Timex Group India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Timex Group India Ltd trades at ₹534, in a confirmed uptrend and 10 weeks into that stage. That is +46.3% against its own 200-day average. It sits at 89% of a 52-week range of ₹258 to ₹569. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 19 straight weeks.

Today the stock is in a confirmed uptrend — week 10 of stage 2, confirmed. At ₹534 it trades +46.3% versus its 200-day average and sits at 89% of its 52-week range (₹258–₹569).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +1,715% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 19 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 70th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Timex Group India Ltd trades at 73.7× P/E, at the pricey end of its own range (70th percentile). Its long-run median P/E is 59.0×, measured across 8.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 73.7× is at the pricey end of its own range (70th percentile), against a long-run median of 59.0× measured over 8.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +140.2% against a +138.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the +48.2%/yr price move, ~+19.4%/yr came from earnings growth and ~+28.8 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Timex Group India Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 7 quarters ago at −50.4% and has held its recovery at +141.9%, ROCE lifting at 83.0%. The read is built from 12 quarters across 4 curves, on partial evidence.

Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

81.4/100 — rank 1 of 4 in Watches · 94% evidence confidence

Timex Group India Ltd scores 81.4 out of 100 against the 4 companies it is compared with in Watches, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

The four contributions add to the total exactly: 32.7 + 18.1 + 10.6 + 20 = 81.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Timex Group India Ltd reported ₹235 Cr of revenue in the Mar 26 quarter, +74.1% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 16.5% a year. The last full year, FY26, came in at ₹799 Cr. The last four reported quarters add to ₹799 Cr.

Timex Group India Ltd reported ₹235 Cr of revenue in the Mar 26 quarter, +74.1% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 16.5% a year. The last full year, FY26, came in at ₹799 Cr. The last four reported quarters add to ₹799 Cr.

FY26 revenue came in at ₹799 Cr (+48.5% on the year), capping 10 years at 16.5% compound. The latest quarter (Mar 26) printed ₹235 Cr, +74.1% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +48.8% growth against the decade's 16.5% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +48.5% over the last 4 quarters against +38.3%/yr over the last 8 — accelerating; TTM profit +141.9% vs +89.0%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 17.0% this quarter (+6.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Timex Group India Ltd's operating margin is 17.0% in the Mar 26 quarter, +6.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged −24.0% to 14.0%. The current quarter is running above every full year in that window.

Timex Group India Ltd's operating margin is 17.0% in the Mar 26 quarter, +6.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged −24.0% to 14.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 17.0%, +6.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −24.0%–14.0%, and FY26's 14.0% is the top of that band — a record year.

Why the margin moved: operating margin went +6.5 pp year on year while gross margin went −0.3 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit +200.0% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Timex Group India Ltd earned ₹27.0 Cr of net profit in the Mar 26 quarter, +200.0% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹75.0 Cr. That is 11.5% of the quarter's revenue. The same quarter a year earlier earned ₹9.0 Cr. 1 of the last 12 reported quarters were loss-making.

Timex Group India Ltd earned ₹27.0 Cr of net profit in the Mar 26 quarter, +200.0% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹75.0 Cr. That is 11.5% of the quarter's revenue. The same quarter a year earlier earned ₹9.0 Cr. 1 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹27.0 Cr, +200.0% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹75.0 Cr (+141.9%).

Why profit moved: revenue contributed +74.1% and the margin +6.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +241.7% vs revenue +48.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 94% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 94% of Timex Group India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹91.0 Cr of operating cash against ₹75.0 Cr of profit. After ₹2.0 Cr of capital spending, ₹89.0 Cr was left as free cash.

FY26: operating cash of ₹91.0 Cr against reported profit of ₹75.0 Cr, leaving free cash of ₹89.0 Cr after ₹2.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 94% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 94%: the cash cycle stretched 103 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 88-day cycle and ₹4.0 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Timex Group India Ltd's cash conversion cycle runs 88 days in FY26, up from −15 days in FY21. Capital spending ran ₹4.0 Cr over the last 3 years. At FY26 sales of ₹799 Cr each day of that cycle holds about ₹2.2 Cr, so roughly ₹193 Cr sits inside the business at any moment.

FY26: debtors at 27 days, inventory at 158 days — roughly 5.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 88 days, looser than FY21's −15.

The full loop: cash goes out to suppliers and production on day 0; stock waits 158 days to sell; customers pay about 27 days after that; and suppliers themselves are paid at 97 days — netting out to the 88-day cycle.

In money terms: at FY26 sales of ₹799 Cr, each day of the cycle holds about ₹2.2 Cr — so the 88-day loop keeps roughly ₹193 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹4.0 Cr over the last 3 fiscal years against ₹10.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 83% and the ROIC − WACC spread is +60.5 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Timex Group India Ltd earns a ROCE of 83% in FY26. That is up from a trough of −115% in FY14. Return on invested capital clears the cost of that capital by +60.5 percentage points, so growth here adds value rather than only size. The wiring behind it is 9.4% net margin on 2.36× asset turns.

FY26 ROCE is 83%, recovered from a FY14 trough of −115% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 9.4% net margin × 2.36× asset turns × 4.51× balance-sheet leverage ≈ 100.0% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 72.5% − 12.0% = a +60.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.95.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Timex Group India Ltd carries total debt of ₹36.0 Cr against shareholder equity of ₹111 Cr as of Mar 26, a debt-to-equity of 0.32. On the annual view that ratio went from 2.19 in FY22 to 0.32 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹36.0 Cr against shareholder equity of ₹111 Cr — a debt-to-equity of 0.32. On the annual view, debt-to-equity went from 2.19 (FY22) to 0.32 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 23.9 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 23.9 points of Timex Group India Ltd over 8 quarters, the biggest move on the register. That takes promoters to 51.0% of the company. Foreign institutions moved +2.0 points over the same window, to 2.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −23.9 points over 8 quarters to 51.0%; Foreign institutions: +2.0 points over 8 quarters to 2.5%; Domestic institutions: +1.2 points over 8 quarters to 1.4%.

🚨 Why the register moved: promoters drove it (−23.9 points), absorbed on the other side by foreign institutions (+2.0 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Timex Group India Ltd: the Z-score reads 11.83. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 11.83 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 11.83.

Frequently asked questions