# 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 2026-08-18. Not investment advice.

## Bottom line

Watches has outperformed NIFTY 500 by 34.2% over 52 weeks and 30.4% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 3 of 4 beat the sector itself. KDDL Ltd leads with revenue of ₹2,323 crore, based on 4 of 4 comparable companies through Jun 2026.

## Sector relative strength

Watches has outperformed NIFTY 500 by 34.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 30.4%. 3 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Foce India Ltd is the strongest against the sector itself at +26.4%. Readings are as of 2026-08-09.

13-week sector return versus NIFTY 500: 30%
52-week sector return versus NIFTY 500: 34%
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: ₹18.1K 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): 80/100 — Favorable setup; evidence 97%
   - Growth & earnings 33.8/35 | Capital efficiency 18.3/25 | Valuation 10.8/20 | Relative strength 16.7/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 33.8 + 18.3 + 10.8 + 16.7 = 79.6
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Foce India Ltd (FOCE): 55/100 — Mixed-positive evidence; evidence 61%
   - Growth & earnings 18.8/35 | Capital efficiency 15.2/25 | Valuation 9.2/20 | Relative strength 12.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 10 weeks with a reading, within the last 12
   - Exact sum: 18.8 + 15.2 + 9.2 + 12 = 55.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. KDDL Ltd (KDDL): 54/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 14.2/35 | Capital efficiency 11.9/25 | Valuation 7.6/20 | Relative strength 20.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 14.2 + 11.9 + 7.6 + 20 = 53.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 48.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Ethos Ltd (ETHOSLTD): 36/100 — Mixed-negative evidence; evidence 97%
   - Growth & earnings 17.7/35 | Capital efficiency 7.7/25 | Valuation 5.6/20 | Relative strength 5.3/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 17.7 + 7.7 + 5.6 + 5.3 = 36.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Timex Group India Ltd has the strongest one-year price move in Watches at +81.7%. KDDL Ltd leads on Mansfield relative strength against NIFTY at +48.2%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.

### Strongest one-year price performers
1. Timex Group India Ltd (TIMEX): 82%
2. KDDL Ltd (KDDL): 51%
3. Ethos Ltd (ETHOSLTD): 0.3%
4. Foce India Ltd (FOCE): -25%

### Strongest relative strength versus NIFTY 500
1. KDDL Ltd (KDDL): 48%
2. Timex Group India Ltd (TIMEX): 38%
3. Ethos Ltd (ETHOSLTD): 4.7%
4. Foce India Ltd (FOCE): -18%

## Revenue Scale & Growth Durability

What the numbers say: KDDL Ltd is the scale leader at ₹2,323 crore, 34.4% 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 · ₹2,323 crore | 34.4% versus #2 · Ethos Ltd | 8/8 recent comparable periods | 4/4 companies · 65 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): ₹2.3K Cr
2. Ethos Ltd (ETHOSLTD): ₹1.7K Cr
3. Timex Group India Ltd (TIMEX): ₹849 Cr
4. Foce India Ltd (FOCE): ₹250 Cr

### Revenue growth — fastest growers
1. Foce India Ltd (FOCE): 81%
2. Timex Group India Ltd (TIMEX): 42%
3. KDDL Ltd (KDDL): 33%
4. Ethos Ltd (ETHOSLTD): 31%

### 20-quarter Revenue history
- ETHOSLTD: 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 | Jun 2026 ₹462 Cr
- TIMEX: 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 | Jun 2026 ₹219 Cr
- KDDL: 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 | Jun 2026 ₹634 Cr
- FOCE: 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 | Jun 2026 —

### 20-quarter Revenue growth history
- ETHOSLTD: 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% | Jun 2026 34%
- TIMEX: 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% | Jun 2026 30%
- KDDL: 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% | Jun 2026 36%
- FOCE: 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% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Timex Group India Ltd leads both opm at 16% and margin change at +3 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 · 16% | 6.7% versus #2 · KDDL Ltd | 7/8 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): 16%
2. KDDL Ltd (KDDL): 15%
3. Foce India Ltd (FOCE): 14%
4. Ethos Ltd (ETHOSLTD): 13%

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

### 20-quarter OPM history
- ETHOSLTD: 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% | Jun 2026 13%
- TIMEX: 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 -0.8% | Mar 2024 11% | Jun 2024 3.9% | Sep 2024 14% | Dec 2024 3.5% | Mar 2025 11% | Jun 2025 13% | Sep 2025 17% | Dec 2025 6.0% | Mar 2026 17% | Jun 2026 16%
- KDDL: 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% | Jun 2026 15%
- FOCE: Sep 2021 4.1% | 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% | Jun 2026 —

### 20-quarter Margin change history
- ETHOSLTD: 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 | Jun 2026 0.0 pp
- TIMEX: 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 +4.0 pp | Mar 2024 +2.0 pp | Jun 2024 −3.1 pp | Sep 2024 +1.0 pp | Dec 2024 +4.3 pp | Mar 2025 0.0 pp | Jun 2025 +9.1 pp | Sep 2025 +3.0 pp | Dec 2025 +2.5 pp | Mar 2026 +6.0 pp | Jun 2026 +3.0 pp
- KDDL: 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 | Jun 2026 0.0 pp
- FOCE: Sep 2021 — | Dec 2021 — | Mar 2022 +7.2 pp | Jun 2022 — | Sep 2022 +13.9 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 | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: KDDL Ltd leads with ₹151 crore of TTM profit, 41.1% above Ethos Ltd. Timex Group India Ltd shows 93.2% growth from a ₹85 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 · ₹151 crore | 41.1% versus #2 · Ethos Ltd | 5/8 recent comparable periods | 4/4 companies · 65 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): ₹151 Cr
2. Ethos Ltd (ETHOSLTD): ₹107 Cr
3. Timex Group India Ltd (TIMEX): ₹85 Cr
4. Foce India Ltd (FOCE): ₹30 Cr

### Profit growth — fastest growers
1. Timex Group India Ltd (TIMEX): 93%
2. Foce India Ltd (FOCE): 25%
3. Ethos Ltd (ETHOSLTD): 16%
4. KDDL Ltd (KDDL): 4.1%

### 20-quarter Net profit history
- ETHOSLTD: 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 | Jun 2026 ₹29 Cr
- TIMEX: 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 | Jun 2026 ₹25 Cr
- KDDL: 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 | Jun 2026 ₹45 Cr
- FOCE: 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 | Jun 2026 —

### 20-quarter Profit growth history
- ETHOSLTD: 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% | Jun 2026 53%
- TIMEX: 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% | Jun 2026 67%
- KDDL: 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% | Jun 2026 50%
- FOCE: 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% | Jun 2026 —

## 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: 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% | Jun 2026 —
- TIMEX: 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% | Jun 2026 —
- FOCE: 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% | Jun 2026 —

### 20-quarter ROCE change history
- ETHOSLTD: 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 | Jun 2026 —
- TIMEX: 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 | Jun 2026 —
- FOCE: 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 | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Timex Group India Ltd has the lowest comparable PEG at 1.43×, 74% below Ethos Ltd. Only 2 of 4 companies have earnings and growth steady enough for the ratio to mean anything, 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

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

### P/E — lowest P/E
1. Foce India Ltd (FOCE): 43.9
2. KDDL Ltd (KDDL): 49.3
3. Timex Group India Ltd (TIMEX): 59.4
4. Ethos Ltd (ETHOSLTD): 69.6

### 20-quarter PEG history
- ETHOSLTD: 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 — | Jun 2026 —
- TIMEX: 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 — | Jun 2026 —

### 20-quarter P/E history
- ETHOSLTD: 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 | Jun 2026 67.9
- TIMEX: 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 | Jun 2026 65.1
- KDDL: 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 | Jun 2026 43.7
- FOCE: 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 | Jun 2026 —


## 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: Valuation have fewer than three usable current readings.

## Every company
- Ethos Ltd (ETHOSLTD) — market value ₹7.4K Cr; latest fundamentals Jun 2026
- Timex Group India Ltd (TIMEX) — market value ₹5.3K Cr; latest fundamentals Jun 2026
- KDDL Ltd (KDDL) — market value ₹4.8K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Foce India Ltd (FOCE) — market value ₹658 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 Jun 2026; prices through 2026-08-14.
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

### Is the Watches sector outperforming NIFTY 500?

Watches has outperformed NIFTY 500 by 34.2% over 52 weeks and 30.4% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 3 of 4 beat the sector itself.

### Which Watches company is largest by revenue?

KDDL Ltd leads with revenue of ₹2,323 crore, based on 4 of 4 comparable companies through Jun 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 79.6/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Timex Group India Ltd has the lowest comparable PEG at 1.43, among 2 of 4 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 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.

### Is there a Nifty Watches index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Watches, this page builds its own equal-weight basket of 4 listed Watches companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 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 Jun 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 Jun 2026.

### Which Watches company is the biggest?

KDDL Ltd is the largest, with trailing-twelve-month revenue of ₹2,323 crore, ahead of Ethos Ltd at ₹1,728 crore. That covers 4 of 4 companies with comparable reporting through Jun 2026.

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

Timex Group India Ltd has the highest operating margin at 16%, from 4 of 4 comparable companies. Timex Group India Ltd shows the biggest recent improvement, at +3 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 ₹151 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Timex Group India Ltd has the fastest profit growth at 93.2%, 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 PEG — where a LOWER number is cheaper — Timex Group India Ltd screens cheapest at 1.43×. Only 2 of 4 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Watches sector beating the market?

Watches has outperformed NIFTY 500 by 34.2% over the last 52 weeks and 30.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

KDDL 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 79.6 out of 100 with 97% evidence confidence, from 33.8 points on growth and earnings, 18.3 on capital efficiency, 10.8 on valuation and 16.7 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, ending Jun 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 ₹18,139 crore of combined market value. Ethos Ltd is the largest at ₹7,351 crore, about 41% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-18.

### How is the Watches sector performing?

3 of the 4 covered Watches companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 34.2% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-18.

### 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.