Timex Group India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2017 • Watches: 99.3% • Others: 0.7%
AI Sector View
AI GENERATEDConsumer Durables
Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 115.4%
- Company has a healthy return on capital (ROCE) of 55.7%
- Latest quarter profit grew 70.6% YoY, showing strong momentum
- Company has delivered good sales growth of 41.5% CAGR over last 5 years
- Operating margins have improved to 12.4% from 8.9%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.94x)
CONS
- Promoter holding has decreased over last 2 years: -23.9pp
- Stock is trading at 32.8x its book value
- Though reporting repeated profits, the company pays out little dividend (0.0%)
- Expensive relative to growth - PEG of 4.2
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TIMEX | 624.20 | 73.45 | 6301.30 | 0.00 | 25.02 | 70.55 | 218.90 | 29.57 | 83.18 | 16.09 |
| KDDL | 3924.65 | 49.74 | 4827.04 | 0.59 | 44.75 | 50.67 | 633.80 | 36.30 | 21.91 | 15.03 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 106 | 126 | 94 | 92 | 109 | 174 | 120 | 135 | 169 | 244 | 151 | 235 | 219 | |
| 99 | 110 | 95 | 82 | 104 | 149 | 116 | 121 | 147 | 201 | 141 | 195 | 186 | |
| Operating Profit | 7 | 16 | -1 | 10 | 4 | 25 | 4 | 14 | 22 | 43 | 10 | 40 | 33 |
| OPM % | 6.89% | 12.74% | -0.75% | 10.53% | 3.90% | 14.44% | 3.51% | 10.62% | 12.81% | 17.46% | 6.33% | 17.16% | 15.18% |
| 0 | 1 | 0 | 1 | 1 | 0 | 0 | 1 | 0 | 0 | -2 | -1 | 1 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 6 | 15 | -2 | 9 | 3 | 24 | 3 | 13 | 20 | 41 | 5 | 37 | 34 |
| Tax % | 25.04% | 25.17% | 25.13% | 24.52% | 25.23% | 25.32% | 26.24% | 29.14% | 26.17% | 25.71% | 33.33% | 25.26% | 25.93% |
| Net Profit | 4 | 11 | -1 | 7 | 2 | 18 | 2 | 9 | 15 | 30 | 3 | 27 | 25 |
| 0.24 | 0.91 | -0.15 | 0.35 | 0.06 | 1.70 | 0.07 | 0.79 | 1.33 | 2.87 | 0.19 | 2.90 | 2.44 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 200 | 207 | 242 | 252 | 141 | 264 | 383 | 419 | 538 | 799 | 849 | |
| 199 | 197 | 230 | 248 | 144 | 256 | 345 | 386 | 490 | 684 | 723 | |
| Operating Profit | 2 | 11 | 11 | 4 | -4 | 8 | 38 | 32 | 48 | 114 | 126 |
| OPM % | 0.77% | 5.12% | 4.68% | 1.44% | -2.52% | 3.06% | 9.99% | 7.75% | 8.93% | 14.30% | 14.81% |
| 0 | 1 | 0 | 0 | 1 | 1 | 0 | 3 | 2 | -3 | -3 | |
| Interest | 3 | 2 | 2 | 3 | 2 | 2 | 5 | 4 | 4 | 6 | 5 |
| Depreciation | 2 | 2 | 2 | 3 | 4 | 4 | 4 | 4 | 3 | 3 | 4 |
| Profit before Tax | -3 | 8 | 8 | -2 | -8 | 3 | 30 | 28 | 43 | 102 | 116 |
| Tax % | -0.00% | 0.00% | 10.66% | -0.00% | 1.23% | 0.00% | -56.79% | 24.93% | 26.54% | 26.00% | 25.95% |
| Net Profit | -3 | 8 | 7 | -2 | -8 | 3 | 47 | 21 | 31 | 75 | 86 |
| EPS | -0.99 | 0.75 | -0.11 | -1.03 | -1.64 | -0.39 | 3.90 | 2.06 | 3.11 | 4.96 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 17%
- 5 Years:
- 41%
- 3 Years:
- 28%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 17%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 35%
- 5 Years:
- 69%
- 3 Years:
- 115%
- Last Year:
- 150%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | |
| -78 | -71 | -64 | -66 | -74 | -71 | -24 | -3 | 15 | 65 | |
| 25 | 28 | 27 | 32 | 14 | 34 | 34 | 10 | 41 | 36 | |
| Trade Payables | 51 | 67 | 53 | 66 | 58 | 56 | 66 | 69 | 73 | 121 |
| 89 | 87 | 95 | 100 | 98 | 101 | 91 | 106 | 105 | 95 | |
| Total Liabilities | 97 | 121 | 122 | 143 | 106 | 130 | 177 | 191 | 244 | 328 |
| 8 | 7 | 8 | 23 | 20 | 17 | 17 | 15 | 12 | 11 | |
| 37 | 45 | 45 | 43 | 33 | 54 | 96 | 106 | 151 | 197 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51 | 55 | 58 | |
| Cash & Bank | 4 | 3 | 2 | 0 | 1 | 0 | 1 | 4 | 0 | 34 |
| 47 | 66 | 66 | 77 | 51 | 59 | 64 | 15 | 26 | 27 | |
| Total Assets | 97 | 121 | 122 | 143 | 106 | 130 | 177 | 191 | 244 | 328 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -23 | -1 | 6 | 10 | 22 | -18 | 10 | 32 | -3 | 91 | |
| Cash from Investing | -1 | -0 | -4 | -1 | -0 | -1 | -1 | -1 | -0 | -1 |
| Cash from Financing | 24 | 0 | -3 | -10 | -21 | 18 | -8 | -28 | -0 | -56 |
| -0 | -1 | -1 | -2 | 1 | -1 | 1 | 3 | -4 | 34 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
Recent coverage and analyst commentary for TIMEX
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