# Timex Group India share price today (Timex Group India Ltd, NSE: TIMEX)

> Timex Group India share price today: ₹673.25 at the NSE close on 3 November 2026, up 76.6% in a year. Timex Group India (NSE: TIMEX) is worth ₹6,794 crore, trades at a P/E of 76.1 and has closed between ₹257.50 and ₹732.20 over the past 52 weeks. > Timex Group India Ltd's earnings have grown faster than its share price. Earnings per share grew +140.2% in a year while the price moved +76.6%. TIMEX · Watches · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/timex-group-india-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹673.25 (+76.6% in a year)
- P/E: 76.1× (higher than 72% of the last 9.1 years)
- Revenue (Jun 2026): ₹219 Cr (+29.6% on a year ago)
- Profit (Jun 2026): ₹25.0 Cr (+66.7% on a year ago)
- Operating margin: 16.0% (+3.0 points on a year ago)
- ROCE: 83%, FY26
- ROIC: 80.3%, against a 12.0% cost of capital: +68.3 points

The main question: yearly earnings per share moved +140.2% while the share price moved +76.6%. ## What is the Timex Group India share price today? Timex Group India Ltd's share price was ₹673.25 at the close on 3 November 2026. It has been rising for 25 weeks. That is 33.1% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹258 and ₹732, and at that close it sat 88% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 36 weeks in a row. Over the last 11 years the share price moved +2,190% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Timex Group India this quarter? Three changes stood out: revenue up on a year earlier for 11 quarters in a row (every quarter we can compare), indian funds and insurers (DIIs) raised their stake for 6 quarters in a row and profit up on a year earlier for 8 quarters in a row. 1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹219 crore, +29.6% on a year earlier. Why: Revenue rose because online and trade sales grew strongly, more than making up for fewer orders from other brands it makes watches for. Next results: check whether the delayed orders from other brands come back in the next quarter. From the earnings call on 3 Aug 2026. 2. Indian funds and insurers (DIIs) raised their stake for 6 quarters in a row From 0% to 2.4% of the company by the September 2026 quarter. 3. Profit up on a year earlier for 8 quarters in a row In the June 2026 quarter profit was ₹25 crore, +66.7% on a year earlier. Why: Profit rose because price increases covered higher costs for gold, silver, copper, watch movements and foreign exchange. Next results: check whether the share of sales left as profit stays above management's 15 to 16 percent range or falls as marketing spend goes to about 9% of revenue. From the earnings call on 3 Aug 2026. ## What are Timex Group India's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Timex Group India reported revenue of ₹219 crore, up 29.6% from ₹169 crore a year earlier, and a profit of ₹25.0 crore, up 66.7% from ₹15.0 crore. ### Timex Group India results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹219 crore | ₹169 crore | +29.6% |
| Profit | ₹25.0 crore | ₹15.0 crore | +66.7% |
| Earnings per share | ₹2.48 | ₹1.45 | +71.0% |
| Operating margin | 16.0% | 13.0% | +3.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Timex Group India's management discussed these results on a call held on 3 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Timex Group India share price history? Timex Group India closed at ₹673.25 on 3 November 2026, up 76.6% from ₹381.30 a year earlier (31 October 2025) and up 841.6% over five years. Its highest weekly close since March 2016 was ₹732.20 on 25 September 2026. ### Timex Group India share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹594.70 | +13.2% |
| 1 month ago · 1 Oct 2026 | ₹730.70 | −7.9% |
| 6 months ago · 30 Apr 2026 | ₹342.45 | +96.6% |
| 1 year ago · 31 Oct 2025 | ₹381.30 | +76.6% |
| 3 years ago · 3 Nov 2023 | ₹192.05 | +250.6% |
| 5 years ago · 4 Nov 2021 | ₹71.50 | +841.6% |
| 10 years ago · 4 Nov 2016 | ₹56.10 | +1,100.1% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹29.40 | +2,190.0% |
| Highest weekly close since March 2016, also the 52-week high · 25 Sep 2026 | ₹732.20 | −8.1% |
| Lowest weekly close since March 2016 · 27 Mar 2020 | ₹16.85 | +3,895.5% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹257.50 | +161.5% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (561 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Timex Group India? 3 Nov 2026: Timex Group India closed at ₹673.25, up 13.2% on the week and down 7.9% on the month. 3 Aug 2026: Timex Group India held its results call for April to June 2026. Management guided: OEM business delayed by Diwali phasing expected to return in the next quarter. ### Earlier

- Results for April to June 2026: Revenue up 29.6% and profit up 66.7% on a year earlier. - Our read, 31 May 2026: FY26 full-year revenue ₹799 crore (+48% on a year earlier) and profit ₹75 crore (+139% on a year earlier) confirm the operating leverage thesis, operating profit at 14% annual margin vs 9% in FY25.,April to June 2026 concall is TIMEX's first formal transcript, upgrading evidence quality from Bronze-web-fallback to Bronze-concall; management goals ₹400-500 crore absolute operating profit and 200-300 store expansion in 2-3 years.,An intra-call OEM contradiction (pillar vs non-pillar in the same call) and two OFS events reducing promoter from 74.93% to 59.93% keep the management score capped at 5/10. ### Our read of the business

FY26 full-year revenue ₹799 crore (+48% on a year earlier) and profit ₹75 crore (+139% on a year earlier) confirm the operating leverage thesis, operating profit at 14% annual margin vs 9% in FY25.,April to June 2026 concall is TIMEX's first formal transcript, upgrading evidence quality from Bronze-web-fallback to Bronze-concall; management goals ₹400-500 crore absolute operating profit and 200-300 store expansion in 2-3 years.,An intra-call OEM contradiction (pillar vs non-pillar in the same call) and two OFS events reducing promoter from 74.93% to 59.93% keep the management score capped at 5/10. Latest quarter: January to March 2026 surprises at 17% operating margin, year-end quarter at festive-quarter margin levels; FY26 full year: ₹799 crore revenue (+48%), profit ₹75 crore (+139%)

(Our read after the latest results, written 31 May 2026.)

## What dividend does Timex Group India pay? Timex Group India has paid no dividend on the NSE since 1 April 2021, the start of the period we checked. No. Timex Group India Ltd paid out 0% of its profit as dividends in each of its last 13 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Timex Group India management say on the latest results call? On the call for April to June 2026, held on 3 August 2026, Timex Group India's management guided: OEM business delayed by Diwali phasing expected to return in the next quarter. > “Today, we believe there is significant growth potential, and we want to remain competitive so that we generate more rupees of EBITDA rather than focus on the percentage EBITDA margin.”
> Deepak Chhabra, Managing Director, on the call for April to June 2026

### What management guided

- Baddi physical infrastructure for 15 million units planned by March next year, with 10 million single-shift capacity initially and staged expansion to 15 million within 45 days; project estimate US$1 million or around ₹9 crore. - Guess local production to begin in January for the top 50 SKUs, representing approximately 50-55% of Guess contribution; long tail remains imported. - Basic Swiss brand launch planned for January-February at ₹25,000-60,000; company-owned with no license. - Just Watches rollout goals 250-300 stores across online and offline formats over three years, with larger expansion beginning in January. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/304-03-Aug-2026.pdf). (From the call for April to June 2026, 3 August 2026.)

## What is the future of Timex Group India? What is changing in the business? What is changing at Timex Group India, from the latest results and calls: operating leverage from fully depreciated baddi plant, premiumisation + asp uplift and e-commerce + quick commerce compounding. - Operating Leverage from Fully Depreciated Baddi Plant. FY26 profit grew 2.4x while revenue grew 1.48x, the plant's fixed-cost absorption is now confirmed across 4 full quarters, not just festive peaks. ⚠ estimate
- Premiumisation + ASP Uplift. Annual operating margin expanded from 9% (FY25) to 14% (FY26), balanced 24% ASP and 24% volume growth in Timex brand confirmed in April to June 2026 concall. ⚠ estimate
- E-Commerce + Quick Commerce Compounding. E-commerce 90% on a year earlier to 40% of FY24 business; April to June 2026 concall confirmed 1P/3P/own-website split and quick commerce at 5% of e-commerce across 5 platforms. ⚠ estimate
- India Premium Watch TAM Expansion + Market Share Gain vs Titan. Analog watch industry growth re-accelerating to 13-13.5% (from 8-9% historical); Timex market share vs Titan now 27.5% in core duopoly segments. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 31 May 2026.)

## What could change the Timex Group India story? What are the risks? Two OFS in 6 months (Jun + Dec 2025) cut promoter stake from 74.93% to 59.93%; global parent Timex Group Luxury Watches BV is monetizing steadily. ### The main risks

- Promoter OFS Overhang, Serial Stake Reduction: Two OFS in 6 months (Jun + Dec 2025) cut promoter stake from 74.93% to 59.93%; global parent Timex Group Luxury Watches BV is monetizing steadily. ✓ fact
- OEM Strategic Incoherence, Intra-Call Contradiction: In the same Jun 2026 concall, management called OEM a 'core pillar' then stated 'OEM is not a strategic pillar', first formal concall revealed a strategic communication inconsistency. ✓ fact
- Royalty Cost Escalation from Parent: July to September 2025 royalties ₹10.5 crore (+50% on a year earlier on +40% revenue), growing faster than revenue; FY25 royalty ceiling at ₹40 crore implies future relief as revenue scales beyond threshold. ✓ fact
- Seasonal operating margin Volatility, Q3 (Dec) Structurally Weak: October to December 2025 operating margin 6.3% vs July to September 2025 operating margin 17.5%, festive vs post-festive structural gap; April to June 2026 concall confirmed seasonality persists. ✓ fact

(Our read after the latest results, written 31 May 2026.)

## What to watch in Timex Group India's next results? When Timex Group India reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: OEM normalization in the next quarter - check delayed online-led orders return without inventory ageing deterioration. - What to check (from the call)
- OEM normalization in the next quarter - check delayed online-led orders return without inventory ageing deterioration. - Aston Martin replenishment through the festive period - check whether initial stockout converts into repeat demand across both sub-brands. - Baddi construction and line-installation readiness - check physical completion and staged capacity availability. - Guess local manufacturing start - check top-SKU availability and margin impact without disrupting the imported long tail. ## Which stock lists is Timex Group India on? Timex Group India is not on any of our India lists this week. ## Is Timex Group India profitable? Timex Group India Ltd earned ₹25.0 Cr of net profit in the Jun 2026 quarter, +66.7% on the same quarter a year earlier. That is the 6th quarter in a row of profit growth. Full-year FY26 profit was ₹75.0 Cr. That is 11.4% of the quarter's revenue. The same quarter a year earlier earned ₹15.0 Cr. 1 of the last 12 reported quarters were loss-making. For the full year, FY26 profit was ₹75.0 Cr (+141.9% on the year before). Why profit moved: revenue changed +29.6% on a year earlier and the margin moved +3.0 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +95.8% and revenue +42.4%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does Timex Group India make, and is it growing? Timex Group India Ltd reported ₹219 Cr of revenue in the Jun 2026 quarter, +29.6% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 16.5% a year on average. The last full year, FY26, came in at ₹799 Cr. Why this happened. The Q1 FY27 concall gave the first formal breakdown: e-commerce is 40% of revenue, with 1P at 65%, 3P at 25%, own websites 3%. Quick commerce launched across Flipkart Minutes, Myntra Now, Swiggy Instamart, Zepto, Blinkit, now 5% of e-commerce. Management goals quick commerce to double within one year. The channel mix shift continues to improve working capital quality (partner-held inventory for 1P/3P) and reduces receivables risk. The last four reported quarters add to ₹849 Cr. FY26 revenue was ₹799 Cr, +48.5% on the year before. Recent pace: the last four quarters grew +42.4% on average, against 16.5% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +42.0%, against +42.0% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +93.2%, against +111.5% a year (rolling over). ## How much of every ₹100 of sales does Timex Group India keep? Timex Group India Ltd's operating margin was 16.0% in the Jun 2026 quarter, 3.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between −24.0% and 14.0%. The latest quarter is above every full year in that period. Why this happened. The Baddi plant is fully depreciated. FY26 annual OPM reached 14% vs 9% in FY25, a 500 bps structural improvement driven by fixed-cost leverage as revenue scaled from Rs 538 crore to Rs 799 crore. Q4 FY26 (Mar 2026) specifically shows revenue Rs 235 crore at 17% OPM, leverage is now appearing in both the festive quarter (Q2 Sep) and the year-end quarter (Q4 Mar), not just Q2. Management guided from the Q1 FY27 concall that capacity is being prepared to goal 15 million units eventually. Every incremental unit at the Baddi plant carries near-100% gross margin contribution above variable costs. Why the margin moved: operating margin changed +3.3 percentage points on the year while gross margin changed +1.4 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. ## Is Timex Group India's profit turning into cash? Over the last 3 years, 94% of Timex Group India Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹91.0 Cr of operating cash against ₹75.0 Cr of profit. After ₹2.0 Cr of spending on assets, ₹89.0 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 94% of profit came in as cash: the cash cycle got 103 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Timex Group India's cash go? Timex Group India Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 88 days in FY26, up from −15 days in FY21. It spent ₹4.0 Cr on assets over the last 3 years. Customers take 27 days to pay, and stock sits for 158 days on average. At FY26 sales of ₹799 Cr, each day of that cycle ties up about ₹2.2 Cr, so roughly ₹193 Cr is tied up in the business at any time. FY26: customers took 27 days to pay and stock sat for 158 days, about 5.2 months of sales sitting as stock, for a full cycle of 88 days, longer than FY21's −15. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 158 days. Customers pay about 27 days after that. Suppliers are paid at 97 days. Together that makes the 88-day cycle. Spending on assets: ₹4.0 Cr over the last 3 years, against ₹10.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is spending about what it takes to replace what wears out, or less. Work still in progress is ₹0.0 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Timex Group India's P/E ratio, and how does it compare with its own history? Timex Group India Ltd's P/E is 76.1×, near the high end of its own history: higher than 72% of past readings. Its usual P/E (the middle reading) is 59.5×, over 9.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹8.50. Why the multiple is where it is: over the past year earnings per share moved +140.2% while the price moved +76.6%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +56.6% a year; about +44.7% a year came from earnings growth and about +11.9 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Timex Group India business getting better or worse? Timex Group India Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: profit growth has eased from +115.4% at its peak to +93.2%, but the business is still expanding, with ROCE rising at 81.5%. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Timex Group India story, and has it been checked? Timex Group India Ltd's story is not scored yet against the checks our research set on 31 May 2026. Where it sits in its own cycle: EARLY EXPANSION. Still open: Two OFS in 6 months (Jun + Dec 2025) cut promoter stake from 74.93% to 59.93%; global parent Timex Group Luxury Watches BV is monetizing steadily. From the numbers. YoY trend CONTRACTING (smoothed -13.2%): EPS growing faster than price, the EARNINGS DRIVEN decomposition…

From the price. Price stage 2, week 25, above its 200-day line, relative strength falling. Where they disagree. YoY trend CONTRACTING (smoothed -13.2%): EPS growing faster than price, the EARNINGS DRIVEN decomposition means price is rising but earnings are rising faster, compressing the ratio. FY26 EPS Rs 7.47 vs FY25 EPS Rs 3.11, a 140% EPS surge in one year. FII stake-building signal present despite OFS dilution events. What is not proven yet. Two OFS in 6 months (Jun + Dec 2025) cut promoter stake from 74.93% to 59.93%; global parent Timex Group Luxury Watches BV is monetizing steadily. The test written in advance. Promoter OFS Overhang, Serial Stake Reduction. Measured by: Promoter OFS Overhang, Serial Stake Reduction by the next result. The test written in advance. Q2 FY27 OPM vs 17.46% festive-peak base by the next result. The test written in advance. OEM Strategic Incoherence, Intra-Call Contradiction. Measured by: OEM Strategic Incoherence, Intra-Call Contradiction OEM revenue breakout or clarification in future concalls; whether management repeats the contradiction or resolves it by the next result. What the company does. FY26 full-year revenue Rs 799 crore (+48% YoY) and PAT Rs 75 crore (+139% YoY) confirm the operating leverage thesis, EBITDA at 14% annual margin vs 9% in FY25. Q1 FY27 concall is TIMEX's first formal transcript, upgrading evidence quality from Bronze-web-fallback to Bronze-concall; management goals Rs 400-500 crore absolute EBITDA and 200-300 store expansion in 2-3 years. An intra-call OEM contradiction (pillar vs non-pillar in the same call) and two OFS events reducing promoter from 74.93% to 59.93% keep the management score capped at 5/10. Lever 1 · Operating leverage: building. FY26 PAT grew 2.4x while revenue grew 1.48x, the plant's fixed-cost absorption is now confirmed across 4 full quarters, not just festive peaks. What proves it keeps working: Operating Leverage from Fully Depreciated Baddi Plant. It stops working if Promoter shareholding in quarterly filings (Sept 2025 not yet in data); any SEBI Reg 29 disclosures of further stake sale. Lever 2 · Value-added mix: building. Annual OPM expanded from 9% (FY25) to 14% (FY26), balanced 24% ASP and 24% volume growth in Timex brand confirmed in Q1 FY27 concall. What proves it keeps working: Premiumisation + ASP Uplift. It stops working if Promoter shareholding in quarterly filings (Sept 2025 not yet in data); any SEBI Reg 29 disclosures of further stake sale. Lever 10 · New geographies: building. E-commerce 90% YoY to 40% of FY24 business; Q1 FY27 concall confirmed 1P/3P/own-website split and quick commerce at 5% of e-commerce across 5 platforms. What proves it keeps working: E-Commerce + Quick Commerce Compounding. It stops working if Promoter shareholding in quarterly filings (Sept 2025 not yet in data); any SEBI Reg 29 disclosures of further stake sale. Lever 14 · A bigger market to serve: building. Analog watch industry growth re-accelerating to 13-13.5% (from 8-9% historical); Timex market share vs Titan now 27.5% in core duopoly segments. What proves it keeps working: India Premium Watch TAM Expansion + Market Share Gain vs Titan. It stops working if Promoter shareholding in quarterly filings (Sept 2025 not yet in data); any SEBI Reg 29 disclosures of further stake sale. Sources: our stock research file (31 May 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Timex Group India management deliver what it promised? What Timex Group India Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Marketing Spend Assumption Not Reconciled · 3 August 2026. Earlier in the Aug 2026 call, management said marketing was 8.5% of revenue and that its longstanding framework was 7-8%, describing the quarter as within guidance. Later, it said AMP would remain at approximately 9% going forward; management did not reconcile whether this represented a change in the ongoing spend assumption or a different denominator, which matters for margin modeling. Later in Call (Aug 2026): However, it will remain in a similar range because we will continue to spend approximately 9% going forward on AMP. Current EBITDA Margin Exceeds Stated Goal · 3 August 2026. Earlier in the Aug 2026 call, management reported a quarterly EBITDA margin of 16.3%. Later, when asked whether margins of 16-17% were sustainable, management said it did not want margins to exceed 15-16%; the call did not clarify whether the 16.3% result was a one-time outcome or why current performance was above the stated ceiling, creating uncertainty for margin forecasts. Earlier in Call (Aug 2026): EBITDA margin expanded to 16.3% from approximately 13% last year. Later in Call (Aug 2026): No. As I mentioned, we do not want EBITDA margins to go beyond 15-16%. Guess Manufacturing Timeline Shifted Without a Concrete Explanation · 3 August 2026. Earlier in the Aug 2026 call, management presented January as the planned start for manufacturing Guess products. Later, it acknowledged that the initial goal had been August and that the launch was postponed to January, attributing the delay only to how things were unfolding and providing no specific operational reason for the five-month shift. Earlier in Call (Aug 2026): No. We plan to start from January. Later in Call (Aug 2026): Initially, we were aiming for August onwards, but based on how things are unfolding, it has been postponed to next year, probably from January onwards. OEM Strategic Focus · 1 June 2026. Early in the call, management explicitly identified the OEM business as a core pillar of the company alongside its key brands. However, later in the same call (Jun 2026), management directly contradicted this position by stating OEM is not a strategic pillar and is explicitly excluded from their core long-term planning. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Timex Group India earn on its capital? Timex Group India Ltd earned a ROCE of 83% in FY26. That is up from a low of −115% in FY14. Its return on capital used (ROIC) is 68.3 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 9.4% net margin and 2.36× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 9.4% net margin × 2.36× asset turnover × 4.51× leverage (assets divided by equity) ≈ 100.0% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 80.3% − 12.0% = +68.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 80.3% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 67.4%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Timex Group India have too much debt? Timex Group India Ltd has total debt of ₹36.0 Cr against shareholder equity of ₹111 Cr as of Jun 2026, so its debt is 0.32× its equity. Year by year, that ratio went from 2.19 in FY22 to 0.32 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Timex Group India shareholding pattern? Promoters cut their stake in Timex Group India Ltd by 23.9 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 51.0% of the company. Domestic institutions moved +2.3 points over the same period, to 2.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: −23.9 points over 8 quarters, to 51.0%; Domestic institutions: +2.3 points over 8 quarters, to 2.4%; Foreign institutions: +2.0 points over 8 quarters, to 2.3%. Why the owners changed: promoters drove it (−23.9 points), with the other side taken by domestic institutions (+2.3 points). They reduced their stake. ## How far is Timex Group India from balance-sheet trouble? For Timex Group India Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Timex Group India rank in its industry? 74.5 out of 100, rank 1 of 4 in Watches, with 97% of the evidence available. Timex Group India Ltd scores 74.5 out of 100 against the 4 companies it is compared with in Watches, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 33.8 + 17.3 + 9.4 + 14 = 74.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Timex Group India compared with? Timex Group India ranks 1 of 4 Watches companies on the 4-Factor Sector Score, with 74.5 out of 100. 1. Timex Group India Ltd this page TIMEX · leader · Most evidence points up · 97% evidence 74.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 33.8/35 · Revenue 42% · Profit 93.2% · Operating margin change 3 points · 100% evidence Capital efficiency 17.3/25 · ROCE 82.8% · Operating margin 16% · 100% evidence Valuation 9.4/20 · P/E 68.5× · PEG 1.43 · 85% evidence Relative strength 14.0/20 · Lead over its industry 22.1% · Lead over NIFTY 500 44.1% · 1 year 58.9% · 100% evidence · 12 of 12 weeks ahead Exact sum: 33.8 + 17.3 + 9.4 + 14 = 74.5 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [KDDL Ltd](https://www.sectoralpha.in/stocks/kddl-ltd) KDDL · leader · Evidence leans up · 79% evidence 53.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.4/35 · Revenue 32.5% · Profit 4.1% · Operating margin change 0 points · 95% evidence Capital efficiency 12.3/25 · ROCE 11.7% · Operating margin 15% · 76% evidence Valuation 7.6/20 · P/E 47× · PEG n/a · 35% evidence Relative strength 18.2/20 · Lead over its industry 13.4% · Lead over NIFTY 500 35.9% · 1 year 50% · 100% evidence · 12 of 12 weeks ahead Exact sum: 15.4 + 12.3 + 7.6 + 18.2 = 53.5 · What this means: Relative strength against the index is 35.9%, and revenue and profit growth are weak. 3. [Ethos Ltd](https://www.sectoralpha.in/stocks/ethos-ltd) ETHOSLTD · losing its lead · Evidence leans down · 97% evidence 39.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.7/35 · Revenue 30.5% · Profit 16.3% · Operating margin change 0 points · 100% evidence Capital efficiency 9.2/25 · ROCE 10.4% · Operating margin 13% · 100% evidence Valuation 7.0/20 · P/E 63.4× · PEG 5.49 · 85% evidence Relative strength 4.4/20 · Lead over its industry -17.6% · Lead over NIFTY 500 1.7% · 1 year -13.8% · 100% evidence · 9 of 12 weeks ahead Exact sum: 18.7 + 9.2 + 7 + 4.4 = 39.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Foce India Ltd](https://www.sectoralpha.in/stocks/foce-india-ltd) FOCE · turning · Too little evidence to rank firmly · 48% evidence 41.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.5/35 · Revenue 100% · Profit 100% · Operating margin change -0.8 points · 50% evidence Capital efficiency 4.4/25 · ROCE 2.7% · Operating margin 2.8% · 100% evidence Valuation 10.0/20 · P/E 528× · PEG n/a · 0% evidence Relative strength 8.3/20 · Lead over its industry n/a · Lead over NIFTY 500 -3.5% · 1 year -28.1% · 25% evidence · 1 of 9 weeks ahead Exact sum: 18.5 + 4.4 + 10 + 8.3 = 41.2 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Jun 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Watches](https://www.sectoralpha.in/sectors/watches), all 4 compared on one page. ## Which companies are close to Timex Group India in size? Timex Group India is the 2nd largest of 4 Watches companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Ethos. Just below it: KDDL and Foce India. ### Watches companies close in size

1. [Ethos Ltd](https://www.sectoralpha.in/stocks/ethos-ltd) ₹6,694 crore
2. Timex Group India Ltd ₹6,115 crore
3. [KDDL Ltd](https://www.sectoralpha.in/stocks/kddl-ltd) ₹4,605 crore
4. [Foce India Ltd](https://www.sectoralpha.in/stocks/foce-india-ltd) ₹675 crore

[All 4 Watches companies, largest first](https://www.sectoralpha.in/sectors/watches#all-companies)

### Companies close in size in other industries

1. [Equitas Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/equitas-small-finance-bank-ltd) ₹6,131 crore · Banks - Small Finance
2. [Ajax Engineering Ltd](https://www.sectoralpha.in/stocks/ajax-engineering-ltd) ₹6,127 crore · Capital Goods - EPC/Cranes
3. Timex Group India Ltd ₹6,115 crore
4. [Dilip Buildcon Ltd](https://www.sectoralpha.in/stocks/dilip-buildcon-ltd) ₹6,105 crore · EPC
5. [Eureka Forbes Ltd](https://www.sectoralpha.in/stocks/eureka-forbes-ltd) ₹6,061 crore · Consumer Electronics

## What else do people ask about Timex Group India? ### What is Timex Group India's share price today? Timex Group India Ltd's share price is ₹673.25, +76.6% over the past year. The whole company is worth ₹6,794 Cr on the market. In the last 52 weeks it traded between ₹258 to ₹732; today it is 88% of the way up from the low, 33.1% above its 200-day average (as of 3 November 2026). ### What were Timex Group India's latest quarterly results? Timex Group India Ltd reported revenue of ₹219 Cr and net profit of ₹25.0 Cr for the Jun 2026 quarter. Revenue rose 29.6% and profit rose 66.7% compared with a year earlier. Earnings per share were ₹2.48. The operating margin was 16.0%, 3.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Timex Group India's market cap? Timex Group India Ltd's market capitalisation is ₹6,794 Cr at a share price of ₹673.25. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Timex Group India performing? Timex Group India Ltd's share price has been rising for 25 weeks. In its latest quarter, revenue rose 29.6% and profit rose 66.7% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 36 weeks running (as of 3 November 2026). ### Will Timex Group India's share price go up? This page does not forecast Timex Group India Ltd's share price. What it shows instead: the share price is ₹673.25, and it has been rising for 25 weeks. Its P/E of 76.1× is higher than 72% of its own last 9 years (as of 3 November 2026). ### Who owns Timex Group India? Promoters own 51.0% of Timex Group India Ltd, foreign institutions 2.3%, domestic institutions 2.4% and the public 44.4% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 23.9 percentage points over 8 quarters (as of 3 November 2026). ### Does Timex Group India have too much debt? Timex Group India Ltd has a moderate amount of debt: its debt is 0.95× its equity, and its operating profit is 19 times its interest bill. FY26 borrowings were ₹71.0 Cr against equity of ₹75.0 Cr. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Where is Timex Group India in its business cycle? Timex Group India Ltd's FY26 operating margin was 14.0%, against a 13-year range of −24.0% to 14.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 16.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Timex Group India story? The main question: yearly earnings per share moved +140.2% while the share price moved +76.6%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Timex Group India a stock worth studying right now? What the numbers show: Timex Group India Ltd's earnings have grown faster than its share price. Earnings per share grew +140.2% in a year while the price moved +76.6%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Timex Group India share price forecast for 2026? What management itself guided: OEM business delayed by Diwali phasing expected to return in the next quarter. What is changing at Timex Group India, from the latest results and calls: operating leverage from fully depreciated baddi plant, premiumisation + asp uplift and e-commerce + quick commerce compounding. What would change the story: Two OFS in 6 months (Jun + Dec 2025) cut promoter stake from 74.93% to 59.93%; global parent Timex Group Luxury Watches BV is monetizing steadily. This is research, not advice. We’re not SEBI-registered.