Timex Group India Rs 260
After years of going largely unnoticed — both in terms of business performance and stock price — Timex Group India seems to have found a new gear. A combination of strategic reorientation, new brand partnerships, and aggressive retail expansion has sparked a meaningful turnaround for this watchmaker.
Brand Strategy – From Just Timex to Much More.
In the mass-market segment, it continues with its homegrown labels like TMX, Helix, and the flagship Timex brand.
In the premium space, it markets global names like Guess, Nautica, Furla, Adidas, and Ted Baker through licensing arrangements.
It has also stepped into the luxury zone with Versace, Salvatore Ferragamo, and Teslar.
On top of this, Timex is now an OEM manufacturer for Flipkart’s in-house brand — a new revenue stream entirely.
And it’s not stopping at watches — the company has launched Guess jewellery, a logical brand extension that could ride on the lifestyle fashion wave among urban consumers.
Financials – The Revival is Real
The numbers are finally matching the ambition.
FY25 revenues jumped 23% to ₹540 crore, with EBITDA up 41% and PAT rising 51% to ₹31.4 crore. EPS came in at ₹3.
Q1 FY26 was even stronger — revenue up 55%, EBITDA up 4.6x, and PAT up 6x — signaling that this isn’t a one-quarter blip.
At the current market price of ~₹260, Timex trades at one year forward P/E of 65, assuming FY26 EPS to be ~₹4 EPS.
Valuation Stretch – Can Growth Justify It?
Admittedly, the valuation is rich. For a consumer-discretionary brand-led business like Timex, premium valuations are justifiable only if the company can maintain high growth rates — and that’s the key variable to track.
Encouragingly, in a recent interview with Business Standard (Aug 4, 2025), management expressed confidence in sustaining 25%+ growth over the next 3–5 years. That would go a long way toward justifying the current price multiple.
Promoter Move – A Yellow Flag?
In June 2025, Timex Inc (the US parent) sold a 15% stake at ₹175 — a discount to CMP. While this raises eyebrows, it’s worth noting that even after the sale, Timex Inc remains the majority shareholder. This could simply be a portfolio rejig or capital unlocking by the parent, though it does create an overhang in the short term.
The Big Picture
Watches are back in fashion — not just as utility devices but as fashion statements and lifestyle accessories. Urban consumers are upgrading, and brands matter again. Timex’s diverse portfolio across price points positions it well to benefit.
Plus, the move into jewellery and contract manufacturing shows strategic agility — a key ingredient for sustained outperformance.
Timex Group India is in the middle of an exciting transformation. With a sharpened strategy, stronger brand portfolio, a high-growth guidance, and a cleaner balance sheet, the company is ticking in the right direction.
Verdict
At ~₹2,600 crore market cap, this could still be early innings of a long-term rerating — but it’s a growth story priced for perfection, and hence, best suited for investors comfortable with high-growth, high-valuation bets. Execution consistency, promoter stake sale overhang and sustenance of growth above 20% remain the key metrics to watch.