Timex Group India Ltd (TGIL), a part of the global Timex Group, has recorded revenue of Rs 169 crore in Q1 FY26, marking a 55 per cent surge, outpacing the same quarter from the previous year. EBITDA also saw a 4.5-fold increase, and Profit Before Tax (PBT) grew six times, highlighting improved operating leverage and strong bottom-line performance.
Timex, its flagship brand, delivered a 77 per cent year-on-year growth this quarter, whereas watches from the premium segment like Guess and Versace registered 33 per cent and 18 per cent growth, respectively, over the same quarter last year.
The company also reported that e-commerce saw a 102 per cent year-on-year growth, doubling its business. Trade channel, the company’s largest channel, posted a 22 per cent growth on top of a high base, whereas the OEM business witnessed gains of triple digit during the quarter.
Highlighting the factors behind the growth of the brand, Tobias Reiss‑Schmidt, global president & CEO, Timex Group, said, “Timex Group India has doubled its revenue and 5x its bottom line in the last 3 years, and we have achieved that through our focus on analog watches. We see a lot of opportunity in that category across the globe, and especially in India.”
“India is still not our largest market, but it’s the second-largest market today. And, if we manage to grow at this pace, in the next 4-5 years, India could potentially take over the US, which is our biggest market,” he further added.
In India, the company is driving its business across all its levers, like portfolio expansion, expanding its footprint, and strengthening its presence across different channels.
“Earlier, Timex used to cater to the enterprise market, and we have now started offering products to the fashion market as well. So, the last two years, especially in the last 2-3 quarters, we have acquired a new set of consumers at a higher price point and registered a growth of 30 per cent and along with this, we are becoming stronger in entry price point by registering a growth of 25 per cent,” explained Deepak Chhabra, MD, Timex India.
“Apart from this, we have worked with our e-commerce partners to introduce exclusive products for their portals, resulting in triple-digit growth,” he further added.
Timex India claims to have 19 per cent market share in the category it operates.
“We have gained 3 per cent market share in the last two years,” Chhabra asserted.
Apart from Timex, the company offers products from 16 more brands including 2 inhouse brands like Helix and TMX and 14 licensed brands like Versace, Guess, Gc, Philipp Plein, Plein Sport, Ferragamo, Nautica, Ted Baker, adidas, and UCB watches, to name a few, and plans to add one more brand in October.
“Overall, watch ownership in India is only around 10 to 15 per cent. So a lot of headway for growth,” Reiss‑Schmidt stated.
Currently, the company offers 2,000 SKUs across all its brands – 1,000 SKUs of Timex and the remaining 1,000 SKUs of other brands.
“At present, we retail via over 5,000 offline trade stores and key online marketplaces. TGIL also operates over 42 exclusive franchise stores under the umbrella of Just Watches and Timex World, and 12 stores of Daniel Wellington,” Chhabra said.
“Going ahead, we plan to expand Just Watches stores as it allows us to display all our brands under one roof. We plan to add 100 more franchise stores in the next 2 years,” he further added.
Currently, 60 per cent of the revenue of the brand comes from offline channels, and the remaining 40 per cent is contributed by online channels, and out of this 40 per cent, 2.5 per cent comes from quick commerce.
“We already have a presence across Flipkart Minutes, Myntra Now, and Swiggy Instamart. Soon, we will be launching on Blinkit. So, in the next 3 years, we see 10 per cent revenue coming from quick commerce,” he said.
The top 10 cities, along with Pune, Ahmedabad, Hyderabad, and Chandigarh, account for 2/3 rd of the business of the company, and the remaining 1/3 rd business is contributed by the next 200 cities.
At present, the company offers 95 per cent analog watches and 5 per cent digital watches. The majority of watches that the company sells in India are manufactured in its Baddi unit.
“India is a strategically important manufacturing base for us. We are not only manufacturing here for the local market, but we are also working with vendors in India and sourcing from India for global markets. Our objective is to build India further as a sourcing country, as there is huge flexibility in the market,” Reiss‑Schmidt asserted.
At present, the company sources 35 per cent of its raw material from Japan, 15 per cent is imported from China, and the rest 50 per cent is sourced from India.
“We make about 3 million watches at our Baddi plant, out of which about 300,000 watches are exported to other countries like Canada, Mexico, the Philippines, and Thailand. So, we export 10 per cent of our total manufacturing,” Chhabra concluded.
