Interim report
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TIMEXGROUP November 03, 2026 The Secretary BSE Limited PJ Towers, Rotunda Bldg., Dalal Street, Fort Mumbai 400 001 Scrip Code: 500414 Subject: Outcome of Board Meeting Dear Sir(s) Timex Group India Limited Unit No 303, 3rd Floor, Tower 8, World Trade Tower (WTT), C-1, Sector-16, Noida- 201301, Uttar Pradesh, INDIA CIN: L33301DL 1988PLC033434 Tel.: +91 120 474 1300 Fax: +91 120 474 1440 Website : www.timexindia.com E-mail : feedback@limexindia.com Please be informed that the Board of Directors of the Company, at its meeting held today, i.e., November 3, 2026, inter alia, considered and approved the following: 1. Un-audited Financial Results of the Company for the quarter and half year ended September 30, 2026, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The said financial results, together with the Limited Review Report issued by the Statutory Auditors, are enclosed herewith. 2. Based on the recommendation of the Audit Committee, the Board of Directors has approved the appointment of M/s B S R & Co. LLP (!CAl Firm Registration No. 101248W /W-100022) as the Statutory Auditors of the Company for a term of five (5) consecutive years, commencing from the conclusion of the 39th Annual General Meeting (AGM) of the Company to be held in the year 2027 until the conclusion of the 44th AGM to be held in the year 2032, subject to the approval of the Members of the Company. Time of Commencement of Board Meeting: 4:00 P.M. Time of conclusion of Board Meeting 5:00P.M. The above results are also being disseminated on Company's website at www.timexindia.com. This is for your kind information and record. Thanking You, For TIMEX GROUP INDIA LIMITED Dhiraj Kumar Maggo Vice President-Legal, HR & Company Secretary ICSI Membership No. F7609 Regd. Office: E-10, Lower Ground Floor, Lajpat Nagar -Ill, New Delhi -110024. Tel.: +9111 410 21297
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Regd. Office: One International Centre, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai–400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP Identification No. AAB8737 INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF TIMEX GROUP INDIA LIMITED 1. We have reviewed the accompanying Statement of Unaudited Financial Results of Timex Group India Limited (“the Company”), for the quarter and six months ended September 30, 2026 (“the Statement”), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”). 2. This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interi m Financial Reporting” (“Ind AS 34” ), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ , issued by the Institute of Chartered Accountants of India (ICAI). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of the Company’s personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. For Deloitte Haskins & Sells LLP Chartered Accountants (Firm’s Registration No. 117366W/W-100018) Jyoti Vaish (Partner) (Membership No. 96521) (UDIN: 26096521RCGKRF4233) Place: Noida Date: November 03, 2026 Chartered Accountants 7th Floor Building 10 Tower B DLF Cyber City Complex DLF City Phase ll Gurugram122 002 Haryana, India Tel: +91 124 679 2000 Fax: +91 124 679 2012
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(Rs. in lakhs except per share data) March 31, 2026 Audited 1 Revenue from operations 35,801 21,890 24,367 57,691 41,261 79,859 2 Other income 116 55 37 171 68 204 3 Total Income (1+2) 35,917 21,945 24,404 57,862 41,329 80,063 4 Expenses a. Cost of materials consumed 13,222 15,501 8,820 28,723 17,920 29,469 b. Purchases of stock-in-trade 14,743 2,930 4,799 17,673 8,424 19,006 (7,101) (6,372) 296 (13,473) (2,885) (3,120) d. Employee benefits expense 1,589 1,642 1,423 3,231 2,829 6,124 e. Finance costs 119 109 135 228 262 549 f. Depreciation and amortisation expenses 97 91 87 188 168 340 g. Other expenses 6,914 4,666 4,775 11,580 8,555 16,970 Total expenses (4) 29,583 18,567 20,335 48,150 35,273 69,338 5 6,334 3,378 4,069 9,712 6,056 10,725 6 Exceptional items- Impact of New Labour Codes - - - - - 531 (refer note 4) 7 Profit before tax (5-6) 6,334 3,378 4,069 9,712 6,056 10,194 8 Tax expense - Current tax 1,580 898 1,091 2,478 1,601 2,839 43 (22) (45) 21 (35) (189) Total Tax expenses (8) 1,623 876 1,046 2,499 1,566 2,650 9 Profit for the period (7-8) 4,711 2,502 3,023 7,213 4,490 7,544 10 Other Comprehensive Income Items that will not be reclassified to profit or loss - Gain / (loss) on defined benefit obligations 54 - - 54 - 10 (14) - - (14) - (3) 11 Total Other Comprehensive Income 40 - - 40 - 7 12 4,751 2,502 3,023 7,253 4,490 7,551 13 1,010 1,010 1,010 1,010 1,010 1,010 14Other equity 10,118 15Earnings per share Not Annualised Not Annualised Annualised -Basic 4.62 2.44 2.87 7.06 4.20 7.30 -Diluted 4.62 2.44 2.87 7.06 4.20 7.30 September 30, 2026 Six months ended June 30, 2026 Unaudited Unaudited September 30, 2025 Unaudited Sr. Particulars Quarter ended September 30, 2025 September 30, 2026 Unaudited Unaudited TIMEX GROUP INDIA LIMITED Registered Office : E-10, Lower Ground Floor, Lajpat Nagar - III, New Delhi – 110024 Telephone No: +91-11-41021297 | Email: feedback@timexindia.com Website: www.timexindia.com | CIN: L33301DL1988PLC033434 STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2026 Total Comprehensive Income for the period (9+11) - Income tax relating to items that will not be reclassified to profit or loss Paid-up equity share capital (Re. 1 each fully paid-up) Not Annualised Not Annualised - Deferred tax (credit)/charge Not Annualised c. Changes in inventories of finished goods, work-in- progress and stock-in-trade Profit before exceptional items and tax (3-4)
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Balance sheet as at September 30, 2026 (Rs. in lakhs) Particulars As at March 31, 2026 Audited ASSETS Non-current assets Property, plant and equipment 755 592 Capital work-in-progress 8 8 Right-of-use assets 485 539 Other intangible assets - 3 Intangible assets under development 47 9 Other financial assets 160 106 Deferred tax assets 967 1,002 Income tax assets (net) 107 107 Other non-current assets 53 26 Total non-current assets 2,582 2,392 Current assets Inventories 36,802 19,693 Financial Assets Trade receivables 12,055 5,816 Cash and cash equivalents 5,156 3,395 Bank balances other than "cash and cash equivalents" 2 2 Other financial assets 9 21 Other current assets 4,481 2,458 Total current assets 58,505 31,385 TOTAL ASSETS 61,087 33,777 EQUITY AND LIABILITIES Equity Equity share capital 1,010 1,010 Other equity 15,971 10,118 Total equity 16,981 11,128 Liabilities Non-current liabilities Financial liabilities Borrowings 2,959 2,949 Lease-liabilities 229 268 Other financial liabilities 147 421 Provisions 1,607 1,718 Total non-current liabilities 4,942 5,356 Current liabilities Financial Liabilities Borrowings 154 - Lease-liabilities 292 335 Trade payables - total outstanding dues of micro enterprises and small enterprises 3,631 2,347 - total outstanding dues of creditors other than micro enterprises and small enterprises 26,327 9,732 Other financial liabilities 3,582 2,424 Other current liabilities 990 998 Provisions 1,465 1,174 Current Tax Liabilities (net) 2,723 283 Total current liabilities 39,164 17,293 TOTAL LIABILITIES 44,106 22,649 TOTAL EQUITY AND LIABILITIES 61,087 33,777 As at September 30, 2026 Unaudited
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Statement of Cash Flows for the Six months ended September 30, 2026 (Rs. in lakhs) A CASH FLOW FROM OPERATING ACTIVITIES Profit before tax 9,712 6,056 Adjustments for: Gain on Investments in mutual fund measured at FVTPL (24) (32) Interest income on financial assets carried at amortized cost (9) (4) Finance costs 228 262 Depreciation and amortisation expenses 188 168 Loss on written off/sale of property, plant and equipment (net) 2 1 Allowance for bad and doubtful debts (net) (30) 1 (Gain) /loss unrealised currency exchange fluctuation (net) (71) 5 Changes in working capital: Adjustments for (increase) / decrease in operating assets Inventories (17,109) (2,363) Trade receivables (6,208) (1,031) Other financial assets (Current) 12 - Other financial assets (Non-current) (49) (10) Other assets (Current) (2,023) 279 Other assets (Non-current) (1) (6) Adjustments for increase / (decrease) in operating liabilities Trade payables 17,932 2,857 Other financial liabilities (Current) 1,176 673 Provisions (Current) 345 148 Provisions (Non-current) (111) 91 Other liabilities (Current) (25) (482) Cash generated from operations 3,935 6,613 Income taxes paid (net of refunds) (39) (217) Net cash generated from operating activities 3,896 6,396 B CASH FLOW FROM INVESTING ACTIVITIES Proceeds from sales of investments in mutual fund (net) 24 22 Interest Income on Bank Deposits 4 - Bank balances not considered as cash and cash equivalents (net) 0 # 0 # (322) (137) Proceeds from sale of property, plant and equipment 3 2 Movement in current investments (net) - (4,300) Net cash (used in) investing activities (291) (4,413) C CASH FLOW FROM FINANCING ACTIVITIES (Repayment) / net proceeds from short term borrowings 154 78 Repayment of lease liabilities and Interest (165) (149) (182) - (1,639) (954) Finance cost paid (12) (50) Net cash (used in) financing activities (1,844) (1,075) Net increase in cash and cash equivalents (A+B+C) 1,761 908 Cash and cash equivalents at the beginning of the period 3,395 - Cash and cash equivalents at the end of period 5,156 908 Note: Component of cash and cash equivalents: Balances with Banks -In current accounts 44 8 Cash on hand 0 # 0 # Short Term Investments 5,112 900 Cash and cash equivalents in Statement of Cash Flows 5,156 908 # Amount is below rounding off threshold adopted by the Company Payment for purchase of property, plant and equipment, capital- work-in-progress and other intangible assets Particulars Six months ended September 30, 2025 Dividend Payment on Preference Shares Withholding tax paid on dividend payment on preference shares Six months ended September 30, 2026 Unaudited Unaudited
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1 2 3 4 5 Place: Noida Date: November 03, 2026 The Board of Directors in its meeting held on May 26, 2026, recommended the Members, dividend on three tranches of preference shares i.e. (i) 0.09% non-cumulative redeemable non- convertible preference shares amounting to Rs. 0.23 lakhs for the Financial Year 2025-26, (ii) 10.75% cumulative redeemable non- convertible preference shares amounting to Rs. 421 lakhs for the Financial Year 2024-25 and Financial Year 2025-26, and (iii) dividend on 5% cumulative redeemable non- convertible preference shares amounting to Rs. 1,400 lakhs comprising of Rs. 175 lakhs each year from Financial Year 2018-19 to Financial Year 2025-26 to pay off unpaid accumulated dividend out of available distributable profits for the Financial Year 2025-26. These dividends were approved by the Members in their meeting held on August 20, 2026 and thereafter it was paid to Preference Shareholder on August 24, 2026. On 21 November 2025, the Government of India notified the four Labour codes - The Code on Wages, 2019, The Industrial Relations Code, 2020, The Code on Social Security, 2020, and The Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing Labour Laws. Based on the notified central rules and FAQs issued by the Ministry of Labour and Employment and best available information, the Company had estimated the financial implications thereof and had recognized an additional provision of Rs. 531 lakhs for the year ended March 31, 2026. Considering the materiality, regulatory driven and non - recurring nature of the afore stated impact, the Company had presented such incremental impact under "Exceptional items" in the financial results for the year ended March 31, 2026. The Company continues to monitor the finalisation of State rules by the Government and other related aspects of the New Labour Codes and will appropriately account for such changes, if required. NOTES TO UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2026 The above financial results have been prepared by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”). These results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 03, 2026. The Statutory auditors of the Company have carried out the review of the above financial results for the quarter and six months ended September 30, 2026. The Company is primarily engaged in the business of manufacturing and trading of watches and rendering of related after sales service. The other activities of the Company comprise of providing information and technology support services to the group companies. The Managing Director of the Company, who has been identified as the Chief Operating Decision Maker (CODM), evaluates the Company’s performance, allocates resources based on the analysis of the various performance indicators of the Company as a single unit. Therefore, the operations of the Company constitutes a single operating segment in accordance with the principles prescribed under Ind AS 108 – Operating segments. Accordingly, no separate disclosures of segment information has been made. The above financial results have been prepared in accordance with the recognition and measurement principles as laid down in the Indian Accounting Standard 34 (referred to as "Ind AS") prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules 2015, as amended, from time to time. For and on behalf of the Board of directors of Timex Group India Limited Managing Director Deepak Chhabra