Brands
Timex Group India reports 26 per cent Q3 growth as profits triple in FY26
MUMBAI: Timex Group India Limited tightened its grip on the Indian watch market in Q3 FY26, posting robust double-digit growth as premiumisation and brand-led strategy paid off.
The company reported total income of Rs 151 crore for the quarter, with profit before exceptional items and tax tripling year on year, driven by the flagship Timex brand and a buoyant licensed portfolio. Revenue climbed 26 per cent compared with the same period last year, while Ebitda before exceptional items rose 2.23 times and profit before tax before exceptional items surged 3.05 times, signalling sharper operational discipline and healthier margins.
Timex led the charge with 32 per cent growth, while fashion and luxury labels Guess and Versace delivered strong double-digit gains. Other brands posted steady increases.
Digital channels continued to fire, with e-commerce logging high double-digit growth on the back of sharper merchandising and trend-led assortments. Offline trade also held firm, reflecting resilient consumer demand and retailer confidence.
Timex Group India Limited managing director Deepak Chhabra, said the market was shifting decisively towards premium, design-driven and lifestyle watches. He pointed to the India launch of Aston Martin Watches, the expansion of luxury and fashion lines, and higher-value Timex collections such as the Atelier range as key growth drivers.
The quarter also saw rising demand for mechanical watches and global collaborations including MM6, Monopoly and The James Brand. New launches across Q Timex, Marlin, Waterbury, Fria and Vector sustained strong traction.
On the brand-building front, Timex became title sponsor of India Beach Fashion Week in Goa, underlining its growing fashion credentials. The company also scaled manufacturing capacity to around 10 million units annually through a double-shift model to support future growth.
For the first nine months of FY26, total income reached Rs 565 crore, up 40 per cent year on year, while profit before exceptional items and tax grew 2.3 times. E-commerce, including quick commerce, surged 70 per cent, while trade channels expanded 25 per cent. Timex clocked the highest growth at 52 per cent, with Guess and Versace rising 36 per cent.
With rising aspirations and stronger appetite for global brands, Timex Group India said it would continue accelerating premium offerings, strengthening omnichannel reach and deepening consumer engagement.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
