NSE: ETHOSLTD · BSE: 543532
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Watch and Watch Accessories (100%), Luxury cars (0%). Retail-led luxury watch chain with rising store count, large working capital tied up in inventory, and growing adjacency into jewellery and luggage
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 577 | 789 | 999 | 1,252 | 1,612 |
| EBITDA (ex other income) | 67 | 114 | 152 | 190 | 206 |
| margin % | 11.6 | 14.5 | 15.2 | 15.2 | 12.8 |
| Owners' profit | 23 | 0 | 0 | 0 | 95 |
| EPS, as reported (₹) | 0.00 | 0.00 | 34.98 | 39.33 | 36.21 |
| ROE % · ROCE % | 10.1 · 14.1 | 9.5 · 12.9 | 9.4 · 12.7 | 9.8 · 12.3 | 5.8 · 8.4 |
| Debt / equity (x) | 0.26 | 0.01 | 0.01 | 0.04 | 0.00 |
| Cash from operations | 17 | (2) | 31 | (20) | 90 |
| Capex | (24) | (57) | (39) | (79) | (71) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 297 | 370 | 311 | 346 | 383 | 469 | 414 | 462 |
| Profit before tax | 29 | 41 | 32 | 27 | 33 | 43 | 33 | 41 |
| Net profit | 21 | 29 | 23 | 19 | 24 | 31 | 23 | 29 |
| EPS (₹) | 8.68 | 12.05 | 9.29 | 7.77 | 9.14 | 11.46 | 8.20 | 10.51 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,605 | 67.5 | 24.68 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 51,637 | 36.0 | 8.19 | 19.5 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 16,168 | 16.8 | 1.98 | 19.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,841 | 38.0 | 10.48 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 14,248 | 42.4 | 11.82 | 32.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,457 | 225.8 | 6.35 | 27.5 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,785 | 17.5 | 3.97 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED ◆ | 6,516 | 61.9 | 3.91 | 25.3 | 5.8 | 7.0 | — | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 61.9 | 22.3 | 24 of 29 | 18% |
| P/B | 3.9 | 2.7 | 18 of 28 | 37% |
| ROCE | 7.0 | 16.7 | 21 of 28 | 26% |
| ROE | 5.8 | 14.6 | 22 of 28 | 22% |
| Debt / Equity | 0.0 | 0.3 | 1 of 28 | 100% |
| EBITDA margin | 16.2 | 10.7 | 11 of 30 | 66% |
| Revenue growth | 33.3 | 45.7 | 18 of 25 | 29% |
| Profit growth | 50.7 | 49.8 | 11 of 25 | 58% |
| Market cap | 6516 | 2897 | 8 of 30 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Ethos Limited loses GST appeal; demand of about 26.51 lakh upheld | regulatory legal | high | — | — |
| 6 Oct 2026 · Routine compliance certificate filed for quarter ended September 2026 | compliance | minimal | — | — |
| 5 Oct 2026 · National Sales Head Rajesh Pandey resigns | management changes | medium | — | — |
| 23 Sept 2026 · Ethos Limited schedules analyst and investor meeting on September 30, 2026 | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Ethos 19th AGM: All resolutions passed, 98-100% approval | compliance | minimal | — | — |
| 15 Sept 2026 · Ethos Limited 19th AGM held on September 15, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Ethos Limited to meet analysts and investors at Jefferies conference on Sept 18 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Ethos Limited to attend Jefferies investor conference on Sep 16 | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Ethos Limited to attend Jefferies investor conference on Sept 16 | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Ethos Limited schedules analyst and investor meeting on Sept 13 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.