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Swing Capital

Timex Group India Ltd

NSE: TIMEX BSE: 500414

Timex Group India Limited is a group company of Tanager Group B.V. (formerly known as Timex Group B.V.). The Co is engaged in manufacturing and trading of watches and rendering of related after sales service. The Company also provides information and technology support services to the Group Companies. [1][2]

₹338
52W: ₹200 — ₹421
PE 57.5 · Book ₹11.8 · +2764% vs book
Market Cap₹3,412 Cr
Stock P/E57.5Price to Earnings
ROCE42.6%Return on Capital
ROE197%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 81.1% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 28.6 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Promoter holding has decreased over last 3 years: -23.9%

Shareholding Pattern

Promoters51%
FIIs1.32%
DIIs0.51%
Public47.17%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.93%74.93%74.93%74.93%59.93%▼15.059.93%51%▼8.951%
FIIs0.47%0.22%▼0.20.1%▼0.10.11%▲0.01.1%▲1.01.61%▲0.52.02%▲0.41.32%▼0.7
DIIs0.16%0.01%▼0.10.01%0.01%0.15%▲0.10.48%▲0.30.49%▲0.00.51%▲0.0
Public24.44%24.84%▲0.424.96%▲0.124.95%▼0.038.82%▲13.937.98%▼0.846.49%▲8.547.17%▲0.7

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales126.3694.292.06108.67174.08119.94135.41168.94243.67150.78
Expenses110.2694.9182.37104.43148.95115.73121.03147.3201.13141.23
Operating Profit16.1-0.719.694.2425.134.2114.3821.6442.549.55
OPM %12.74%-0.75%10.53%3.9%14.44%3.51%10.62%12.81%17.46%6.33%
Net Profit11-1.497.082.4317.811.949.2414.6730.233.2
EPS ₹1.09-0.150.70.241.760.190.921.452.990.32

AI Insights

Revenue Trend

TTM revenue at ₹699Cr, up 29.9% YoY. OPM at 13%.

Debt Position

Borrowings at ₹13Cr. Debt-to-equity ratio: 0.12x. Healthy balance sheet.

Institutional Flow

DIIs: 0.51% (+0.50pp change). FIIs: 1.32% (+0.95pp change). Promoters hold 51%.

Margin & Efficiency

ROCE improving from -115% (Mar 2014) to 43% (Mar 2025). Working capital days: 74.

Valuation

PE 57.5x with 42.6% ROCE. Price is 2764% above book value of ₹11.8. Dividend yield: 0%.

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