align with peers (20x), implied EV = ₹1,660 Cr →Fair Value ≈ ₹165–₹180/share
(c) Simplified DCF (Educative Estimate):Assume 20% CAGR in FCF over 5 years (given 117% profit growth TTM) and 12% discount rate → Range:₹350–₹420/share
📊Educational Fair Value Range: ₹180 – ₹420/shareDisclaimer:This range is foreducational purposes onlyand is not investment advice.
6.What’s Cooking – News, Triggers, Drama
There’s enough masala here to fill a full season of “Shark Tank: Corporate Edition.”
- Q2FY26 Result (Nov 2025):Revenue up 40%, PBT up 70%, Interim Preference Dividend ₹12.71 crore. Translation: profits ringing louder than the chime on your Timex Expedition.
- Promoter OFS (June 2025):Timex Group Luxury Watches B.V. sold 15% stake via OFS at ₹175/share, dropping promoter holding from74.93% to 59.93%. The market cried, “Overhang!” before watching the stockdouble to ₹370. That’s corporate irony 101.
- Tax Notices:From GST discrepancies
