Investor Presentation on the Audited Financial Results for the quarter and financial year ended March 31, 2026
ETHOSLTD · price
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Ethos Ltd reported strong revenue growth of 28.8% YoY reaching Rs 1,612.2 crore for FY26, driven by network expansion (98 boutiques from 73) and same-store sales growth of 14.2%. However, profitability margins declined significantly due to Swiss Franc appreciation (~26% adverse impact of Rs 18.7 crore), new store ramp-up costs, and a one-time labour code charge of Rs 1.8 crore. EBITDA margin compressed to 15.3% from 16.8% in FY25, while PBT grew only 4% to Rs 146.5 crore. Management highlighted entering 6 new cities (Ranchi, Jodhpur, Srinagar, Kanpur, Agra, Faridabad) and adding exclusive brands including Messika and Rimowa. The company also disclosed its long-term ambition to achieve tenfold revenue increase over the next decade.
The strong revenue growth was offset by margin compression, indicating near-term profitability challenges from forex headwinds and expansion costs. Investors should monitor whether the aggressive store expansion strategy delivers improved scale benefits in FY27.