Timex Group - Timex Group

📊 BSE: 500414 🏢 Gems, Jewellery And Watches 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total Income for Q2 FY25-26 reached INR 244.04 Cr, representing a 40% YoY growth compared to INR 174.17 Cr. For the half-year (H1 FY26), revenue grew by 46% YoY. Growth was driven by a surge in E-commerce (high double-digit growth) and strong performance in the Trade channel due to early festive demand.

Geographic Revenue Split

Not disclosed in available documents. The company operates regional sales offices in Noida, Mumbai, Kolkata, Bangalore, and Chennai, with its primary manufacturing facility in Baddi, Himachal Pradesh.

Profitability Margins

Net Profit Margin improved to 5.8% in FY24-25 from 5.0% in the previous year. Operating Profit Margin increased to 9.2% from 8.3% YoY. Profit Before Tax for Q2 FY26 was INR 40.69 Cr, a 70.6% increase from INR 23.85 Cr in the previous year.

EBITDA Margin

EBITDA for Q2 FY26 was INR 42.91 Cr, growing 70% YoY from INR 25.22 Cr. H1 FY26 EBITDA reached INR 64.86 Cr, a 116% increase from INR 29.98 Cr. This growth reflects improved operational leverage and higher production volumes at the Baddi facility.

Capital Expenditure

Not disclosed in absolute INR Cr for future periods; however, the company reported producing the highest ever number of watches in a single quarter at its Baddi facility in Q2 FY26, indicating recent capacity optimization or expansion.

Credit Rating & Borrowing

The company reported a borrowing facility amounting to INR 4.56 Cr. It did not provide any loans or guarantees under Section 186 during the review period. Interest and other fiscal costs are noted as macro sensitivities.

⚙️ Operational Drivers

Raw Materials

Specific raw materials like stainless steel, watch movements, and glass are implied but not listed with individual cost percentages. The company notes 'price of raw materials' as a key risk factor affecting profitability.

Import Sources

Sourced through a Global Supply Chain organization and the Timex Group Global Design Centre in Milan, Italy, to leverage global-local synergy.

Capacity Expansion

Current capacity not specified in MT/units, but the Baddi, Himachal Pradesh factory achieved its 'highest ever' production volume in Q2 FY26 to meet a 40% increase in demand.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but the company emphasizes continuous innovation and global supply chain synergy to manage costs and deliver product differentiation.

Manufacturing Efficiency

Manufacturing efficiency is driven by the Baddi facility's record production levels and the Swiss-based Timex Group Atelier, which provides ISO 14001 accredited environmental management and innovation.

Logistics & Distribution

Not disclosed as a specific percentage, but the company is strengthening its omnichannel presence across both online (E-comm) and offline (Trade) channels to balance distribution costs.

📈 Strategic Growth

Expected Growth Rate

40%

Growth Strategy

Growth is targeted through the 'Analog Life' trend popular with Gen-Z, premiumization via the Timex Vector franchise, and high-impact collaborations (e.g., Superman, Fortnite). The company is also expanding its Direct-to-Consumer (DTC) reach and reissuing iconic 1960s/70s designs like the Q Timex series.

Products & Services

Wristwatches (Analog, Automatic, Smart), Jewellery (Guess brand), and wearable technology (iConnect by Timex, Timex Smart Neo).

Brand Portfolio

Timex, Helix, TMX, Guess, iConnect, Waterbury, Marlin, Q Timex, and Timex Vector.

New Products/Services

Launch of Guess Automatic watches, Timex Smart Neo, and iConnect Arc. The Q Timex 1979 Reissue has been a sell-out success, contributing to the premium segment growth.

Market Expansion

Focus on strengthening E-commerce and omnichannel platforms. Strategic segmentation of the product portfolio is underway to launch targeted products for specific consumer attributes.

Market Share & Ranking

Not disclosed as a specific percentage, but identifies as one of the most powerful portfolios in the Indian watch industry.

Strategic Alliances

Collaborations with Fortnite and Superman; licensing for Guess watches and jewellery. Historically had a JV with Titan which ended in 2000.

🌍 External Factors

Industry Trends

The industry is shifting toward 'Analog Life' (traditional watches as fashion statements) and Smart wearables. Timex is positioning itself by blending heritage (Reissues) with modern tech (Smart Neo) to capture both segments.

Competitive Landscape

Faces intense competition from domestic and international brands, particularly in branding and aggressive pricing strategies.

Competitive Moat

Moat is built on a 170-year heritage, Swiss-made production excellence at the Ticino Atelier, and a powerful brand portfolio. Sustainability is driven by the ability to launch rapid designs (2-week timelines) via digital systems.

Macro Economic Sensitivity

Highly sensitive to inflation and foreign exchange rates, as these affect the cost of imported components and global supply chain operations.

Consumer Behavior

Shift toward Gen-Z trendsetters and 'fan communities' (Fortnite/Superman), requiring more frequent product 'drops' and influencer-led marketing.

Geopolitical Risks

Trade barriers and changes in international commercial rules could impact the import of Swiss-made components and global design synergy.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with the Companies Act 2013 and SEBI (LODR) Regulations. The company adheres to Secretarial Standards SS-1 and SS-2.

Environmental Compliance

The Timex Group Atelier holds ISO 14001 accreditation for Environmental Management.

Taxation Policy Impact

Effective tax impact seen in the payment of INR 106.70 Cr in sales taxes and duties in FY25. The company follows applicable Indian accounting standards.

Legal Contingencies

No significant or material orders passed by regulators or courts impacting the going concern status. A notice for transfer of share certificates was published in January 2026.