Overview

Detailed Summary

Ethos Limited is a premium and luxury watch retailer operating 89 boutiques across 27 cities and 19 states in India, retailing over 80 global brands with 49 exclusive relationships while offering Certified Pre-Owned watches and an in-house Swiss-equipment service centre for after-sales support.
Financially, Ethos reported consolidated 9MFY26 revenue of Rs. 1,198.2 crore, up 27.4% year-on-year, with EBITDA increasing though margins compressed due to CHF/INR currency movements and incremental costs from new store rollouts; reported PAT after minority interest was broadly flat at Rs. 72.8 crore.
Strategically, Ethos is prioritising network expansion and premium positioning: it opened 21 boutiques in 9MFY26, entered new cities like Ranchi, and added lifestyle and mono-brand boutiques to deepen customer engagement and diversify merchandise mix.
Near-term headwinds include significant CHF/INR appreciation that produced an estimated Rs. 14.3 crore gross margin impact and a one-time gratuity restatement due to the new Labour Code; management emphasises calibrated pricing and brand-equity protection over full immediate pass-through.
Operational indicators show resilient demand: Certified Pre-Owned (CPO) billing grew 26% YoY, same-store sales increased 14.1%, and Average Selling Price averaged Rs. 2.08 lakhs, suggesting robust premium customer purchasing despite margin headwinds.

Sector: Consumer Durables
Industry: Gems, Jewellery And Watches
Market Cap: 6,503 Cr
Volatility: Moderate Risk
P/E Ratio: 68.3
Industry P/E: 49.0
PEG Ratio: 2.1
P/B Ratio: 4.4
52W High: 3,244.45
52W Low: 1,921.00

Sales CAGR

1Y: 25.29%
3Y: 29.43%
5Y: 22.28%
10Y: —

Profit CAGR

1Y: 15.61%
3Y: 61.41%
5Y: 373.69%
10Y: —

ROE

TTM: 6.37%
3Y: 9.60%
5Y: 9.28%
10Y: —

ROCE

TTM: 8.71%
3Y: 12.54%
5Y: 12.47%
10Y: —

Technicals

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Forecasts

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Peers

Consumer Discretionary Consumer Durables Consumer Durables Gems, Jewellery And Watches

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BLUESTONE		531.75	8,072 Cr	543.93	4.48	0.00	0.82	6.38	0.27
SKYGOLD		504.40	7,788 Cr	28.29	6.50	0.00	22.97	22.15	12.84
PNGJL		539.10	7,320 Cr	17.86	3.73	0.00	20.88	17.35	8.26
ETHOSLTD		2406.65	6,471 Cr	67.95	4.35	0.00	6.37	8.71	4.38
SENCO		331.85	5,400 Cr	9.40	2.15	0.30	22.85	18.44	8.13
GOLDIAM		464.35	5,243 Cr	30.71	4.74	0.59	15.42	19.79	12.52
TIMEX		494.15	4,988 Cr	66.12	44.83	0.00	67.79	71.14	22.33
Median: 7 Co.	—	504.40	6,471 Cr	30.71	4.48	0.00	20.88	18.44	8.26

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	281	253	273	297	370	311	346	383	469	414
Expenses	237	217	230	255	313	264	300	334	407	363
Operating Profit	45	36	43	42	57	48	46	49	61	51
OPM %	15.83	14.25	15.84	14.19	15.42	15.30	13.32	12.76	13.11	12.40
Other Income	6.38	8.52	6.23	6.03	5.50	4.67	4.73	10	13	12
Interest	4.04	4.04	4.53	4.55	5.17	5.20	5.71	6.55	7.59	7.38
Depreciation	13	13	14	15	17	17	19	21	25	25
Profit Before Tax	34	28	31	29	41	30	26	32	42	31
Tax %	25.73	24.19	25.66	25.80	27.41	24.54	27.18	25.05	27.38	26.37
Net Profit	26	21	23	21	29	23	19	24	31	23
EPS in Rs	9.92	8.08	8.53	7.94	11.02	8.50	7.11	8.78	11.46	8.20

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	444	458	387	577	789	999	1,252	1,325
Expenses	411	406	347	510	674	847	1,062	1,132
Operating Profit	33	52	40	67	114	152	190	193
OPM %	7.39	11.33	10.27	11.59	14.51	15.19	15.19	14.56
Other Income	1.57	1.98	17	13	15	24	22	21
Interest	7.65	19	17	17	14	16	19	21
Depreciation	4.85	35	33	32	35	49	63	68
Profit Before Tax	22	-0.22	6.72	32	81	111	130	126
Tax %	38.75	-1,007.46	29.24	25.81	25.26	25.17	25.97	26.30
Net Profit	13	-2.46	4.76	23	60	83	96	93
EPS in Rs	—	—	—	12.76	24.90	31.73	35.99	35.55
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	17	18	18	19	23	24	24
Reserves	117	134	139	213	608	859	958
Borrowings	69	69	140	161	121	145	289
Other Liabilities	98	203	96	111	127	142	139
Total Liabilities	301	425	394	504	880	1,171	1,410
Fixed Assets	22	31	113	130	197	230	401
CWIP	4.78	0.75	3.81	0.00	4.01	8.56	31
Investments	0.00	0.67	0.80	1.57	2.07	25	36
Other Assets	275	392	276	373	677	907	942
Total Assets	301	425	394	504	880	1,171	1,410

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-22	36	63	17	-2.15	31	-20
Cash from Investing Activity	-13	-15	-10	-24	-256	-123	47
Cash from Financing Activity	35	-20	-45	27	249	125	-58
Net Cash Flow	0.28	2.27	8.47	19	-9.79	33	-32

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Jul 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	63.82%	57.89%	55.72%	54.71%	51.21%	50.79%	50.58%	50.58%	50.59%	50.59%	50.58%	50.59%
FIIs	6.70%	10.41%	11.28%	11.21%	12.28%	12.60%	12.56%	13.13%	12.93%	13.29%	12.60%	10.89%
DIIs	9.65%	12.16%	13.08%	14.05%	15.64%	16.58%	17.85%	18.18%	18.48%	19.96%	21.25%	23.59%
Public	19.83%	19.54%	19.91%	20.04%	20.88%	20.02%	19.01%	18.10%	18.01%	16.17%	15.57%	14.94%
Total Shareholders	21,657	27,067	29,715	32,330	35,858	39,756	42,900	41,464	42,141	40,447	40,326	38,627

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