Feb 13, 202610 min read

⚡ Key Takeaways

• ✓Citizen Cal. 0201 licensed → HMT Cal. 020
• ✓Manual-wind movements manufactured domestically
• ✓Multiple variants (Cal. 020, 021, 022, 023)
• ✓Millions of watches produced 1961–2016
• ✓Affordable mechanical watches (₹500–₹2,000 range)

When people think Indian watches, most remember HMT—the legendary state-owned manufacturer that produced India's first mechanical watches in 1961, partnered with Citizen, supplied millions of timepieces across the subcontinent for five decades, then quietly shut down operations in 2016.

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After HMT's closure, a void opened. India had watch buyers—a massive domestic market of 1.4 billion people plus diaspora worldwide—but zero domestic mechanical watch brands. Swiss brands owned luxury. Japanese brands owned value. Chinese brands owned mass production. India owned... nothing.

Then something shifted. Young entrepreneurs who grew up collecting HMT watches decided someone needed to continue Indian watchmaking. Tech professionals left consulting careers in Hong Kong to start brands in Bangalore. History enthusiasts embedded ancient British Raj coins into dials in Jaipur. Design-focused founders in Delhi created watches selling out in hours despite infrastructure challenges making production nearly impossible.

Jaipur Watch Company embeds 1947 British India rupee coins with walking tigers into dials—turning numismatic artifacts into wearable history at ₹16,000–₹55,000 ($200–$700). Bangalore Watch Company creates dials from decommissioned Indian Air Force MiG-21 fighter jets, salvaged INS Vikrant aircraft carrier steel, and space-certified watches tested in orbit—weaving contemporary Indian narratives into Swiss-powered timepieces at ₹48,000–₹150,000 ($600–$1,800). Delhi Watch Company designs Everest-inspired watches worn to actual Mount Everest summit by Sherpa Kami Rita in May 2024, selling out 500-piece batches within hours at under ₹20,000 ($250).

The HMT Legacy and Its Aftermath #

1961–2016: India's Only Mechanical Watch Manufacturer #

Hindustan Machine Tools (HMT) launched in 1961 through a partnership with Citizen, creating India's first watch manufacture in Bangalore.

The foundation:

• Citizen Cal. 0201 licensed → HMT Cal. 020
• Manual-wind movements manufactured domestically
• Multiple variants (Cal. 020, 021, 022, 023)
• Millions of watches produced 1961–2016
• Affordable mechanical watches (₹500–₹2,000 range)
• Ubiquitous across Indian middle class

What HMT represented: Indigenous mechanical watchmaking. "Make in India" before the phrase existed. Reliable everyday timepieces. Accessible luxury—mechanical watches within reach. National pride in Indian-manufactured movements.

2016: Operations Cease #

HMT shut down watchmaking operations in 2016 due to delayed quartz crisis impact, Chinese competition flooding the market with cheaper quartz, outdated 1960s-era machinery, government inefficiency, and changing consumer preferences.

The void created: zero Indian mechanical watch manufacturers remaining, no domestic movement production capability, entire manufacturing infrastructure lost, supply chain dissolved, and skilled watchmaker diaspora.

HMT watches became vintage collectibles. Enthusiasts worldwide—particularly Indian diaspora—sought pristine HMT Pilots, Janatas, and Koynas. Prices increased. Nostalgia intensified. But new production? None.

2013–Present: Microbrand Renaissance #

2013: Jaipur Watch Company launches—India's first private luxury microbrand. 2018: Bangalore Watch Company emerges from tech consultants returning from Hong Kong. 2020: Delhi Watch Company founded during COVID-19.

Common thread: Young entrepreneurs filling HMT void through cultural storytelling, direct-to-consumer models, design and assembly in India, imported movements (Swiss/Japanese), limited production (hundreds, not millions), and passionate community engagement.

Manufacturing Reality: What "Made in India" Means #

Critical infrastructure limitation: India has ZERO movement manufacturers currently. No domestic production of movement components, movements themselves, specialized watchmaking machinery, or component suppliers.

What IS made in India:

• Design: Completely Indian (brand founders, design teams)
• Dials: Varies (Jaipur Watch Company coins/art domestically sourced, others imported)
• Hands: Some brands (Bangalore Watch Company hands manufactured by Bangalore supplier to Breitling/Tag Heuer/Oris)
• Straps: Often Indian (leather, fabric)
• Assembly: Final assembly, quality control, regulation in India
• Packaging: Domestic

Best Indian microbrands—Bangalore Watch Company especially—transparently acknowledge this. "Made in India" actually means designed in India, final assembly in India, QC in India, cultural storytelling Indian. NOT movement manufactured India.

Cultural Storytelling: The Indian Microbrand Differentiator #

What sets Indian microbrands apart from international competitors:

• British Raj heritage (Jaipur Watch Company): 1947 coins, vintage stamps, Pichwai art
• Contemporary Indian narratives (Bangalore Watch Company): MiG-21 fighter jets, INS Vikrant carrier steel, Indian Space Program, cricket, Indian geography
• Mount Everest achievement (Delhi Watch Company): Sherpa Kami Rita wore DWC to summit May 2024
• Freedom fighter tributes (Ajwain): 1925 Kakori train robbery anti-colonial heist

vs. International microbrands: Swiss brands offer heritage and precision (abstract). Japanese brands offer monozukuri craftsmanship (technical). German brands offer engineering innovation and Bauhaus design (aesthetic). Indian brands offer historical artifacts, contemporary narratives, and cultural pride (emotional storytelling).

Jaipur Watch Company (Jaipur, Est. 2013) #

Price range: ₹16,000–₹5,00,000+ ($200–$6,000+ bespoke)

Known for: Coin watches, Pichwai art, hand-painted dials, bespoke creations, Shark Tank India, celebrity endorsements.

Founded 2013 by Gaurav Mehta—history-obsessed child fascinated by ancient coins and stamps. Age 12, started reassembling watches. One day modified a watch with an ancient coin in the dial—friends were mesmerized. Passion merged with business.

Vision: "Create timepieces that tell stories. Stories of land rich in heritage, artistry, timeless tradition."

The first 4–5 years were incredibly tough—no microbrand concept existed in India, no audience, Instagram was underdeveloped. 2022 Shark Tank India appearance "changed the game, gave traction and visibility needed."

Celebrity endorsements: Indian Prime Minister, Amitabh Bachchan, Ed Sheeran (wore Devanagari Baagh on The Great Indian Kapil Show), Malaika Arora, cricketers Hardik Pandya, Shubman Gill, and Ishan Kishan.

The Watches #

Coin Watch Collections (₹16,000–₹55,000 / $200–$700): British India One Rupee 1947 series—authentic British Raj coins embedded in dial with walking tiger motif. 316L stainless steel, sapphire crystal, Miyota automatic or Swiss quartz movements.

Stamp Watch Collection (₹20,000–₹60,000 / $250–$750): Limited editions with authentic stamps from 1937–1947 era, including George VI stamps and 1840 Penny Black preservation.

Pichwai Art Collection (₹30,000–₹1,00,000+ / $370–$1,250+): Hand-painted Pichwai artworks on dials—traditional Rajasthani painting technique depicting Lord Krishna, created in collaboration with Jaipur artisans.

Bespoke Watches (₹1,00,000–₹5,00,000+ / $1,250–$6,000+): Completely customized—personal coin collections embedded, family heirlooms integrated, hand-engraved dials, miniature paintings commissioned, precious metal options.

Bangalore Watch Company (Bangalore, Est. 2018) #

Price range: ₹40,000–₹1,50,000 ($500–$1,800)

Known for: MiG-21 tributes, space-certified watches, cricket celebration, INS Vikrant carrier steel, Cerasteel™ material, premium positioning.

Founded 2018 by husband-wife duo Nirupesh Joshi and Mercy Amalraj. Tech consulting careers in Hong Kong—returned to India to create a watch brand reflecting modern Indian narratives. Self-funded with life savings.

Philosophy: "Reacquaint gentlemen with fine watches of Indian origin. Determined to put India on radar as country's first independent fine watch brand."

The Watches #

Mach 1 (₹48,930–₹52,430 / $680–$730): Indian Air Force MiG-21 Type 77 tribute. 42mm case, 316L surgical-grade stainless steel, 100m water resistance, Swiss Sellita SW220-1 automatic (38-hour power reserve, day-date). IAF fin-flash at 9 o'clock, afterburner nozzle-shaped crown, cockpit-inspired 3D Swiss Super-LumiNova numerals, caseback engraving of 3 MiGs in V-formation. Hands manufactured in Bangalore by supplier to Breitling, Tag Heuer, and Oris.

Mach 1X Limited Edition (21 pieces, SOLD OUT): Dials made from decommissioned IAF MiG-21 aircraft aluminum. Chemical composition analysis validated authenticity. 21 pieces symbolic of MiG-21 designation.

Admiral Limited Edition: Dial made from steel recovered from INS Vikrant (R11)—India's first aircraft carrier, served 1961–1997, scrapped 2014.

Apogee Collection (₹50,000–₹80,000 / $620–$1,000): India's space program tribute. Kármán Line model space-certified (tested in orbit 2024), meteorite dials. First Indian company to develop space-certified watch.

Cover Drive Collection (₹45,000–₹70,000 / $560–$870): Cricket celebration with cricket score-counting bezel and stadium-inspired strap names (Wankhede, Chepauk, Chinnaswamy).

Peninsula Professional (₹60,000–₹1,00,000 / $750–$1,250, 2025): Outdoor collection celebrating Indian geography—Western Ghats rainforests, Laccadive Sea, black mother-of-pearl dials.

Cerasteel™ Material Innovation: Proprietary case material—robust steel inner core with Cerakote® ceramic-polymer coating for structural toughness and distinct matte finish.

Delhi Watch Company (Delhi, Est. 2020) #

Price range: ₹8,000–₹30,000 ($100–$370)

Known for: Everest series, rapid sellouts, community feedback, Mount Everest summit 2024, accessible pricing.

Founded 2020 by Anish Dandwani who grew up collecting HMT watches. "When I realized their operations might not continue, I felt urgency. Someone had to pick up where they left off."

Philosophy: Community-driven design—"We've always believed no one can suggest improvements better than the wearer." Limited batches of 500 pieces sell out within hours each release.

The Watches #

Everest II (₹8,000–₹12,000 / $100–$150): 36mm case, honeycomb textured black dial, Super-LumiNova, screw-down crown, 316L stainless steel, solid Jubilee bracelet, sapphire crystal, exhibition caseback, Seiko NH35 movement, 10 ATM water resistance. Exceptional specifications for the price.

Everest III (₹15,000–₹20,000 / $185–$250): 37mm case with unique two-layer floating dial innovation—BGW9 lume on glass layer plus diamond-pattern sunburst base creating striking light play. 500 pieces each iteration—immediate sellouts.

Echostar GMT (₹20,000–₹30,000 / $250–$370): GMT watch with Indian timezone designation tribute. "Echostar" = military/aviation designation for Indian Standard Time (IST).

Triple Crown Collection (₹12,000–₹18,000 / $150–$225): F1 World Drivers Championship inspiration with famous F1 car/team color schemes.

Everest Achievement (May 2024): Sherpa Kami Rita wore DWC Everest to Mount Everest summit—"Built keeping in mind one day it would be worn top of Mt. Everest. This feat achieved May 2024, making DWC one of few watch brands in world to have done that!"

Argos Watches (India, Est. 2017) #

Price range: ₹15,000–₹40,000 ($185–$500)

Known for: Dress watches, Seagull movements, lifetime warranty option, versatile designs.

Focus on dressier designs versatile for office and casual wear. Features Seagull automatic movements (Chinese, carefully selected and regulated), meticulous dial finishing, engraved casebacks, and decorated rotors.

Only Indian microbrand offering lifetime warranty policy (available at additional cost). "Seagull automatic movement—choice may surprise enthusiasts accustomed to Japanese calibres, but speaks to brand's commitment to refined craftsmanship over convention. Quality transcends origin."

Ajwain Watches (Mumbai, Est. 2017) #

Price range: ₹20,000–₹50,000 ($250–$620)

Known for: Kakori train robbery tribute, regulator dials, enamel work, thoughtful design.

Founded 2017 by Vikram Narula. Thoughtful design sense—provincial and universal simultaneously. Story-driven pieces without gimmicks.

Kakori 8 Down Centenary Edition (₹25,000–₹40,000 / $310–$500): 1925 Kakori train robbery tribute—Indian freedom fighters robbed a British-era train, becoming anti-colonial folk heroes. Regulator-style dial, white enamel dial, hours subdial with red accents, floating seconds subdial. "Really attractive package chock full of references to heist that inspired it without being overtly gimmicky."

Value Analysis: Indian Microbrands vs. Alternatives #

vs. Chinese Microbrands #

Chinese advantages: Lower pricing ($80–$120 vs. $100–$150), faster production/shipping, established infrastructure. Indian advantages: Cultural storytelling (Everest summit vs. generic designs), community engagement, quality control emphasis, honest value proposition.

Verdict: Indian microbrands deliver cultural narratives plus community trust at slight premium over Chinese alternatives.

vs. International Microbrands (Europe/US) #

Indian (Bangalore Watch Company Mach 1): ₹48,930 ($680). European (Baltic, Farer equivalent): $800–$1,200. US (Nodus, similar tier): $700–$1,000. Comparable Swiss Sellita movements, sapphire crystals, 316L steel. Indian advantages: Unique storytelling (MiG-21 aluminum dials unavailable elsewhere), lower pricing. International advantages: Established brand recognition, better resale value, easier international servicing.

Verdict: Indian microbrands deliver unique storytelling at competitive pricing. Bangalore Watch Company Mach 1X (MiG-21 aluminum dial) is genuinely unique—no European/US equivalent exists.

vs. Swiss Enamel Specialists #

Jaipur Watch Company coin watches: ₹16,000–₹55,000 ($200–$700). Vacheron Constantin enamel: $50,000–$150,000+. Credor enamel: $8,000–$30,000. Jaipur delivers numismatic artifacts and Pichwai hand-painted dials at a fraction of Swiss enamel pricing.

Where to Buy Indian Microbrand Watches #

• Jaipur Watch Company: jaipur.watch — Physical stores in Jaipur, New Delhi (Select Citywalk flagship), Ahmedabad, Pune. Retail partners in Delhi, Mumbai, Udaipur, Chandigarh, Dubai.
• Bangalore Watch Company: bangalorewatchco.in — Showroom appointments in Bangalore. Free worldwide shipping via FedEx.
• Delhi Watch Company: delhiwatchcompany.com — Limited batch releases (sellouts common—newsletter essential).
• Argos Watches: Online primarily, India domestic shipping.
• Ajwain Watches: Mumbai-based, online sales.

International buyers: Direct purchase from brand websites recommended. International shipping available (Bangalore Watch Company explicitly supports). Factor customs duties.

FAQ: Indian Microbrand Watches #

Are Indian watches actually made in India? #

Designed and assembled in India, movements imported. Movements are Swiss (Sellita, ETA), Japanese (Miyota, Seiko NH35), or Chinese (Seagull)—zero Indian movement manufacturers currently. Cases manufactured internationally typically. Some hands Indian-made (BWC supplier to Breitling/Tag/Oris). Straps often Indian. Final assembly, QC, and regulation in India. "Made in India" = designed, assembled, QC'd India. NOT movement manufactured India.

Why did HMT shut down? #

Delayed quartz crisis impact, Chinese competition flooding the market, outdated 1960s-era machinery never updated, government inefficiency, and changing consumer preferences. 2016 operations ceased, entire Indian mechanical watch manufacturing infrastructure lost.

Do Indian microbrands hold value? #

Generally 40–60% depreciation typical (similar to international microbrands). Exceptions: Bangalore Watch Company limited editions (Mach 1X—21 pieces MiG-21 aluminum, Admiral INS Vikrant steel) have strong collector demand. Buy for enjoyment and cultural connection, not investment.

Best Indian microbrand for first-time buyer? #

Best overall value: Delhi Watch Company Everest II (₹8,000–₹12,000 / $100–$150) — sapphire crystal, Seiko NH35 automatic, 10 ATM WR, proven Everest summit capability.

Best storytelling: Bangalore Watch Company Mach 1 (₹48,930 / $680) — Swiss Sellita movement, MiG-21 tribute, premium finishing.

Best heritage: Jaipur Watch Company Coin Watch (₹16,000–₹30,000 / $200–$370) — 1947 British India rupees, walking tiger symbolism, unique globally.

Conclusion: Indian Microbrands in Perspective #

Indian microbrands don't compete on Swiss movement manufacture or centuries of heritage. They compete on cultural storytelling, contemporary Indian narratives, and heritage preservation unavailable anywhere globally.

Jaipur Watch Company embeds 1947 independence rupees with walking tigers into dials—turning British Raj artifacts into wearable history. Bangalore Watch Company creates dials from decommissioned MiG-21 fighter jets and salvaged INS Vikrant carrier steel—contemporary India tangible on wrist. Delhi Watch Company designs watches worn to actual Everest summit selling out in hours at $100—proving value plus community engagement viable.

HMT's 2016 closure created a void. Young entrepreneurs filled it through passion, design confidence, and conviction that Indian history deserves preservation. Infrastructure challenges remain (zero movement manufacturing), but storytelling triumphs.

Indian independence on your wrist. Designed in India. Assembled in India. Stories from India.

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