Ethos Limited has informed the Exchange about Transcript
ETHOSLTD · price
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Ethos Limited filed the transcript of its Q4 FY25 earnings call held on May 15, 2025. For FY25, revenue grew 25.3% YoY to INR 1,252 crores, EBITDA rose 23.5% to INR 161 crores, and profit before tax increased 21.3% to INR 141 crores. The company added 14 new boutiques in FY25 (total 73 across 26 cities) and is on track to cross 100 boutiques in the current year. Key strategic milestones include the launch of India's largest horological project 'City of Time' in Gurgaon (22,000 sq ft), the first Messika jewellery boutique, and a second Rimowa boutique in Delhi. Volume grew 15.5% YoY and ASP rose 7.4%. Management reaffirmed the long-term 10x revenue growth target over 10 years, with new verticals in lifestyle/luxury and an exploratory UAE subsidiary.
Strong top-line and earnings growth with network expansion and diversification beyond watches into jewellery and luggage. Management guided to long-term gross margin improvement driven by operational leverage, lower discounting, and India-edition products, though they avoided giving specific near-term margin or revenue guidance citing FX and global volatility. Positive for shareholders given the growth runway, but near-term margin trajectory remains dependent on rupee stability and EFTA trade benefits expected by year-end.