ETHOS LIMITED

Operates a chain of luxury watch boutiques across India, retailing premium and luxury timepieces through more than 75 brand partnerships. Began as a single boutique in 2003 and reached 103 boutiques across 32 cities by mid-2026, including the 22,000 sq ft City of Time Gurgaon flagship, which houses five exclusive brand boutiques, two multi-brand galleries and 50-plus independent brands. Revenue is overwhelmingly from watches and watch accessories, which accounted for 99.8% of period segment revenue in the FY22 segment split (the only segment data in the pack). The business has extended into adjacent luxury categories — a first Messika international luxury jewellery boutique opened in May 2025, a RIMOWA luxury luggage partnership is mentioned, and a UAE subsidiary (Ficus Trading LLC) was set up for pre-owned watches and aftersales. FY26 revenue was ₹1,612.24 cr with an EBITDA margin of 15.64%, while employee costs were 7.3% of revenue and other operating expenses 8.8%. Inventory stood at ₹593 cr in FY25, built up deliberately to stock new boutiques and the City of Time project, and roughly 50% of CHF foreign currency exposure on Swiss watch imports is hedged through forward contracts.