# Watches — company-by-company sector analysis

> Watches: KDDL Ltd owns the largest revenue base; Foce India Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 3 of 4 covered companies currently have positive Mansfield relative strength versus NIFTY 500. KDDL Ltd leads with revenue of ₹2,154 crore, based on 4 of 4 comparable companies through Mar 2026. Foce India Ltd has the fastest current revenue growth at 81.2%, across 4 of 4 comparable companies.

### Is the Watches sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 3 of 4 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Watches company is largest by revenue?

KDDL Ltd leads with revenue of ₹2,154 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which Watches company is growing fastest?

Foce India Ltd has the fastest current revenue growth at 81.2%, across 4 of 4 comparable companies.

### Which Watches company has the strongest 4-Factor Sector Score?

Timex Group India Ltd ranks first at 81.4/100 with 94% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Watches company reports the most CAPEX?

Ethos Ltd reports the largest latest CAPEX at ₹24 crore, with 2 of 4 companies comparable.

### Which Watches company has the least gross debt?

Foce India Ltd has the lowest comparable gross debt at ₹48 crore. KDDL Ltd has the highest at ₹512 crore.

### Which Watches company has the lowest comparable PEG?

Timex Group India Ltd has the lowest comparable Guarded PEG at 1.43, among 2 of 4 companies that pass the metric’s comparability rules.

### How much history does this Watches comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Watches against NIFTY 500 is not available from the current market series. 3 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Timex Group India Ltd is the strongest against the sector itself at +26.5%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 3/4
Stocks leading sector: 3/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹17.3K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Timex Group India Ltd (TIMEX): 81/100 — Sector-leading setup; evidence 94%
   - Growth & earnings 32.7/35 | Capital efficiency 18.1/25 | Valuation 10.6/20 | Relative strength 20.0/20
   - Exact sum: 32.7 + 18.1 + 10.6 + 20 = 81.4
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Foce India Ltd (FOCE): 56/100 — Mixed-positive evidence; evidence 61%
   - Growth & earnings 18.8/35 | Capital efficiency 15.9/25 | Valuation 9.2/20 | Relative strength 12.0/20
   - Exact sum: 18.8 + 15.9 + 9.2 + 12 = 55.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. KDDL Ltd (KDDL): 52/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 13.1/35 | Capital efficiency 13.6/25 | Valuation 7.6/20 | Relative strength 18.1/20
   - Exact sum: 13.1 + 13.6 + 7.6 + 18.1 = 52.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 24.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Ethos Ltd (ETHOSLTD): 32/100 — Adverse evidence; evidence 97%
   - Growth & earnings 10.3/35 | Capital efficiency 12.5/25 | Valuation 5.6/20 | Relative strength 3.5/20
   - Exact sum: 10.3 + 12.5 + 5.6 + 3.5 = 31.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: KDDL Ltd is the scale leader at ₹2,154 crore, 33.6% ahead of Ethos Ltd. Foce India Ltd's growth is 81.2% from a ₹250 crore base, with 10 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: KDDL Ltd is the scale benchmark; Foce India Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: KDDL Ltd's growth falls below Foce India Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: KDDL Ltd · ₹2,154 crore | 33.6% versus #2 · Ethos Ltd | 8/8 recent comparable periods | 4/4 companies · 64 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. KDDL Ltd (KDDL): ₹2.2K Cr
2. Ethos Ltd (ETHOSLTD): ₹1.6K Cr
3. Timex Group India Ltd (TIMEX): ₹799 Cr
4. Foce India Ltd (FOCE): ₹250 Cr

### Revenue growth — fastest growers
1. Foce India Ltd (FOCE): 81%
2. Timex Group India Ltd (TIMEX): 49%
3. KDDL Ltd (KDDL): 31%
4. Ethos Ltd (ETHOSLTD): 29%

### 20-quarter Revenue history
- ETHOSLTD: Jun 2021 ₹89 Cr | Sep 2021 ₹134 Cr | Dec 2021 ₹195 Cr | Mar 2022 ₹159 Cr | Jun 2022 ₹174 Cr | Sep 2022 ₹178 Cr | Dec 2022 ₹230 Cr | Mar 2023 ₹208 Cr | Jun 2023 ₹230 Cr | Sep 2023 ₹235 Cr | Dec 2023 ₹281 Cr | Mar 2024 ₹253 Cr | Jun 2024 ₹273 Cr | Sep 2024 ₹297 Cr | Dec 2024 ₹370 Cr | Mar 2025 ₹311 Cr | Jun 2025 ₹346 Cr | Sep 2025 ₹383 Cr | Dec 2025 ₹469 Cr | Mar 2026 ₹414 Cr
- TIMEX: Jun 2021 ₹32 Cr | Sep 2021 ₹88 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹94 Cr | Sep 2022 ₹121 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹174 Cr | Dec 2024 ₹120 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹169 Cr | Sep 2025 ₹244 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹235 Cr
- KDDL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹313 Cr | Mar 2023 ₹299 Cr | Jun 2023 ₹332 Cr | Sep 2023 ₹340 Cr | Dec 2023 ₹372 Cr | Mar 2024 ₹348 Cr | Jun 2024 ₹360 Cr | Sep 2024 ₹396 Cr | Dec 2024 ₹472 Cr | Mar 2025 ₹420 Cr | Jun 2025 ₹465 Cr | Sep 2025 ₹517 Cr | Dec 2025 ₹597 Cr | Mar 2026 ₹575 Cr
- FOCE: Jun 2021 — | Sep 2021 ₹101 Cr | Dec 2021 — | Mar 2022 ₹86 Cr | Jun 2022 — | Sep 2022 ₹43 Cr | Dec 2022 — | Mar 2023 ₹15 Cr | Jun 2023 — | Sep 2023 ₹26 Cr | Dec 2023 — | Mar 2024 ₹54 Cr | Jun 2024 — | Sep 2024 ₹34 Cr | Dec 2024 — | Mar 2025 ₹70 Cr | Jun 2025 — | Sep 2025 ₹59 Cr | Dec 2025 — | Mar 2026 ₹87 Cr

### 20-quarter Revenue growth history
- ETHOSLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 96% | Sep 2022 33% | Dec 2022 18% | Mar 2023 31% | Jun 2023 32% | Sep 2023 32% | Dec 2023 22% | Mar 2024 22% | Jun 2024 19% | Sep 2024 26% | Dec 2024 32% | Mar 2025 23% | Jun 2025 27% | Sep 2025 29% | Dec 2025 27% | Mar 2026 33%
- TIMEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 194% | Sep 2022 38% | Dec 2022 30% | Mar 2023 5.1% | Jun 2023 13% | Sep 2023 4.1% | Dec 2023 11% | Mar 2024 11% | Jun 2024 2.8% | Sep 2024 38% | Dec 2024 28% | Mar 2025 47% | Jun 2025 55% | Sep 2025 40% | Dec 2025 26% | Mar 2026 74%
- KDDL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19% | Mar 2024 16% | Jun 2024 8.4% | Sep 2024 16% | Dec 2024 27% | Mar 2025 21% | Jun 2025 29% | Sep 2025 31% | Dec 2025 26% | Mar 2026 37%
- FOCE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -57% | Dec 2022 — | Mar 2023 -83% | Jun 2023 — | Sep 2023 -40% | Dec 2023 — | Mar 2024 260% | Jun 2024 — | Sep 2024 31% | Dec 2024 — | Mar 2025 30% | Jun 2025 — | Sep 2025 74% | Dec 2025 — | Mar 2026 24%

## Operating Economics & Margin Trend

What the numbers say: Timex Group India Ltd leads both opm at 17% and margin change at +6 percentage points.

Investor read: Timex Group India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Timex Group India Ltd · 17% | 13.3% versus #2 · KDDL Ltd | 6/8 recent comparable periods | 4/4 companies · 70 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Timex Group India Ltd (TIMEX): 17%
2. KDDL Ltd (KDDL): 15%
3. Foce India Ltd (FOCE): 14%
4. Ethos Ltd (ETHOSLTD): 12%

### Margin change — fastest expanders
1. Timex Group India Ltd (TIMEX): +6.0 pp
2. Foce India Ltd (FOCE): 0.0 pp
3. KDDL Ltd (KDDL): 0.0 pp
4. Ethos Ltd (ETHOSLTD): −3.0 pp

### 20-quarter OPM history
- ETHOSLTD: Jun 2021 7.4% | Sep 2021 9.6% | Dec 2021 13% | Mar 2022 13% | Jun 2022 16% | Sep 2022 15% | Dec 2022 16% | Mar 2023 12% | Jun 2023 15% | Sep 2023 16% | Dec 2023 16% | Mar 2024 14% | Jun 2024 16% | Sep 2024 14% | Dec 2024 15% | Mar 2025 15% | Jun 2025 13% | Sep 2025 12% | Dec 2025 13% | Mar 2026 12%
- TIMEX: Jun 2021 -12% | Sep 2021 15% | Dec 2021 -6.3% | Mar 2022 3.6% | Jun 2022 14% | Sep 2022 17% | Dec 2022 -4.8% | Mar 2023 9.0% | Jun 2023 7.0% | Sep 2023 13% | Dec 2023 -1.0% | Mar 2024 11% | Jun 2024 4.0% | Sep 2024 14% | Dec 2024 4.0% | Mar 2025 11% | Jun 2025 13% | Sep 2025 17% | Dec 2025 6.0% | Mar 2026 17%
- KDDL: Jun 2021 11% | Sep 2021 12% | Dec 2021 15% | Mar 2022 14% | Jun 2022 16% | Sep 2022 8.9% | Dec 2022 18% | Mar 2023 14% | Jun 2023 18% | Sep 2023 18% | Dec 2023 18% | Mar 2024 17% | Jun 2024 15% | Sep 2024 16% | Dec 2024 16% | Mar 2025 15% | Jun 2025 15% | Sep 2025 14% | Dec 2025 14% | Mar 2026 15%
- FOCE: Jun 2021 — | Sep 2021 4.0% | Dec 2021 — | Mar 2022 9.0% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 27% | Dec 2023 — | Mar 2024 24% | Jun 2024 — | Sep 2024 26% | Dec 2024 — | Mar 2025 14% | Jun 2025 — | Sep 2025 14% | Dec 2025 — | Mar 2026 14%

### 20-quarter Margin change history
- ETHOSLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 +0.6 pp | Jun 2022 +8.2 pp | Sep 2022 +5.1 pp | Dec 2022 +2.6 pp | Mar 2023 −1.3 pp | Jun 2023 −0.6 pp | Sep 2023 +1.3 pp | Dec 2023 0.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −1.0 pp | Mar 2025 +1.0 pp | Jun 2025 −3.0 pp | Sep 2025 −2.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp
- TIMEX: Jun 2021 +147.8 pp | Sep 2021 +23.7 pp | Dec 2021 −16.0 pp | Mar 2022 −5.9 pp | Jun 2022 +26.5 pp | Sep 2022 +2.9 pp | Dec 2022 +1.5 pp | Mar 2023 +5.4 pp | Jun 2023 −7.2 pp | Sep 2023 −4.5 pp | Dec 2023 +3.8 pp | Mar 2024 +2.0 pp | Jun 2024 −3.0 pp | Sep 2024 +1.0 pp | Dec 2024 +5.0 pp | Mar 2025 0.0 pp | Jun 2025 +9.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.0 pp | Mar 2026 +6.0 pp
- KDDL: Jun 2021 +22.8 pp | Sep 2021 −0.5 pp | Dec 2021 −0.1 pp | Mar 2022 −1.7 pp | Jun 2022 +5.6 pp | Sep 2022 −3.1 pp | Dec 2022 +3.2 pp | Mar 2023 +0.4 pp | Jun 2023 +1.8 pp | Sep 2023 +9.1 pp | Dec 2023 0.0 pp | Mar 2024 +3.0 pp | Jun 2024 −3.0 pp | Sep 2024 −2.0 pp | Dec 2024 −2.0 pp | Mar 2025 −2.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 −2.0 pp | Mar 2026 0.0 pp
- FOCE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 +7.2 pp | Jun 2022 — | Sep 2022 +14.0 pp | Dec 2022 — | Mar 2023 +12.0 pp | Jun 2023 — | Sep 2023 +9.0 pp | Dec 2023 — | Mar 2024 +3.0 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 — | Mar 2025 −10.0 pp | Jun 2025 — | Sep 2025 −12.0 pp | Dec 2025 — | Mar 2026 0.0 pp

## Profit Scale & Acceleration

What the numbers say: KDDL Ltd leads with ₹136 crore of TTM profit, 40.2% above Ethos Ltd. Timex Group India Ltd shows ≥100% on the scoring scale (141.9% uncapped) growth from a ₹75 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: KDDL Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: KDDL Ltd · ₹136 crore | 40.2% versus #2 · Ethos Ltd | 4/8 recent comparable periods | 4/4 companies · 64 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. KDDL Ltd (KDDL): ₹136 Cr
2. Ethos Ltd (ETHOSLTD): ₹97 Cr
3. Timex Group India Ltd (TIMEX): ₹75 Cr
4. Foce India Ltd (FOCE): ₹30 Cr

### Profit growth — fastest growers
1. Timex Group India Ltd (TIMEX): 100%
2. Foce India Ltd (FOCE): 25%
3. Ethos Ltd (ETHOSLTD): 1.0%
4. KDDL Ltd (KDDL): -4.9%

### 20-quarter Net profit history
- ETHOSLTD: Jun 2021 ₹1 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹23 Cr
- TIMEX: Jun 2021 ₹-5 Cr | Sep 2021 ₹11 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹27 Cr
- KDDL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹31 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹35 Cr
- FOCE: Jun 2021 — | Sep 2021 ₹3 Cr | Dec 2021 — | Mar 2022 ₹6 Cr | Jun 2022 — | Sep 2022 ₹6 Cr | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 — | Sep 2023 ₹5 Cr | Dec 2023 — | Mar 2024 ₹11 Cr | Jun 2024 — | Sep 2024 ₹7 Cr | Dec 2024 — | Mar 2025 ₹8 Cr | Jun 2025 — | Sep 2025 ₹6 Cr | Dec 2025 — | Mar 2026 ₹9 Cr

### 20-quarter Profit growth history
- ETHOSLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,200% | Sep 2022 367% | Dec 2022 75% | Mar 2023 86% | Jun 2023 38% | Sep 2023 36% | Dec 2023 24% | Mar 2024 62% | Jun 2024 28% | Sep 2024 11% | Dec 2024 12% | Mar 2025 9.5% | Jun 2025 -17% | Sep 2025 14% | Dec 2025 6.9% | Mar 2026 0.0%
- TIMEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 73% | Dec 2022 — | Mar 2023 — | Jun 2023 -67% | Sep 2023 -42% | Dec 2023 — | Mar 2024 -68% | Jun 2024 -50% | Sep 2024 64% | Dec 2024 — | Mar 2025 29% | Jun 2025 650% | Sep 2025 67% | Dec 2025 50% | Mar 2026 200%
- KDDL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19% | Mar 2024 67% | Jun 2024 -15% | Sep 2024 9.1% | Dec 2024 27% | Mar 2025 -8.6% | Jun 2025 7.1% | Sep 2025 -8.3% | Dec 2025 -19% | Mar 2026 9.4%
- FOCE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 100% | Dec 2022 — | Mar 2023 -67% | Jun 2023 — | Sep 2023 -17% | Dec 2023 — | Mar 2024 450% | Jun 2024 — | Sep 2024 40% | Dec 2024 — | Mar 2025 -27% | Jun 2025 — | Sep 2025 -14% | Dec 2025 — | Mar 2026 13%

## Capacity Spending & Returns On It

What the numbers say: Ethos Ltd reports ₹24 crore of CAPEX; Ethos Ltd has the highest covered intensity at 10.2%. Coverage is only 2 of 4 companies and 15 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Ethos Ltd · ₹24 crore | 12× versus #2 · Foce India Ltd | 5/5 recent comparable periods | 2/4 companies · 15 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Ethos Ltd (ETHOSLTD): ₹24 Cr
2. Foce India Ltd (FOCE): ₹2 Cr

### CAPEX intensity — highest reinvestment intensity
1. Ethos Ltd (ETHOSLTD): 10%
2. Foce India Ltd (FOCE): 2.3%

### 20-quarter CAPEX history
- ETHOSLTD: Jun 2021 — | Sep 2021 — | Dec 2021 ₹3 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹1 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹9 Cr | Sep 2023 ₹24 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- FOCE: Jun 2021 — | Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹2 Cr

### 20-quarter CAPEX intensity history
- ETHOSLTD: Jun 2021 — | Sep 2021 — | Dec 2021 1.5% | Mar 2022 10% | Jun 2022 0.6% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.9% | Sep 2023 10% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- FOCE: Jun 2021 — | Sep 2021 0.0% | Dec 2021 — | Mar 2022 1.2% | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 0.0% | Jun 2023 — | Sep 2023 0.0% | Dec 2023 — | Mar 2024 0.0% | Jun 2024 — | Sep 2024 0.0% | Dec 2024 — | Mar 2025 0.0% | Jun 2025 — | Sep 2025 0.0% | Dec 2025 — | Mar 2026 2.3%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Ethos Ltd has the clearest covered balance-sheet capacity with ₹340 crore net cash and gross debt of ₹322 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Foce India Ltd · ₹48 crore | 32.4% versus #2 · Timex Group India Ltd | 0/8 recent comparable periods | 4/4 companies · 53 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Foce India Ltd (FOCE): ₹48 Cr
2. Timex Group India Ltd (TIMEX): ₹71 Cr
3. Ethos Ltd (ETHOSLTD): ₹322 Cr
4. KDDL Ltd (KDDL): ₹512 Cr

### Net debt — lowest net debt
1. Ethos Ltd (ETHOSLTD): ₹-340 Cr
2. Timex Group India Ltd (TIMEX): ₹2 Cr
3. Foce India Ltd (FOCE): ₹47 Cr

### 20-quarter Gross debt history
- ETHOSLTD: Jun 2021 — | Sep 2021 ₹148 Cr | Dec 2021 ₹180 Cr | Mar 2022 ₹161 Cr | Jun 2022 ₹161 Cr | Sep 2022 ₹102 Cr | Dec 2022 ₹102 Cr | Mar 2023 ₹121 Cr | Jun 2023 ₹141 Cr | Sep 2023 ₹141 Cr | Dec 2023 ₹141 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹145 Cr | Sep 2024 ₹180 Cr | Dec 2024 ₹180 Cr | Mar 2025 ₹289 Cr | Jun 2025 ₹289 Cr | Sep 2025 ₹314 Cr | Dec 2025 ₹314 Cr | Mar 2026 ₹322 Cr
- TIMEX: Jun 2021 ₹15 Cr | Sep 2021 ₹23 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹110 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹18 Cr | Dec 2023 — | Mar 2024 ₹86 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹71 Cr
- KDDL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹265 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹246 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹250 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹453 Cr | Jun 2025 — | Sep 2025 ₹467 Cr | Dec 2025 — | Mar 2026 ₹512 Cr
- FOCE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 ₹4 Cr | Dec 2022 — | Mar 2023 ₹18 Cr | Jun 2023 — | Sep 2023 ₹26 Cr | Dec 2023 — | Mar 2024 ₹22 Cr | Jun 2024 — | Sep 2024 ₹24 Cr | Dec 2024 — | Mar 2025 ₹30 Cr | Jun 2025 — | Sep 2025 ₹43 Cr | Dec 2025 — | Mar 2026 ₹48 Cr

### 20-quarter Net debt history
- ETHOSLTD: Jun 2021 — | Sep 2021 ₹109 Cr | Dec 2021 ₹106 Cr | Mar 2022 ₹123 Cr | Jun 2022 ₹123 Cr | Sep 2022 ₹-163 Cr | Dec 2022 ₹-163 Cr | Mar 2023 ₹-103 Cr | Jun 2023 ₹-68 Cr | Sep 2023 ₹-38 Cr | Dec 2023 ₹-38 Cr | Mar 2024 ₹-190 Cr | Jun 2024 ₹-200 Cr | Sep 2024 ₹-91 Cr | Dec 2024 ₹-91 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹-481 Cr | Dec 2025 ₹-481 Cr | Mar 2026 ₹-340 Cr
- TIMEX: Jun 2021 ₹14 Cr | Sep 2021 ₹22 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹18 Cr | Dec 2023 — | Mar 2024 ₹8 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-13 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹-10 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹2 Cr
- FOCE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 ₹4 Cr | Dec 2022 — | Mar 2023 ₹17 Cr | Jun 2023 — | Sep 2023 ₹24 Cr | Dec 2023 — | Mar 2024 ₹18 Cr | Jun 2024 — | Sep 2024 ₹23 Cr | Dec 2024 — | Mar 2025 ₹29 Cr | Jun 2025 — | Sep 2025 ₹42 Cr | Dec 2025 — | Mar 2026 ₹47 Cr

## Return On Capital Employed

What the numbers say: Timex Group India Ltd leads ROCE at 82.8%, 66.7 percentage points above Foce India Ltd. Timex Group India Ltd has the strongest latest improvement at +33.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Timex Group India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Timex Group India Ltd · 82.8% | 414.3% versus #2 · Foce India Ltd | 7/8 recent comparable periods | 4/4 companies · 41 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Timex Group India Ltd (TIMEX): 83%
2. Foce India Ltd (FOCE): 16%
3. KDDL Ltd (KDDL): 11%
4. Ethos Ltd (ETHOSLTD): 9.8%

### ROCE change — fastest improvers
1. Timex Group India Ltd (TIMEX): +33.7 pp
2. KDDL Ltd (KDDL): −3.0 pp
3. Foce India Ltd (FOCE): −3.1 pp
4. Ethos Ltd (ETHOSLTD): −4.4 pp

### 20-quarter ROCE history
- ETHOSLTD: Jun 2021 — | Sep 2021 4.1% | Dec 2021 11% | Mar 2022 11% | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 11% | Jun 2023 11% | Sep 2023 12% | Dec 2023 16% | Mar 2024 11% | Jun 2024 15% | Sep 2024 11% | Dec 2024 16% | Mar 2025 11% | Jun 2025 13% | Sep 2025 6.8% | Dec 2025 11% | Mar 2026 6.1%
- TIMEX: Jun 2021 — | Sep 2021 42% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 44% | Dec 2022 — | Mar 2023 40% | Jun 2023 — | Sep 2023 24% | Dec 2023 34% | Mar 2024 28% | Jun 2024 30% | Sep 2024 32% | Dec 2024 40% | Mar 2025 34% | Jun 2025 54% | Sep 2025 47% | Dec 2025 59% | Mar 2026 67%
- FOCE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 30% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 18% | Dec 2023 — | Mar 2024 31% | Jun 2024 — | Sep 2024 30% | Dec 2024 — | Mar 2025 23% | Jun 2025 — | Sep 2025 21% | Dec 2025 — | Mar 2026 20%

### 20-quarter ROCE change history
- ETHOSLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.0 pp | Dec 2022 — | Mar 2023 +0.8 pp | Jun 2023 — | Sep 2023 +1.9 pp | Dec 2023 — | Mar 2024 −0.9 pp | Jun 2024 +3.9 pp | Sep 2024 −1.5 pp | Dec 2024 +0.2 pp | Mar 2025 0.0 pp | Jun 2025 −2.1 pp | Sep 2025 −3.7 pp | Dec 2025 −5.4 pp | Mar 2026 −4.4 pp
- TIMEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.9 pp | Dec 2022 — | Mar 2023 +24.7 pp | Jun 2023 — | Sep 2023 −20.5 pp | Dec 2023 — | Mar 2024 −12.3 pp | Jun 2024 — | Sep 2024 +7.6 pp | Dec 2024 +6.5 pp | Mar 2025 +5.5 pp | Jun 2025 +23.5 pp | Sep 2025 +15.3 pp | Dec 2025 +19.3 pp | Mar 2026 +33.7 pp
- FOCE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −5.8 pp | Jun 2023 — | Sep 2023 −11.8 pp | Dec 2023 — | Mar 2024 +9.3 pp | Jun 2024 — | Sep 2024 +12.3 pp | Dec 2024 — | Mar 2025 −7.7 pp | Jun 2025 — | Sep 2025 −9.6 pp | Dec 2025 — | Mar 2026 −3.1 pp

## Valuation Against Growth & Quality

What the numbers say: Timex Group India Ltd has the lowest comparable Guarded PEG at 1.43×, 74% below Ethos Ltd. Only 2 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Timex Group India Ltd · 1.43× | 74% versus #2 · Ethos Ltd | 0/8 recent comparable periods | 2/4 companies · 12 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Timex Group India Ltd (TIMEX): 1.4
2. Ethos Ltd (ETHOSLTD): 5.5

### P/E — lowest P/E
1. KDDL Ltd (KDDL): 43.2
2. Foce India Ltd (FOCE): 47.0
3. Ethos Ltd (ETHOSLTD): 71.4
4. Timex Group India Ltd (TIMEX): 73.7

### 20-quarter Guarded PEG history
- ETHOSLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.1 | Mar 2023 0.9 | Jun 2023 3.2 | Sep 2023 — | Dec 2023 1.9 | Mar 2024 1.7 | Jun 2024 4.3 | Sep 2024 3.4 | Dec 2024 8.2 | Mar 2025 13.1 | Jun 2025 5.5 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- TIMEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.0 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.4 | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- ETHOSLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52.8 | Sep 2022 83.5 | Dec 2022 49.2 | Mar 2023 41.8 | Jun 2023 59.0 | Sep 2023 66.0 | Dec 2023 72.8 | Mar 2024 85.8 | Jun 2024 85.5 | Sep 2024 97.2 | Dec 2024 91.5 | Mar 2025 68.0 | Jun 2025 71.8 | Sep 2025 74.1 | Dec 2025 84.5 | Mar 2026 61.2
- TIMEX: Jun 2021 — | Sep 2021 87.3 | Dec 2021 63.5 | Mar 2022 132.7 | Jun 2022 193.9 | Sep 2022 53.9 | Dec 2022 53.6 | Mar 2023 46.4 | Jun 2023 34.1 | Sep 2023 39.8 | Dec 2023 54.2 | Mar 2024 38.3 | Jun 2024 73.1 | Sep 2024 74.0 | Dec 2024 78.4 | Mar 2025 53.3 | Jun 2025 72.8 | Sep 2025 79.1 | Dec 2025 63.3 | Mar 2026 43.9
- KDDL: Jun 2021 78.5 | Sep 2021 25.4 | Dec 2021 48.6 | Mar 2022 39.6 | Jun 2022 27.6 | Sep 2022 28.0 | Dec 2022 35.2 | Mar 2023 27.7 | Jun 2023 32.4 | Sep 2023 38.8 | Dec 2023 39.6 | Mar 2024 33.0 | Jun 2024 39.4 | Sep 2024 40.2 | Dec 2024 39.9 | Mar 2025 43.7 | Jun 2025 32.5 | Sep 2025 34.5 | Dec 2025 30.9 | Mar 2026 30.4
- FOCE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 10.9 | Jun 2022 — | Sep 2022 28.2 | Dec 2022 — | Mar 2023 16.2 | Jun 2023 — | Sep 2023 45.1 | Dec 2023 — | Mar 2024 42.6 | Jun 2024 — | Sep 2024 50.6 | Dec 2024 — | Mar 2025 48.7 | Jun 2025 — | Sep 2025 60.2 | Dec 2025 — | Mar 2026 45.7

## Enterprise Value & Book Value

What the numbers say: KDDL Ltd leads both ev/ebitda at 6.2× and p/bv at 3.57×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: KDDL Ltd · 6.2× | 73% versus #2 · Ethos Ltd | 0/8 recent comparable periods | 4/4 companies · 64 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. KDDL Ltd (KDDL): 6.2
2. Ethos Ltd (ETHOSLTD): 23.0
3. Timex Group India Ltd (TIMEX): 28.9
4. Foce India Ltd (FOCE): 35.8

### P/BV — lowest P/BV
1. KDDL Ltd (KDDL): 3.6
2. Ethos Ltd (ETHOSLTD): 4.6
3. Foce India Ltd (FOCE): 7.5
4. Timex Group India Ltd (TIMEX): 77.5

### 20-quarter EV/EBITDA history
- ETHOSLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35.2 | Sep 2022 26.4 | Dec 2022 21.0 | Mar 2023 20.4 | Jun 2023 28.4 | Sep 2023 30.4 | Dec 2023 35.6 | Mar 2024 41.1 | Jun 2024 40.7 | Sep 2024 45.2 | Dec 2024 42.4 | Mar 2025 31.0 | Jun 2025 31.6 | Sep 2025 32.4 | Dec 2025 33.6 | Mar 2026 23.0
- TIMEX: Jun 2021 — | Sep 2021 118.0 | Dec 2021 47.0 | Mar 2022 66.0 | Jun 2022 82.5 | Sep 2022 43.1 | Dec 2022 44.2 | Mar 2023 38.8 | Jun 2023 44.3 | Sep 2023 51.0 | Dec 2023 60.8 | Mar 2024 44.3 | Jun 2024 46.3 | Sep 2024 46.1 | Dec 2024 49.7 | Mar 2025 34.1 | Jun 2025 48.0 | Sep 2025 53.1 | Dec 2025 42.0 | Mar 2026 28.9
- KDDL: Jun 2021 8.4 | Sep 2021 7.6 | Dec 2021 12.5 | Mar 2022 11.5 | Jun 2022 8.9 | Sep 2022 7.5 | Dec 2022 8.4 | Mar 2023 9.0 | Jun 2023 10.6 | Sep 2023 12.4 | Dec 2023 14.8 | Mar 2024 12.1 | Jun 2024 14.5 | Sep 2024 12.4 | Dec 2024 12.0 | Mar 2025 13.2 | Jun 2025 10.5 | Sep 2025 10.2 | Dec 2025 8.0 | Mar 2026 6.2
- FOCE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 8.6 | Jun 2022 — | Sep 2022 22.8 | Dec 2022 — | Mar 2023 13.4 | Jun 2023 — | Sep 2023 35.5 | Dec 2023 — | Mar 2024 34.3 | Jun 2024 — | Sep 2024 40.7 | Dec 2024 — | Mar 2025 40.3 | Jun 2025 — | Sep 2025 47.6 | Dec 2025 — | Mar 2026 35.8

### 20-quarter P/BV history
- ETHOSLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.0 | Sep 2022 4.0 | Dec 2022 4.2 | Mar 2023 4.0 | Jun 2023 5.6 | Sep 2023 6.9 | Dec 2023 7.7 | Mar 2024 10.0 | Jun 2024 10.9 | Sep 2024 9.8 | Dec 2024 8.9 | Mar 2025 6.9 | Jun 2025 7.8 | Sep 2025 7.0 | Dec 2025 5.6 | Mar 2026 4.2
- TIMEX: Jun 2021 -7.3 | Sep 2021 -7.1 | Dec 2021 48.0 | Mar 2022 35.3 | Jun 2022 -9.8 | Sep 2022 23.8 | Dec 2022 32.3 | Mar 2023 -20.2 | Jun 2023 -26.2 | Sep 2023 -110.6 | Dec 2023 22.2 | Mar 2024 18.3 | Jun 2024 -109.1 | Sep 2024 207.5 | Dec 2024 22.9 | Mar 2025 17.6 | Jun 2025 338.1 | Sep 2025 136.7 | Dec 2025 29.8 | Mar 2026 21.8
- KDDL: Jun 2021 2.4 | Sep 2021 2.9 | Dec 2021 5.5 | Mar 2022 5.6 | Jun 2022 4.7 | Sep 2022 2.7 | Dec 2022 3.0 | Mar 2023 5.2 | Jun 2023 6.9 | Sep 2023 5.6 | Dec 2023 7.1 | Mar 2024 6.1 | Jun 2024 8.9 | Sep 2024 5.2 | Dec 2024 4.3 | Mar 2025 4.7 | Jun 2025 4.5 | Sep 2025 3.6 | Dec 2025 2.8 | Mar 2026 2.4
- FOCE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 2.5 | Jun 2022 — | Sep 2022 5.6 | Dec 2022 — | Mar 2023 4.3 | Jun 2023 — | Sep 2023 7.9 | Dec 2023 — | Mar 2024 6.5 | Jun 2024 — | Sep 2024 12.5 | Dec 2024 — | Mar 2025 12.0 | Jun 2025 — | Sep 2025 11.0 | Dec 2025 — | Mar 2026 7.2

## Market action

Timex Group India Ltd has the strongest one-year price move in Watches at +138.6%. It also leads on Mansfield relative strength against NIFTY at +51.3%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Timex Group India Ltd (TIMEX): 139%
2. KDDL Ltd (KDDL): 16%
3. Ethos Ltd (ETHOSLTD): -5.9%
4. Foce India Ltd (FOCE): -27%

### Strongest relative strength versus NIFTY 500
1. Timex Group India Ltd (TIMEX): 51%
2. KDDL Ltd (KDDL): 24%
3. Ethos Ltd (ETHOSLTD): 2.1%
4. Foce India Ltd (FOCE): -12%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Ethos Ltd (ETHOSLTD) — market value ₹6.9K Cr; latest fundamentals Mar 2026
- Timex Group India Ltd (TIMEX) — market value ₹5.8K Cr; latest fundamentals Mar 2026
- KDDL Ltd (KDDL) — market value ₹3.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Foce India Ltd (FOCE) — market value ₹703 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 2. Unverified: 1. Withheld: 1. Graded companies: 4.

1 of 4 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 4 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: KDDL Ltd (KDDL) — its two data sources disagree by up to 40% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | KDDL | KDDL Ltd | diff_gt_2pct | disagreement up to 39.76% over 14 comparable periods

- UNVERIFIED | FOCE | Foce India Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Watches index?

The Nifty Watches index tracks India's listed Watches companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Watches sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Watches stocks in India?

Ranked by this page's four-factor score, Timex Group India Ltd places first among 4 listed Watches companies, followed by Foce India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Watches stocks are listed in India?

This comparison covers 4 listed Watches companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Watches company is the biggest?

KDDL Ltd is the largest, with trailing-twelve-month revenue of ₹2,154 crore, ahead of Ethos Ltd at ₹1,612 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which Watches company is growing fastest?

Foce India Ltd has the fastest revenue growth at 81.2% year on year, across 4 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Watches company has the best profit margins?

Timex Group India Ltd has the highest operating margin at 17%, from 4 of 4 comparable companies. Timex Group India Ltd shows the biggest recent improvement, at +6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Watches company makes the most profit?

KDDL Ltd earns the most, at ₹136 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Timex Group India Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Watches company earns the highest return on capital?

Timex Group India Ltd leads on return on capital employed at 82.8%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Watches stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Timex Group India Ltd screens cheapest at 1.43×. Only 2 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Watches company has the strongest balance sheet?

Foce India Ltd carries the lowest comparable gross debt at ₹48 crore, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Watches company is investing most in new capacity?

Ethos Ltd reports the largest capital spending at ₹24 crore, across 2 of 4 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Which Watches stock has the strongest price momentum?

Timex Group India Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Watches company scores highest for research priority?

Timex Group India Ltd scores 81.4 out of 100 with 94% evidence confidence, from 32.7 points on growth and earnings, 18.1 on capital efficiency, 10.6 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Watches companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Watches sector?

The 4 Watches companies on this page carry ₹17,259 crore of combined market value. Ethos Ltd is the largest at ₹6,857 crore, about 40% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Watches sector performing?

3 of the 4 covered Watches companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/watches