Ethos starts FY27 with 33 percent revenue growth and a bigger boutique footprint

Consolidated revenue from operations was 461.7 crore in Q1 FY27, up 33.3% year on year from 346.3 crore in Q1 FY26.

Without Ind AS 116, consolidated normalized EBITDA was 53.1 crore (+45.0% YoY) and normalized PBT was 42.2 crore (+44.9% YoY). Reported PAT after minority interest was 28.1 crore (+47.9% YoY).

As on 3 August 2026, Ethos had 103 boutiques across 34 cities and presence across 21 states and union territories.

Same store sales growth was 13.2% and the average selling price was 2.26 lacs in Q1 FY27.

The share of luxury and high-luxury watch sales was reported at 71% in FY26 and remained 71% in Q1 FY27.

Management stated new market entries during the quarter were Agra, Faridabad, Amritsar and Visakhapatnam.

The presentation states 6 new watch brands were added in Q1 FY27; it also lists names such as Reservoir, Hamilton, Cyrus, Daniel Roth, Gerald Genta and Epos.