Timex Group India Ltd

AGM Details

• Date and time: August 20, 2026, 4:00 PM IST, via VC/OAVM.
• Mode: Video Conferencing / Other Audio-Visual Means; no physical attendance.
• Cut-off date for voting: August 13, 2026.
• Remote e-voting: August 16–19, 2026; e-voting during AGM available.
• AGM concluded at 6:20 PM IST; attendance via VC/OAVM; Scrutinizer report issued.

Key Resolutions

• Resolution 1: Adopt Audited Financial Statements for the year ended March 31, 2026.
• Resolution 2: Appoint a Director in place of David Thomas Payne, retiring by rotation.
• Resolution 3: Confirm payment of dividend on Preference shares.
• Resolution 4: Declare dividend on Preference shares.

Voting Results

• Resolution 1 passed with 99.999% in favour; 0.001% against.
• Resolution 2 passed with 99.987% in favour; 0.013% against.
• Resolution 3 passed with 99.980% in favour; 0.020% against.
• Resolution 4 passed with 99.980% in favour; 0.020% against.

Dividend

• Dividend on Preference shares approved.

Director Changes

• David Thomas Payne appointed as Director (retiring by rotation).

Meeting details

• Event type: Analyst / Investor Meet for Timex Group India Ltd.

Meeting Details

• Date and time: Monday, August 3, 2026 at 3:30 PM.
• Type and mode: one-to-one meeting/call; physical or virtual (Teams).
• Venue: Noida, UP or Teams.
• Event organizer: investor/analyst meeting under SEBI LODR Regulation 30.
• Company participant: VP - Legal, HR and Company Secretary.
• Purpose: Q&A session; no presentations; no price-sensitive information disclosed.

KYC/PAN update for physical holders

• Intimation to physical-shareholders to furnish/update PAN, KYC, and nomination with RTA Alankit.
• Registrar & Transfer Agent is M/s Alankit Assignments Limited.
• ISR-1 for PAN; ISR-2 for bank details, mobile, email, address, signatures.
• Nomination forms SH-13; ISR-3; SH-14.
• PAN shall be linked to Aadhar.
• Furnish/update details with immediate effect per SEBI circulars.
• From April 1, 2024, folios not updated will receive electronic payments only.
• Transfers and service requests processed only in dematerialised form.
• Submit signed documents to Alankit by hard copy or email.
• Forms available on Timex India's site and Alankit's; queries to Lalita Prasad.

AGM notice and access

• 38th AGM scheduled Aug 20, 2026 at 04:00 PM IST via VC/OAVM.
• Annual Report 2025-26 and AGM notice accessible via web link/QR code for all shareholders.
• Unregistered-email shareholders will receive link; update emails via DP or RTA.
• Process to update email addresses for demat via DP and physical via RTA Alankit.
• RTA contact: Alankit Assignments Limited, New Delhi, 011-42541234.

Overview

• Standalone BRSR for Timex Group India Limited; watches manufacturing, wholesale trading, and ODM.
• Reporting boundary: standalone basis; 2025-26 financial year.
• Turnover by activity: 66.53% manufacturing, 32.56% trading, 0.91% support services.
• Watches account for 98% of turnover.
• Exports contribute about 1.7% of turnover.
• Locations: 1 plant and 7 offices in India.

Key ESG Risks & Opportunities

• Health, safety, wellbeing risk; mitigations include safety-first culture.
• Labour practices risk from evolving regulations; non-compliance implies negative costs.
• Human rights risk; violations may cause reputational and financial risk.
• Waste management is an opportunity via zero-discharge and recycling partnerships.
• Consumer welfare, innovation, governance, training, and diversity present positive opportunities.
• Governance improvements include strong leadership and resilient execution teams.
• Training and development investments uplift capabilities across functions.
• Diversity at workplace promoted through inclusive practices.

Governance & Policy Highlights

• No dedicated sustainability committee; Board oversees ESG with MD leadership.
• MD responsible for implementation; governance oversight by Board and senior management.
• SA 8000:2014 and ISO 45001:2018; Code of Conduct; Whistle blower policy.
• Anti-corruption policy and Whistle Blower mechanism in place.
• No material fines or penalties in FY2025-26; external assurance not obtained.
• Policies reviewed annually; statutory compliance reviewed quarterly.

Social Responsibility & Workforce

• Total workforce 600; 185 permanent and 415 other employees; 224 workers.
• Gender distribution: male 522, female 78 across employees and workers.
• Turnover FY25-26: permanent employees 4.5%, permanent workers 3%.
• Well-being spend: 0.19% of revenue on health and related measures.
• Retirement benefits: PF, gratuity, and ESIs covered for most employees/workers.
• Premises accessible to differently abled; equal opportunity policy in place.
• Grievance mechanisms include plant-level committees, POSH ICs, Whistle Blower, and suggestion box.

Environmental Performance

• Total energy: grid electricity 1,694 GJ; no reported renewable power.
• Energy intensity: 0.041 GJ per lakh turnover; PPP-adjusted 0.830.
• Water withdrawal: 10,368 KL; groundwater 7,625 KL; third-party water 2,743 KL.
• GHG emissions: Scope 1 214.43 and Scope 2 326.62 tCO2e.
• Total waste 29.575 MT; plastic 19.765 MT; e-waste 3 MT; battery waste 2.3 MT; 10.857 MT recycled.
• Zero liquid discharge via reuse of treated wastewater; ISO 45001 and SA 8000 certifications.

Stakeholder Engagement & Complaints

• Stakeholders: customers, employees, investors, vendors, regulators; multi-channel engagement.
• Customer complaints: 13,564 filed in FY2025-26; 0 pending at year end.
• Grievance mechanisms include Code of Conduct, Whistle Blower, and public grievance channels.
• Complaints with consumer forums addressed in compliance with laws.

Other Notable Metrics

• Sourcing: >=86% inputs sustainably sourced per SA 8000:2014.
• Purchases from trading houses: 30% of total; top 10 trading houses 100% of trading purchases.
• Related party transactions: 26.70% purchases with related parties; 1.99% sales to related parties.
• MSME inputs: 42% of inputs; direct purchases from MSMEs.
• Trade bodies: affiliations with two chambers; All India Federation of Horological Industries; Baddi association.
• Data privacy: cyber security policy; data breaches nil.

AGM details

• Aug 20, 2026, 4:00 PM, via VC/OAVM.
• Record closure: August 18–19, 2026.

Resolutions

• Adopt Audited Financial Statements for year ended 31 March 2026.
• Reappoint director by rotation: David Thomas Payne.
• Confirm payment of dividend on preference shares.
• Declare dividend on preference shares.
• Approve dividend payments to Timex Group Luxury Watches B.V. for unpaid and future amounts.

Director changes

• David Thomas Payne to be reappointed as Non-Executive Non-Independent Director.

Financials

• Revenue from operations: Rs 80,063 lakhs; up 48% YoY.
• PBT: Rs 10,194 lakhs; up 138% YoY.
• PAT: Rs 7,544 lakhs; total comp. income Rs 7,551 lakhs.
• Exceptional item: Rs 531 lakhs due to Labour Codes.
• EPS: Rs 7.30; basic and diluted.

Dividends & Allocation

• No dividend on equity shares proposed.
• Preference dividends paid during year: Rs 2.53 crore.
• Final dividend on prefs proposed; three series; AGM approval required.
• Dividend policy disclosed on company website.

Capital & Shareholding

• Equity share capital: Rs 1,010 lakhs; 10,09,50,000 shares.
• Promoter stake: Timex Group Luxury Watches B.V. 51% (2026).
• Promoter stake declined from 74.93% in 2025 due to pref redemption.
• Net debt position: net cash Rs 4.48 crore.
• Cash and cash equivalents: Rs 3,395 lakhs; no long-term debt.

Business Developments & Strategy

• Timex Atelier launched; Swiss-made premium collection.
• New franchises: Vector and Signio; premiumisation emphasis.
• OEM partnerships with Flipkart and Myntra; Justwatches expansion.
• Direct-to-consumer and omnichannel expansion.
• Licensing brands: Guess, Versace, Aston Martin, Philipp Plein.

Governance & Risk

• Board: six directors; three independent; MD.
• Audit, Nomination & Remuneration, Stakeholders, Risk, CSR, Share Allotment Committees.
• Audit Committee met five times; Board met seven times.
• CSR Committee formed May 2025; CSR meetings held as noted.
• Whistle Blower policy; Code of Conduct; anti-corruption policy.

Audits & Compliance

• Statutory auditors: Deloitte Haskins & Sells LLP; unqualified.
• Secretarial auditors: NKJ & Associates; unqualified.
• No material non-compliance reported in last three years.

ESG & Sustainability

• CSR policy on website; Annexure A CSR report.
• CSR spend for FY2025-26: Nil due to negative profits.
• LED lighting implementation; ~16% energy savings.
• Eco-friendly chillers; ~29% energy savings.
• Scope 1: 214 tCO2e; Scope 2: 326-327 tCO2e.
• Water withdrawal: 10,368 KL; intensity 0.130 KL per lakh turnover.
• Total waste: 29.575 tonnes; 10.857 tonnes recycled.
• Zero liquid discharge mechanism: reuse treated wastewater.
• No external assurance on BRSR data.

Segment & Geography

• Domestic revenue: Rs 78,264 lakhs; Overseas: Rs 1,595 lakhs.
• Single customer >10% of revenue.
• No subsidiary, joint venture, or associate.
• Non-current segment assets: Rs 1,168 lakhs in India.

Outlook & Risks

• Macro risks: Labour Codes, currency and commodity price volatility.
• Industry outlook: growth in fashion/luxury watches; premiumisation.
• Strategy: localisation, cost optimization, OEM expansion, digital growth.