Timex eyes 16% margins as e-commerce and capacity build scale
Management sees EBITDA margins reaching 16% or more in FY27, backed by 49% revenue growth to ₹800 crore. Capacity has doubled to 6 million units, with an ₹8 crore capex to hit 10 million by March next year.
— 3 earlier stories on Timex Group India Ltd. →What's new
- Revenue jumped 49% to ₹800 crore; Q4 surged 73% on 90% e-commerce growth.
- Manufacturing capacity doubled to 6 million units; plans to reach 10 million by March 2027 via ₹8 crore capex.
- EBITDA margin widened to 14.5% from 9.2% a year ago; management targets 16% or more in FY27.
Why this matters
Timex is capitalizing on India's premium-watch boom. E-commerce now accounts for 40% of controlled sales, and quick commerce adds a new gifting channel. The margin trajectory and capacity buildout suggest a structural shift, but the test is whether demand can fill the new lines at these prices.
What we're watching
- Utilization of the new 10-million-unit capacity as it ramps.
- Full-year contribution from the Aston Martin license and quick commerce growth.
- Whether e-commerce share continues to climb without margin dilution.
The full read
Timex Group India's annual results were already known: ₹800 cr revenue, 49% growth, margins at 14.5%. But the conference call added the texture. E-commerce now drives 40% of controlled sales, and quick commerce, though small at 3.5%, is growing. Capacity has been raised to 6 million units, with a ₹8 cr capex to take it to 10 million single-shift capacity by March next year. Management sees EBITDA margins heading toward 16% or more on a bigger top line; careful language, but directionally clear. The Aston Martin launch moved 10,000 units at ₹40,000 each in under three months. The open question is how fast capacity fills up. The strong Q4, up 73%, suggests demand is there. Execution on margin and channel mix will determine whether this premium mid-cap keeps its momentum.
Questions answered
- What drove the 49% revenue growth in FY26?
- Strong e-commerce growth of 90% and a 73% surge in Q4 drove FY26 revenue. Online channels now account for 40% of the controlled business, with quick commerce contributing 3.5% of total sales.
- How much of Timex’s business is online?
- E-commerce accounts for 40% of the controlled business. Quick commerce, serving last-minute gifting, contributes about 3.5% of total sales.
- What is Timex’s capacity expansion plan?
- Manufacturing capacity has been doubled to 6 million units annually. The company plans to reach 10 million single-shift capacity by March next year through an ₹8 crore capex programme.
- What are the margin expectations?
- Management expects EBITDA margins to move toward 16% or more on a larger top line. FY26 margin was 14.5%, up from 9.2% a year earlier.
- How did the Aston Martin watch launch perform?
- Aston Martin ultra-premium watches launched in November sold around 10,000 units at an average price of ₹40,000 by end-January.
- Why did management not give FY27 revenue guidance?
- Management declined to provide specific FY27 revenue guidance, instead offering directional margin expectations. This is consistent with a backward-looking concall discussing already-reported results.
Timex Group India Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on TIMEX →- 30 Jun 2026 · 5:14 PM IST Timex eyes 16% margins as e-commerce and capacity build scale
- 40d ago Timex Group India revenue jumps 48% as premium watches sell
- 40d ago Timex Group India revenue hits ₹800 crore as margins widen to 14.5%
- 40d ago Timex Group India revenue hits ₹800 cr as margins widen to 14.5%