Timex Group India Limited (TIMEX)

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Timex Group India Limited (TIMEX) · mywealthgrid

About

Timex Group India operates watches, gems, and jewellery in Consumer Discretionary at ₹5,299 Cr market cap. Sep 2025–Mar 2026 achieved 17%+ operating margins at ₹235–243 Cr quarterly revenue. 90.75% one-year return reflects investor confidence in recent operational recovery.

Face value: ₹1

Market cap

₹7,368 Cr

P/E

353.5×

P/B

90.6×

Dividend yield

ROE

29.4%

ROCE

32.7%

Debt / equity

0.02

OPM

7.7%

EPS (TTM)

₹2.1

Book value

₹8.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme valuation: PE of 254.27 leaves minimal margin of safety; significant downside if earnings growth disappoints or stalls.

Earnings volatility: Net profit ranges ₹1.94–₹30.23 Cr quarter-to-quarter with OPM swinging 3.51–17.46%—verify drivers and sustainability.

Seasonal collapse: December quarters show consistent margin compression (Dec 2024: 3.51% OPM, Dec 2025: 6.33%), limiting full-year predictability.

Discretionary cyclicality: Watches and jewellery demand sensitive to consumer spending and economic cycles—verify historical performance during downturns.

Generated analysis · source review pending

Growth drivers

Peak-quarter margins of 17.46% (Sep 2025) and 17.16% (Mar 2026) vs 7.73% average OPM—verify if sustainable or structural seasonal constraint.
Revenue scale ₹235–243 Cr at 17% OPM demonstrates unit economics—verify if replicable full-year.
ROE 29.39% with minimal debt (D/E 0.02) shows efficient capital use—verify planned organic or inorganic deployment.
Two consecutive strong quarters (Sep 2025: ₹30.23 Cr, Mar 2026: ₹27.34 Cr net profit)—verify if demand environment improving or cyclical recovery.

Generated analysis · source review pending

2,238 historical price candles were omitted because the exchange source has not been verified.

₹729.5+0.1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 58.2% (3-yr avg)
+High return on capital employed of 35.5%
+Revenue CAGR of 43.8% over the last 3 years
+Almost debt-free (debt/equity 0)

Cons

−Thin operating margin of 7.7%
−Expensive at 353.5× trailing earnings
−Trading at 90.6× book value
−Promoter holding fell 8.9 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

57/100

Business quality: 70
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Kalyan Jewellers India LimitedKALYANKJILKALYANKJIL	₹54,578 Cr	₹55,102 Cr	₹39,063 Cr	₹2,616 Cr	7%	₹1,435 Cr	3.8%	31.5%	24.3%	136
Lalithaa Jewellery Mart LimitedLALITHAALALITHAA	₹21,708 Cr	₹23,312 Cr	₹25,024 Cr	₹1,674 Cr	6.7%	₹1,010 Cr	4%	54.3%	41.6%	—
Thangamayil Jewellery LimitedTHANGAMAYLTHANGAMAYL	₹15,118 Cr	₹15,943 Cr	₹9,606 Cr	₹621 Cr	6.6%	₹391 Cr	4.1%	39.1%	27.9%	142
Sky Gold And Diamonds LimitedSKYGOLDSKYGOLD	₹12,557 Cr	₹13,426 Cr	₹7,176 Cr	₹520 Cr	6.9%	₹343 Cr	4.5%	45.9%	29.3%	77
Pc Jeweller LimitedPCJEWELLERPCJEWELLER	₹12,449 Cr	₹13,522 Cr	₹3,505 Cr	₹785 Cr	20%	₹775 Cr	21.3%	11.7%	9.9%	1,082
Bluestone Jewellery And Lifestyle LimitedBLUESTONEBLUESTONE	₹12,008 Cr	₹12,753 Cr	₹2,681 Cr	₹442 Cr	16%	₹56 Cr	0.5%	9.8%	1.1%	659
P N Gadgil Jewellers LimitedPNGJLPNGJL	₹7,897 Cr	₹9,477 Cr	₹11,438 Cr	₹669 Cr	5.7%	₹446 Cr	3.8%	34.3%	23.3%	121
Timex Group India LimitedTIMEXTIMEX	₹7,368 Cr	₹7,370 Cr	₹419 Cr	₹32 Cr	7.7%	₹21 Cr	5%	32.7%	29.4%	—
Ethos LimitedETHOSLTDETHOSLTD	₹6,785 Cr	₹6,786 Cr	₹1,728 Cr	₹223 Cr	12.9%	₹106 Cr	6%	10.4%	7.7%	180
Senco Gold LimitedSENCOSENCO	₹5,199 Cr	₹6,769 Cr	₹9,660 Cr	₹999 Cr	11.5%	₹571 Cr	6.8%	38%	25.6%	259
Kddl LimitedKDDLKDDL	₹4,811 Cr	₹4,967 Cr	₹2,322 Cr	₹335 Cr	14.3%	₹97 Cr	6.3%	11.9%	8.8%	192
D. P. Abhushan LimitedDPABHUSHANDPABHUSHAN	₹4,273 Cr	₹4,433 Cr	₹2,340 Cr	₹100 Cr	4.3%	₹62 Cr	2.6%	40.8%	29.4%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	141	264	383	419
Operating expenses	—	—	—	—
Operating profit (EBITDA)	-4	8	38	32
OPM %	-2.6%	2.9%	10%	7.7%
Depreciation	4	4	4	4
Interest	2	2	5	4
	1	1	0	3
Profit before tax	-8	3	30	28
Tax	—	—	—	—
	-8	3	47	21
PAT margin %	-5.7%	1.2%	12.1%	5%
EPS (₹)	—	—	—	—
EPS adjusted (₹)	-0.8	0.3	4.6	2.1
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity capital	10	10	10	10
Reserves	2	5	50	71
Borrowings	3	24	25	2
Other liabilities	90	91	109	118
Total equity & liabilities	106	130	194	201
Fixed assets	19	17	16	15
CWIP	—	—	—	—
Investments	—	—	—	—
Other assets	—	—	—	—
Total assets	106	130	194	201

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from operations	22	-18	10	32
Cash from investing	-0	-1	-1	-1
Cash from financing	-21	18	-8	-28
Net cash flow	1	-1	1	3
Free cash flow	—	—	—	—
CFO / Operating profit %	—	-232.1%	25.7%	100%

Compounded sales growth

7 years: —
5 years: —
3 years: 44%
1 year: 9%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: -55%

Return on equity

7 years: —
5 years: —
3 years: 41%
Last year: 26%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Margins
Gross margin %	—	—	—	—
EBITDA margin %	-2.6%	2.9%	10%	7.7%
EBIT margin %	-5.1%	1.5%	9%	6.9%
PAT margin %	-5.7%	1.2%	12.1%	5%
Working capital
Receivable days	—	—	—	—
Inventory days	—	—	—	—
Payable days	—	—	—	—
NWC days	—	—	—	—
Leverage
Current ratio	1.14	1.17	1.47	1.85
Debt to EBITDA	—	3.12	0.64	0.06
Debt to equity	0.23	1.53	0.41	0.02
Interest coverage	-2.7	2.7	6.6	8.2
Asset turnover	1.33	2.03	1.97	2.08
Return ratios
Return on assets %	-7.6%	2.5%	23.9%	10.4%
Return on capital employed %	-19%	15.6%	58.1%	32.7%
Return on equity %	-63.8%	20.7%	76.9%	25.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	59.93%	59.93%	51%	51%	51%
	0.37%	0.76%	0.76%	0.47%	0.21%	0.1%	0.1%	1.09%	1.6%	2.02%	1.32%	2.5%
	0.01%	0.01%	0.15%	0.16%	0.01%	0.01%	0.01%	0.15%	0.48%	0.49%	0.51%	1.38%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.69%	24.3%	24.16%	24.44%	24.85%	24.96%	24.96%	38.83%	37.99%	46.49%	47.17%	45.12%
No. of shareholders	—	—	—	—	—	—	—	—	50,288	60,965	59,586	63,477

Promoter holding down 23.93 percentage points since Sep 2023.

17 deals · 1 Jul 2025 – 30 Dec 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
30 Dec 2025	CRONY VYAPAR PVT LTD	Bulk	BSE	Buy	6,03,482	₹343.04	₹20.70 Cr
30 Dec 2025	CRONY VYAPAR PVT LTD	Bulk	BSE	Sell	6,03,482	₹343.13	₹20.71 Cr
30 Dec 2025	ISHAAN TRADEFIN LLP	Bulk	BSE	Sell	5,20,380	₹339.55	₹17.67 Cr
30 Dec 2025	ISHAAN TRADEFIN LLP	Bulk	BSE	Buy	36,380	₹345.42	₹1.26 Cr
29 Dec 2025	SETU SECURITIES PRIVATE LIMITED	Bulk	BSE	Sell	6,04,704	₹323.09	₹19.54 Cr
29 Dec 2025	MARWADI SHARES AND FINANCE LIMITED	Bulk	BSE	Sell	5,25,000	₹323.86	₹17.00 Cr
29 Dec 2025	SETU SECURITIES PRIVATE LIMITED	Bulk	BSE	Buy	4,46,882	₹329.50	₹14.72 Cr
1 Jul 2025	SETU SECURITIES PRIVATE LIMITED	Bulk	BSE	Sell	6,73,291	₹219.70	₹14.79 Cr
1 Jul 2025	NIRAJ RAJNIKANT SHAH	Bulk	BSE	Buy	6,54,824	₹214.14	₹14.02 Cr
1 Jul 2025	DEVI TRADERS LLP	Bulk	BSE	Sell	6,43,008	₹216.01	₹13.89 Cr

1–10 of 17

1 / 2

Mr. David Thomas PayneNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Deepak ChhabraExecutive Director-MD
Mr. Amit JainChief Financial Officer
Ms. Meeta MakhanNon-Executive - Independent Director
Mr. Sanjeev KumarNon-Executive - Independent Director
Ms. Dhanashree Ajit BhatNon-Executive - Independent Director
Mr. Marco ZambianchiNon-Executive - Non Independent Director
Mr. Dhiraj Kumar MaggoCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

0.08%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	141	0.01	0.02%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results3 Nov 2026 · in 33 daysresults

2

Board meeting to consider results3 Nov 2026
Board meeting to consider results29 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

87 announcementsExport CSV

28 Sept 2026, 2:05 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

28 Sept 2026, 2:00 pmBoard Meeting

Board Meeting Intimation for Considering And Approving The Un-Audited Financial Results Of The Company For The Quarter And Half Year Ended On September 30, 2026

Exchange filing PDF

18 Sept 2026, 6:22 pmCompany Update

Intimation Under Regulation 30 (LODR) Regulations, 2015

General PDF

29 Aug 2026, 6:07 pmCompany Update

Intimation Under Regulation 30 Of (LODR) Regulations, 2015

General PDF

20 Aug 2026, 10:39 pmCompany Update

Announcement Under Regulation 30 (LODR) - AGM Proceedings

General PDF

20 Aug 2026, 10:33 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

20 Aug 2026, 10:29 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

19 Aug 2026, 4:54 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

Date	Category	Subject	Filing
28 Sept 2026, 2:05 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 2:00 pm	Board Meeting	Board Meeting Intimation for Considering And Approving The Un-Audited Financial Results Of The Company For The Quarter And Half Year Ended On September 30, 2026

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Timex Group India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Events

Upcoming and recent1

Board meetings2

Announcements

Ratio timeline

Not in the F&O segment

Upcoming and recent1

Board meetings2

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

2

1

2