Below is a structured extraction and summary of the relevant and actionable financial information from the Timex Group India Limited results filing for the quarter and half year ended September 30, 2025.

1. Auditor’s Note

• Type: Independent Auditor’s Review Report by Deloitte Haskins & Sells LLP.
• Conclusion:
  • The review was conducted as per applicable standards (SRE 2410).
  • No qualifications, concerns, or issues were reported.
  • The auditor states: “Nothing has come to our attention that causes us to believe that the accompanying Statement ... contains any material misstatement.”
• Action: No auditor qualifications or concerns. Standard clean review report.

2. Financial Performance

Summary Table of Key Financials (Rs. in lakhs)

*EBITDA estimated as: Profit before tax + Finance costs + Depreciation & Amortisation
Q2 FY26 EBITDA = 4,069 + 135 + 87 = 4,291 lakhs (Note: The press release states EBITDA growth of 116% for H1 FY26 with margin 15.7%, so EBITDA figures are approximate.)

Key Observations:

• Strong Revenue Growth:
  • Q2 FY26 revenue grew 40% YoY (Rs. 24,367 lakhs vs Rs. 17,408 lakhs in Q2 FY25).
  • H1 FY26 revenue grew 46% YoY (Rs. 41,261 lakhs vs Rs. 28,275 lakhs in H1 FY25).
• Profit Growth:
  • PBT grew 70% YoY in Q2 FY26 (Rs. 4,069 lakhs vs Rs. 2,385 lakhs).
  • H1 FY26 PBT grew 123% YoY (Rs. 6,056 lakhs vs Rs. 2,710 lakhs).
  • PAT grew 123% YoY in H1 FY26 (Rs. 4,490 lakhs vs Rs. 2,024 lakhs).
• Margins:
  • EBITDA margin for H1 FY26 is strong at 15.7% (per management commentary).
  • Operating profit margin improved significantly compared to previous periods.
• EPS:
  • Basic EPS for Q2 FY26 is 2.87 (not annualised).
  • H1 FY26 EPS is 4.20 (not annualised).
  • FY25 annualised EPS was 2.62.

3. Detailed Notes / Management Commentary

• Business Overview:

  • Core business: manufacturing and trading of watches and after-sales services.
  • Also provides IT support services to group companies.
  • Company is managed as a single operating segment (no segment reporting).

• Growth Drivers:

  • Premiumisation strategy with new collections and global collaborations (e.g., Timex x Superman, Jacquie Aiche).
  • Launch of Guess Automatic watches and expansion of Guess UESS Jewellery.
  • Partnership with Aston Martin for luxury watches in India.
  • Strong omnichannel growth: E-commerce grew 67% in H1 FY26; trade channel grew 26%.
  • Brand-wise growth in Q2 FY26: Versace +57%, Timex +52%, Guess +45%.
  • E-commerce channel grew 53% in Q2 FY26; trade channel grew 30%.

• Dividend:

  • Interim dividend of Rs. 1,271 lakhs declared and approved for cumulative preference shares to clear unpaid dividends from FY21 to FY24.
  • Dividend on preference shares for FY25 also recommended and paid.

• Accounting Policies:

  • Financial results prepared as per Ind AS 34 (Interim Financial Reporting).
  • No changes in accounting policies or material adjustments reported.

• Other:

  • Recognized as 'Most Preferred Workplace 2025-26' and 'Best Brands for Women 2025' for Timex brand.
  • Focus on innovation, market reach, and omnichannel expansion going forward.

4. Segment Information

• No reportable segments:
  • The company operates as a single segment per CODM evaluation.
  • No segment-wise financials provided.

5. Capex, Projects, and Corporate Activity

• Capital Expenditure:

  • Payment for purchase of property, plant and equipment and intangible assets was Rs. 137 lakhs in H1 FY26 vs Rs. 34 lakhs in H1 FY25.
  • Capital work-in-progress reduced from Rs. 6 lakhs (Mar 31, 2025) to nil (Sep 30, 2025).

• Investments:

  • Investments increased to Rs. 4,310 lakhs as at Sep 30, 2025 from nil as at Mar 31, 2025 (likely current investments).
  • Movement in current investments (net) was an outflow of Rs. 4,300 lakhs in H1 FY26.

• Financing Activities:

  • Dividend payment of Rs. 954 lakhs in H1 FY26 (preference shares).
  • Net proceeds from short-term borrowings Rs. 78 lakhs.
  • Repayment of lease liabilities Rs. 149 lakhs.

• No reported acquisitions, disposals, impairments, or restructuring activities.

6. Standalone vs Consolidated

• Only standalone financials provided and reviewed.
• No consolidated results disclosed or discussed.

Additional Financial Position Highlights (Balance Sheet as at Sep 30, 2025 vs Mar 31, 2025)

Summary for Investment Analysis Team

Actionable Insights:

• The company is demonstrating robust top-line and bottom-line growth with strong margin expansion, driven by premiumisation and omnichannel strategies.
• The balance sheet shows healthy growth in equity and assets, with manageable borrowings.
• Dividend payments on preference shares indicate strong cash flow and commitment to shareholder returns.
• No auditor concerns or accounting policy changes suggest stable financial reporting.
• Absence of segment reporting simplifies analysis but limits granularity.
• Watch for continued execution on premiumisation and e-commerce growth to sustain momentum.

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