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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 4,44,743 | 77.5 | 28.32 | 51.7 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 62,083 | 43.3 | 9.84 | 23.4 | 21.4 | 22.1 | 33.0 | 6.5 |
| THANGAMAYIL JEWELLERY LTD | 15,910 | 40.7 | 11.24 | — | 24.8 | 30.3 | — | 5.4 |
| BLUESTONE JEWEL LFSTL LTD | 13,640 | 268.8 | 7.57 | 32.5 | 0.7 | 0.7 | — | 16.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 7 Sept 2026 · Ethos opens new watch boutique in Kozhikode, Kerala; total now 104 | business updates | medium | — | — |
| 26 Aug 2026 · Ethos MD and CEO Pranav Saboo joins jury of GPHG 2026 watch awards | compliance | low | — | — |
| 21 Aug 2026 · Ethos Limited publishes 19th AGM notice and e-voting details in newspapers | compliance | minimal | — | — |
| 20 Aug 2026 · Ethos 19th AGM on September 15, 2026 via video conference | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Ethos Limited submits BRSR for FY 2025-26 | compliance | minimal | — | — |
| 20 Aug 2026 · Ethos Limited FY26 Annual Report: Revenue Rs 1,612 Cr, PAT Rs 95 Cr | results | high | — | — |
| 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 |
| PC JEWELLER LTD | 13,342 | 13.9 | 1.63 | 16.5 | 8.7 | 8.6 | 3.5 | 27.8 |
| SKY GOLD AND DIAMONDS LTD | 12,822 | 38.2 | 10.63 | 29.1 | 23.4 | 29.8 | — | 8.2 |
| P N GADGIL JEWELLERS LTD | 8,307 | 18.6 | 4.23 | 14.1 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED ◆ | 7,118 | 67.7 | 4.28 | 27.7 | 5.8 | 7.0 | — | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 67.7 | 23.4 | 24 of 29 | 18% |
| P/B | 4.3 | 2.8 | 21 of 28 | 26% |
| 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 | 7118 | 2587 | 8 of 30 | 76% |
| 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 |
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.
