Luxury Time Limited is engaged in the distribution, marketing, retailing, and after-sales servicing of Swiss luxury watches, as well as the distribution of watch service-related tools and equipment in India. Started in 2008, they serve as the exclusive authorized distributor in India for Luxury Swiss watches brands - TAG Heuer, Zenith, Bomberg and Exaequo. In addition, they have entered into a joint venture with an Indian listed luxury watch retail company to operate exclusive mono-brand boutiques, currently managing two stores at the Mall of Asia, Bengaluru, and Palladium Mall, Mumbai. The business operates across five integrated verticals:1. Watch Distribution (B2B)2. Direct-to-Consumer (D2C) & E-commerce Sales3. After-Sales Services4. Branding, PR & Marketing Support5. Tools & Machinery Distribution Company maintains a retail footprint of 70+ points of sale (POS) nationwide, including mono-brand boutiques, multi-brand outlets (MBOs), and digital platforms. The network spans all major metros and key cities such as Delhi, Mumbai, Bengaluru, Hyderabad, Ahmedabad, Pune, Surat, Kolkata, Chennai, Coimbatore, Chandigarh, Ludhiana, Cochin, and Lucknow. In the after-sales vertical, they operate two service centers in Mumbai and Delhi, supported by a network of 20+ authorized and dealer-operated facilities across India. They also act as an authorized service provider and spare parts authorized distributor for multiple Swiss luxury watch brands, providing technical support, training, and certification to ensure global standards of service. In the tools and machinery vertical, they are the exclusive authorized distributor in India for Luxury Swiss Watches tool manufacturers - Bergeon and Horotec - specializing in watchmaking and jewellery-making equipment. The clientele includes large-format watch manufacturers, national jewellery chains, and independent service professionals. As per financial performance, Luxury Time Limited has posted total income / net profits of Rs 52.85 Cr / 2.57 Cr (FY23), Rs 50.58 Cr / Rs 2.01 Cr (FY24), Rs 60.78 Cr / 4.29 Cr (FY25) and Rs 24.91 Cr / 2.01 (upto Q2FY26). So as per previous financials data, company has shown steady results. Company has an average EPS of Rs 5.28 and average RoNW of 20.22% for last three fiscals. Issue is priced at a P/BV of 2.53 as per NAV of Rs 32.47/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 33.67, 15.76 and 16.84 respectively. As per RHP, comparison between listed peers is shown in above table, but peer is very big and have brand value. So comparison is not realistic. On BRLM's front, GYR Capital Advisors Private Limited is associated with this SME IPO, and has handled 51 IPOs in last two fiscal years. From last 10 IPOs, all opened above issue price or at par, on the day of listing. As of now, from last 10 IPOs, four are trading below issue price and remaining all are trading above issue price or at par. ( As on 29.11.25 ) As per financials, Luxury Time Limited has shown steady results, RoNW is 22.77% and P/E is 33.67, 15.76 and 16.84 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Company is engaged in the distribution, marketing, retailing, and after-sales servicing of Swiss luxury watches, as well as the distribution of watch service-related tools and equipment in India, which is highly competitive business segment. Performance of BRLM is good. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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