So in this blog I’m going to talk about a company from the watch sector which is growing very fast, and that company is Timex Group India Limited.

Timex is not a new or unknown name. In fact, it is one of the oldest watchmakers in the world. The brand started way back in 1854, originally known as the Waterbury Clock Company. The idea behind Timex was very simple and very powerful — make good-quality watches that normal people can afford, not just luxury watches for the rich.

What does Timex actually do?
Timex does nothing fancy. It makes and sells watches. That’s it.

Timex India has its headquarters in Noida (Delhi NCR) and it has a manufacturing factory in Baddi, Himachal Pradesh. From here, the company produces watches and supplies them across the country.

Timex sells its watches through multiple channels — offline stores, large retail chains, defence canteens, luxury outlets, and also through online platforms. Because of this wide reach, Timex is able to sell its products to customers across different price ranges and cities.

How does Timex make money?

TGIL has a very wide distribution network:

5025 multi-brand outlets
376 large format
595 defence canteen
42 retail
151 luxury retail

So money comes from:

Offline sales (dealers, stores, large format, etc.)
E-commerce (company says e-comm surged with high double-digit growth in the quarter)
Brand portfolio + marketing + launches (they spend on advertising + sales promotion, and also pay royalty)

Timex’s business model is very simple.
Timex sells watches. That’s it.

There is no rocket science here. They design watches, manufacture some of them in India, source others, and sell them through a good number of stores and online platforms. If someone can understand how a shirt brand or a shoe brand works, they can easily understand Timex.

Timex is not trying to do ten different things. It is not into fintech, real estate, or tech products. One product, one focus — watches. And that is actually a good thing.

Straight to the financials

Now let’s directly move to the financials of the company, because honestly, there is nothing very complex to discuss about Timex’s business model. It sells watches. Affordable watches and some premium, high-quality watches. That’s exactly what Timex Group India Limited does.

Coming to the most important part — numbers.

In the recent Q2 results, Timex delivered a phenomenal performance. The company reported around 40% growth in sales and , and on an absolute basis, profits increased to nearly ₹30 crore. This translates into roughly 66% growth in PAT, which is massive by any standard.

This clearly shows one thing — Timex is getting operating leverage.
Sales are growing, but profits are growing much faster, which is exactly what we want to see in a growing company.

Now let’s talk about the watch sector in India.

The watch industry in India is currently booming, and in my view, the fastest-growing player in the watch space right now is Timex. If we look at peers, Ethos Limited, which focuses on premium watches, grew at around 30% in Q2, but it did not see operating leverage. That means profits did not grow faster than sales.

On the other hand, Timex is growing at 40% and also improving margins at the same time. That is a very strong combination.

Even Titan Company Limited is doing well in watches, but because Titan already has a very large base, it is difficult for it to grow at very high rates. Titan’s watch segment is growing, but it cannot grow like a smaller and more agile player such as Timex.

In fact, in Titan’s recent Q3 FY26 update, the overall watch segment grew by around 13%, which itself shows how strong the demand is in the Indian watch market. If a giant like Titan can grow at 13%, then there is huge headroom for smaller companies like Timex and Ethos to grow much faster.

So overall, the sector tailwinds are strong, demand is strong, and among all the players, Timex is clearly standing out with higher growth and operating leverage.

This is exactly why the market has started noticing Timex now.

A deeper look at Timex Group India Ltd

Now let’s take a deeper look at Timex Group India Limited itself.

If we look closely, for the last 6–7 years, Timex (Time X) was more or less sleeping. Growth was there, but it was not exciting. There was no major consistency, no aggressive expansion, and no strong profit growth. The company was just running its business without pushing hard.

But things have changed completely now.

From Q1 FY26 (June quarter) onwards, Timex has clearly woken up. Growth has accelerated sharply, and the company has started showing very strong operating leverage. Revenues are growing fast, and profits are growing even faster.

The company has also increased its spending on advertisements, which is actually a very positive sign. It shows that the management is confident and is ready to invest money to grow the brand and capture market share.

One data point clearly tells the whole story —
Timex has reported around ₹45 crore profit in H1 FY26, which is close to than what the company earned in the last 10 years combined. This single number itself shows that the company is now moving in the right direction.

To support this growth phase, Timex has also done an OFS with institutional investors. This helps the company raise funds, strengthen its balance sheet, and prepare for faster growth in the coming quarters. This again indicates that the management is thinking long term.

Another important thing to understand about Timex is seasonality. Historically, H2 is stronger than H1. Usually, Q3 and Q4 are the best quarters for the company because of festive demand and higher consumer spending.

However, in FY26, the festive season got shifted more towards Q2, which boosted Q2 numbers. Because of this, we should not rush to conclusions by just looking at one quarter. Q3 will be very important, and we need to wait and watch how Timex performs.

If Timex delivers strong numbers in Q3 and Q4, then it will clearly confirm that this growth is structural and sustainable, not just because of seasonality.

Overall, Timex is now in a strong turnaround and growth phase. When a company grows fast and also shows operating leverage at the same time, the market starts paying attention — and that is exactly what is happening with Timex now.

Valuation: is Timex expensive or still reasonable?

Now let’s talk about the valuation, because growth alone is never enough. What matters is growth vs price.

If Timex Group India Limited continues to grow at around 40% for the next two quarters, which honestly looks achievable given the current momentum, then Timex can easily clock around ₹750–755 crore of revenue.

Now coming to profits.
There is a clear margin expansion happening in the business. Operating leverage is kicking in, and because of this, even with conservative assumptions, Timex can deliver somewhere around ₹80–90 crore of PAT.

Based on today’s market price, this roughly translates to:

Forward P/E of ~36
Earnings growth of ~40%

If we calculate the PEG ratio:

PEG = P/E ÷ Growth
PEG = 36 ÷ 40 ≈ 0.90

A PEG below 1 generally indicates that the stock is undervalued relative to its growth. And at a PEG of 0.90, Timex still looks reasonably priced, if not cheap.

Intrinsic value: my personal view

If the overall market sentiment improves, the broader market starts trending again, and Timex continues to execute the way it is currently doing — around 40% growth with margin expansion — then I can comfortably see the intrinsic value of Timex in the range of ₹620 to ₹650.

First, I am assuming that there is no further OFS and the number of shares remains the same. As of now, Timex Group India Limited has roughly 10 crore shares outstanding.

Now let’s talk about profits.

If Timex reports a profit of around ₹90 crore in FY26, which looks achievable considering the current growth and margin expansion, then the calculation becomes very straightforward.

EPS (Earnings Per Share) = Profit ÷ Number of shares
= ₹90 crore ÷ 10 crore shares
= ₹9 EPS

Now comes the valuation part.

If the market starts trending again and Timex continues to execute well, then being one of the fastest-growing players in the watch sector, it can easily command a P/E multiple of 60–70 (which it commanded in past , still being conservative). High-growth companies with strong operating leverage often get such valuations when sentiment is positive.

So the price range becomes:

₹9 EPS × 60 P/E = ₹540
₹9 EPS × 70 P/E = ₹630

And if profits slightly overshoot or the market assigns a premium for growth, the price can comfortably move towards the ₹620–₹650 range.

One important red flag to note

Now, it’s also very important to talk about what is not perfect.

One clear red flag with Timex Group India Limited is that despite such strong growth and performance, the management does not conduct earnings concalls.

This creates a gap.

When a company is growing fast, investors naturally have questions — about sustainability of growth, margins, future plans, competition, risks, and capital allocation. But because Timex does not do concalls, many of these questions remain unanswered.

And for someone who takes governance and clarity seriously, this is not ideal.

Because of this uncertainty, even though the company is doing extremely well on numbers, I personally prefer to keep my allocation on the lower side. Not because I don’t like the business, but because I don’t have complete visibility from the management side.

At the same time, we also have to be practical. In markets, perfect companies at perfect prices rarely exist. Especially when you are looking for high-growth opportunities, some discomfort always comes along.

For me, this is a trend-catching opportunity, not a blind long-term bet. I like the growth, I like the numbers, but I also respect the risks. So the approach is simple:

Participate in the trend
Keep allocation limited
Track results closely
Be ready to change the view if things go off-track

This way, even if some questions remain unanswered, the risk is controlled.

Technical view

From a technical perspective, Timex Group India Limited has given a multi-year breakout and is currently retesting its earlier resistance.

As I’ve mentioned in my earlier blogs, multi-year breakouts can create big moves, but nothing is guaranteed. We cannot predict outcomes — we can only track the trend and control our position size.

So the approach remains simple: observe, stay disciplined, and manage risk.

Final thoughts

Overall, I am very bullish on Timex Group India Limited. These are the kind of stocks I like to accumulate during bear phases or choppy markets because they show high growth along with operating leverage. If this momentum continues, these are usually the stocks that go on to make all-time highs when the market recovers.

As of now, I am not adding anything. I’m simply holding my position and waiting for Q3 results. If Q3 confirms the trend, I’ll consider adding more. If my thesis turns out to be wrong, I’ll reassess and reallocate accordingly.

This is not a buy or sell recommendation. All views shared are for learning and educational purposes only. Please consult your financial advisor before making any investment decision.