Systematix initiates coverage on Timex Group India with Buy rating. Check target price

Systematix Group has initiated coverage on Timex Group India with a ‘Buy’ rating and a target price of Rs 820, highlighting the watchmaker’s corporate turnaround, premiumisation strategy and improving financial performance.

The brokerage has valued Timex Group India at 45 times its September 2028 estimated earnings per share. The target represents an upside of around 30% from the report’s reference price of Rs 629.

Revenue grew at a CAGR of 32% between FY22 and FY26 to nearly Rs 8 billion. During this period, EBITDA margin increased from 2.9% to 13.6%, while return on capital employed rose from 14.7% to 81.5%.


The brokerage firm said Timex has transformed from a historically loss-making company into an asset-light premium and luxury watch business. Free cash flow of Rs 838 million in FY26 also supported balance-sheet improvement.

Systematix expects revenue to grow at a CAGR of 29.1% over FY26-FY29, rising from Rs 7.99 billion to Rs 17.19 billion. EBITDA is projected to grow at a CAGR of 37.3% to Rs 2.82 billion, while EBITDA margin is expected to improve from 13.6% to 16.4%.
Adjusted profit after tax is forecast to grow at a CAGR of 40.5%, reaching Rs 2.09 billion by FY29. Free cash flow is expected to more than double to Rs 1.79 billion.

The firm expects gross margins to rise gradually from 43.2% in FY26 to 45.5% by FY29, supported by a better product mix, pricing, localisation and supply-chain efficiencies.

Operating cash flow is projected to increase from Rs 857 million in FY26 to Rs 1.81 billion by FY29, while free cash flow is expected to more than double from Rs 838 million to Rs 1.79 billion.

Meanwhile, Timex Group India shares have gained 96.20% so far in 2026, compared with a 7.68% decline in the benchmark. The stock touched its 52-week high of Rs 647.80 on August 26, 2026.

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