Ethos reaches 106 boutiques in 35 cities by November 2026

Ethos Limited had 106 boutiques in 35 cities as of November 12, 2026, after disclosing 12 FY27 outlet additions to that date: eight watch boutiques in Q1FY27, two watch boutiques in Q2FY27, and one watch plus one lifestyle boutique in Q3FY27 to date. Ethos also identified five newly added cities.

How large was Ethos’s boutique network on November 12, 2026?

Ethos operated 106 boutiques across 35 cities on November 12, 2026, and said the network carried more than 100 global luxury watch and lifestyle brands. The stated date is significant because the presentation labels the count as “as on” November 12, 2026, rather than as a full-year or quarter-end figure.

The city list spans Srinagar, Guwahati, Kolkata, Mumbai, Chennai, Kochi and Bengaluru, alongside Delhi, Gurugram and Noida. The disclosure therefore combines metro locations with cities including Indore, Raipur, Bhopal, Jodhpur and Siliguri, although it does not provide boutique counts for individual cities except Mumbai.

Ethos’s network includes watch boutiques and Ethos Lifestyle locations. The Lifestyle portfolio listed one Messika boutique at The Chanakya, New Delhi, and three Rimowa boutiques at Jio World Plaza in Mumbai, DLF Emporio in New Delhi and Phoenix Mall of Asia in Bengaluru; the Bengaluru location was described as the third exclusive Rimowa boutique.

Which five cities did Ethos add in FY27?

Ethos identified Agra, Faridabad, Visakhapatnam, Amritsar and Calicut as the five new cities added in FY27. These five markets form part of the 35-city network reported on November 12, 2026, though the company did not provide opening dates for all five in its map summary.

Three new-city entries appeared in the eight Q1FY27 watch-boutique openings from April to June 2026. Ethos listed a Visakhapatnam location at Inorbit Mall, a Faridabad location at Pacific - The Mall of Faridabad, and an Agra location at Anjana Central Mall.

The other two new markets came in Q2FY27, covering July to September 2026. Ethos described its Hilite Mall store as the first boutique in Calicut and its second in Kerala, while the Nexus Mall location was its first boutique in Amritsar and fourth in Punjab.

How did Ethos’s FY27 opening pace change by quarter?

Ethos disclosed 12 additions in FY27 through November 12, 2026: eight watch boutiques in Q1FY27, two watch boutiques in Q2FY27, and two outlets in Q3FY27 from October to date. The reported pace changed from eight additions in the April-to-June quarter to two in July to September, followed by two additions during the partial third-quarter period.

The eight Q1FY27 watch-boutique addresses were in Delhi, Visakhapatnam, Bengaluru, Indore, Faridabad, Agra, Jaipur and Pune. The Delhi opening was at Terminal 2 domestic departures at Indira Gandhi International Airport, while the Bengaluru, Indore and Pune addresses were at Phoenix Mall of Asia, Treasure Island Mall and Phoenix Market City, respectively.

The Q3FY27 summary does not name both additions, but the presentation separately highlights Ethos Summit at Brady House on Veer Nariman Road in Kala Ghoda, Mumbai. Ethos described Summit as its 14th boutique in Mumbai, showing that the period’s rollout included additional presence in an existing city as well as the five new-city entries identified for FY27.

What formats and brand additions accompanied the rollout?

Watch boutiques accounted for 11 of the 12 disclosed additions through November 12, 2026, while one lifestyle boutique was added in Q3FY27 to date. This mix differs from the established Ethos Lifestyle presence of one Messika location and three Rimowa locations, including the Bengaluru Rimowa boutique opened at Phoenix Mall of Asia.

The Q1FY27 locations used several retail settings. Of the eight openings, one was in Delhi airport’s Terminal 2 domestic-departures area, while at least five were in named malls: Inorbit Mall in Visakhapatnam, Phoenix Mall of Asia in Bengaluru, Treasure Island Mall in Indore, Pacific - The Mall of Faridabad and Phoenix Market City in Pune.

Ethos also disclosed 21 new brands in Q2FY27. The presentation placed additions under Ethos Watch Boutiques and Hour Studio, naming Claude Bernard, Pequignet, Chopard L.U.C and Milus in the watch-boutique material, and Timex, Aston Martin, Citizen, Michael Kors, Swarovski and Emporio Armani in the Hour Studio material; it did not allocate the 21 brands by format or boutique.

How did reported financial measures change during H1FY27?

Ethos reported revenue from operations of Rs 960.6 crore in H1FY27, up 31.6% from Rs 729.7 crore in H1FY26. The first half included the eight Q1FY27 and two Q2FY27 boutique additions, but the presentation does not attribute any stated portion of revenue growth to specific new stores or cities.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 31.5% to Rs 147.9 crore in H1FY27 from Rs 112.4 crore in H1FY26. EBITDA margin was 15.0% in both half-years, while Q2FY27 EBITDA margin was 14.3%, compared with 15.3% in Q2FY26 and 15.7% in Q1FY27.

Lease liabilities were Rs 453.5 crore at September 2026, consisting of Rs 381.8 crore in non-current lease liabilities and Rs 71.7 crore in current lease liabilities. This compares with Rs 322.2 crore at March 2026, while right-of-use assets rose to Rs 401.3 crore from Rs 279.2 crore; Ethos did not specifically link those balance-sheet movements to individual openings.

Conclusion

Ethos’s November 12, 2026 disclosure shows a network of 106 boutiques across 35 cities, supported by 12 FY27 additions to date and five new-city entries. The physical rollout was predominantly through watch boutiques, with 11 of the 12 additions in that format, while the Mumbai Summit opening brought the city’s Ethos boutique count to 14.

The next disclosed point to watch is the remainder of Q3FY27, because the latest update covers October to date rather than the complete quarter. Management has also disclosed 21 new brands in Q2FY27, but not their format or store allocation, leaving subsequent disclosures to show whether more boutiques or brand placements are added beyond the 106-location count.