Ethos FY26: Revenue jumps 29%, margins feel the Swiss franc squeeze

Consolidated revenue from operations was INR 1,612.2 crore in FY26, up 28.8 percent from INR 1,251.6 crore in FY25.

Normalized consolidated EBITDA was INR 182.7 crore in FY26 versus INR 161.0 crore in FY25, while EBITDA margin declined to 11.0 percent from 12.6 percent. Normalized PBT was INR 146.5 crore versus INR 140.8 crore.

Management cited Swiss Franc appreciation versus INR with partial price pass-through, estimating an adverse forex-related gross margin impact of about INR 18.7 crore. The company also noted higher manpower and rental costs for new stores and a one-time labour code related charge of about INR 1.8 crore consolidated.

As of 12 May 2026, Ethos had 98 boutiques (95 watch and 3 lifestyle) across 32 cities and presence in 19 states and union territories.

The share of luxury and high luxury watch sales increased to 71 percent in FY26. Average selling price per watch increased to INR 2.07 lakh in FY26 from INR 2.04 lakh in FY25.

Management stated a long-term ambition to achieve a tenfold increase in revenue over the next decade.