Luxury Times Ltd IPO Analysis

Luxury that doesn’t just tell time—It tells your story; they are more than accessories—they’re milestones. Here is a company that brings global luxury watches closer to home—connecting Indian consumers to iconic international brands.

Let’s explore this luxury watch distributor & seller, Luxury Times Ltd, further:

The Luxury Brand Ltd Share Price will be finalised post-allotment, while grey market cues through the Luxury Brand Ltd IPO GMP will likely reflect market sentiment closer to listing.

There is great potential for growth within the Indian watch market, currently valued at USD 3.87billion. The Indian Luxury watch market has great potential. Indian macroeconomic factors, such as continued economic growth (projected at approximately 6.5% in 2024-25), are providing the foundation for this growth. 

A primary factor of growth within this market is the large number of individuals coming into the expanding middle class, which consists of households with annual incomes ranging from $5,875 to $35,252. As this demographic of consumers continues to increase, so too will their disposable income, ultimately driving consumer expenditure to forecasted levels of USD 6 trillion by 2030, as compared with USD 2.4 trillion in 2022. 

What does Our Company Do?

Luxury Time Limited (LTL) distributes and sells Swiss luxury watches in India, markets them, and provides after-sales service for them. LTL is also involved in distributing horological tools. LTL began as Luxury Time Private Limited and was incorporated in 2008, with its registered office located in Delhi, India. Mr Ashok Goel and Mr Pawan Chohan have been the promoters of LTL since its inception.

LTL has operations in five different areas: distribution, retail, ecommerce, post-sale service, and watchmaking equipment, working with various international Swiss manufacturers such as TAG Heuer and Zenith. The business now boasts over 70 points of sale (POS) throughout India, as well as an expanding array of related outlets and service points. LTL provides customers with complete access to an all-inclusive, luxury watch experience in India through its solid structure and organisation in this developing area of the market, together with strong sponsorship from its owners.

Where Does The Money Come From?

B2B Distribution - FY 2025 Watch Distribution Business contributed 78.54% of LTL's Revenue from Operations. LTL is the authorised Distributor for Switzerland (B2B) for Luxury Watch Brands TAG Heuer, Zenith, Bombardier, and Exaequo. 

Direct-to-Consumer (D2C)/ E-commerce: These segments are responsible for managing TAG Heuer's E-Commerce Platform in India. LTL has established a 50%-50% Joint Venture called Pasadena Retail Private Limited, which operates Mono-Brand Boutique Stores.


After Sales Service - LTL has two Company-Managed Service Centres located in Mumbai and Delhi, providing Authorised Services to customers and the Distribution of Spare Parts. The Company plans to further develop and expand its Service Centre Network in India.

Tools and Machinery Distribution - The Tools and Machinery Distribution segment was launched in FY 2024 and serves as the authorised distributor for Specialised Swiss Horological Tool Manufacturers Bergeon and Horotec.


Brand & Marketing Support - LTL provides a range of services to International Partners in India, including PR Services, Event Organisation, and In-Store Activations, to help maintain the PREMIUM BRAND POSITIONING of the International Partners in India.

In FY25, the B2B segment's market share was 78.54%, recovering slightly from its lower position in FY24 but still well below what the company had experienced at its highest level in FY23. 

When looking at D2C and online sales, while both channels peaked at 13.75% of revenue in FY24 before dropping back to 11.48% in FY25, the company began seeing a return to wholesale-driven revenue growth.

Every year since FY23, there has been positive growth in After Sales Services, with continuing healthy revenues representing over 7% in FY24 and FY25, respectively.

The Branding and Marketing Support revenue stream did not exist in FY23 but started contributing to total sales, increasing to 0.89% in FY25, demonstrating the company’s commitment to investing in the future by supporting brands through various promotional avenues.

The revenue stream, added in FY25, includes the sale and distribution of tools and machinery, representing 1.58% of total revenue, allowing further diversification of the company’s business model from the traditional wholesale model to the combination of wholesale, D2C and tool distribution.

About The Management & Governance

Primarily promoted by Mr Ashok Goel and Mr Pawan Chohan, the management has extensive prior industry knowledge of the luxury watch sector. Promoters have 25+ years of combined experience in this business space. 

While 2 out of 5 board members are independent directors, the governance ensures quality as the audit and remuneration committees are led by independent directors.

Since Luxury Times Ltd. was formed in 2012, the team has established core B2B and Corporate Travel capabilities and has increased the number of services available to clients.

With the revenue rising from 52.8Cr in FY23 to 60.3 Cr in FY25, Luxury Times Ltd showcases a 2-year CAGR of 6.9% CAGR from FY23 to FY25. This growth is higher than the Indian watch Industry’s growth of 6.5%. Along with that, the EBITDA & PAT margins have been in an uptrend, showcasing improvement in the profitability of the company. 

The return on equity (ROE) has substantially improved since FY23. The company has witnessed almost stable growth in return on capital employed (ROCE).

However, it must be noted that the increase in Luxury Time’s revenue is not backed by a higher increase in trade receivables, which has shown less growth when compared to sales. While the inventory has increased slightly on the higher side in comparison to sales growth.

Apart from all this, it would be interesting to know the reason for a dip in sales last year. Though the company has not mentioned anything related, it can be said that the company has a decent quality of balance sheet, with industrial-level sales and profit growth, but a volatile trend in margin and return ratios.

Peer Comparison

For the basis of peer comparison, we have taken the two closest competitors to Luxury Times Ltd. On the basis of this, the company seems to be undervalued in terms of PE ratio. The debt-to-equity ratio is low at 0.8, while the peers also carry low debt in their financials. 

The P/E is 16.15x post listing, which is lower than the other industrial players, providing Luxury Times with room for shareholder value creation.

Luxury Times Ltd is demonstrating lower performance with its margins in comparison to the industrial standard. The current EBITDA margin is 10.13% while the PAT margin is around 6.95%. 

The ROE stands at 25.33% & ROCE is 29.84% which are also on a higher side in comparison to the peer group. 

• Store Expansion: Funding expenditure required for opening 4 new stores across India.

• Working Capital: Maintaining debtors, inventory and other assets for business expansion.

• General Corporate Purpose: Required for administrative and operational-related expenses. 

The company aims to raise funds to expand its retail outlet to cities like Delhi, Amritsar, Dehradun and Indore. The management is making targeted efforts to increase its sales & outreach and anticipates higher demand. 

It can be said that the money is rightly being used for the company’s primary purpose for expansion in selling luxury watches across India.

Strength and Risk

Final Words

At Alpha Venture X Fund, we assess opportunities through our LMVT framework — Leadership, Moat, Valuation, and Tailwinds — enabling us to identify scalable businesses with durable fundamentals. 

Leadership: Ashok Goel and Pawan Chohan, long-time Swiss luxury watch operators, tightly own 95% pre-issue equity, aligning them with brand principals and investors.

Moat: Exclusive India rights for TAG Heuer, Zenith, Bomberg and Exaequoz, a 70+ POS network and JV mono-brand boutiques, give it scarce shelf space and pricing power in top luxury malls.

Tailwinds: Premium Swiss watch demand in India and rising throughput across the same retail and service footprint are lifting EBITDA margins from 6.1% to 10.1% over FY24–25.

Valuation: FY25 ROCE of 29.8%, low D/E of 0.08x and scalable EBITDA support a premium multiple, but heavy dependence on a few principals and discretionary luxury demand warrants position sizing discipline.

Overall, Luxury Times offers both premium brands and a pricing structure. With a strong moat & rising premiumization, the business is worth monitoring closely.