ETHOSLTD

Ethos share price & financials

Price
₹2,380.9
Market cap
₹7.1k Cr
Sector
Consumer Durables
Calls analysed
1
Latest concall · Q4 FY25 · call held 15 May 2025

Ethos Ltd Q4 FY25

Revenue ₹1,252 cr +25%EBITDA ₹161 cr +24%Gross Margin 31% PBT ₹141 cr +21%

What went well

  • Revenue in FY25 increased by 25.3% year-on-year to INR 1,252 crores.
  • EBITDA in FY25 pre-Ind AS increased by 23.5% year-on-year to INR 161 crores.
  • Profit before tax in FY25 pre-Ind AS increased by 21.3% year-on-year to INR 141 crores.

What to watch

  • Several boutique openings were delayed due to unforeseen challenges, including GRAP IV restrictions in Delhi NCR, which disrupted operations for 90 days.
  • Inventory increased from INR 440 crores on March 31, 2024, to INR 593 crores on March 31, 2025, due to strategic expansion and proactive stocking for new store launches.
Read the full call →

What Ethos Ltd does

Ethos Ltd retails premium and luxury watches through an omnichannel network of exclusive-brand and multi-brand boutiques, sourcing directly from 80+ global watch and lifestyle brand owners or their authorised Indian dealers. It has diversified beyond new watches into certified pre-owned watches (via its Second Movement platform) and non-watch luxury lifestyle categories such as premium luggage and jewellery, run through subsidiary Ethos Lifestyle Private Limited. The company also earns through after-sales service at its own service centres and a loyalty programme (Club Echo), and trades watches, clocks and spare parts internationally through a Dubai subsidiary.

Segments

  • Watch Retail (Ethos boutiques)
  • Ethos Lifestyle
  • Certified Pre-Owned (Second Movement)
  • International Trading (Ficus Trading LLC, Dubai)
Boutiques
98 boutiques (as of 12 May 2026)
Geographic footprint
32 cities across 19 states/UTs
Brand partnerships
80+ luxury watch and lifestyle brands, including 49 exclusive brands
Employees
810+ employees (FY25)
Timepiece catalogue
5,000+ timepieces on offer (FY25)
After-sales service centres
Ethos Watch Care service centres in New Delhi and Bengaluru
Founded 2003 Company website

Guidance record · Q4 FY25

what the last two calls moved 6 tracked 0 delivered 0 missed 6 open
  • Total Boutiques open said Q4 FY25 Promised: 100+ Q4 FY25: Currently at 73 boutiques; guidance to cross 100 in FY26.

All 6 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 30.3%, net profit up 40.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue297 370 311 346 392 +32%471 +27%403 +30%451 +30%
EBITDA42 55 49 46 48 +14%61 +11%47 −4%59 +28%
Net profit21 30 24 20 23 +10%31 +3%21 −12%28 +40%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +9.9% 1Y

₹2.0k₹2.5k₹3.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹2,397.6 on 10 Sept 2025 → ₹2,635.4. High ₹3,196.4 (27 Nov 2025), low ₹2,020.4 (13 Mar 2026).

Financials, as filed

Revenue grew 26.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 12.5%.

Year endingFY23FY24FY25FY26
Revenue₹790 Cr₹998 Cr₹1.3k Cr₹1.6k Cr
Operating profit₹115 Cr₹151 Cr₹189 Cr₹202 Cr
Operating margin14.6%15.1%15.1%12.5%
Interest₹13 Cr₹16 Cr₹20 Cr₹27 Cr
Depreciation₹34 Cr₹48 Cr₹63 Cr₹87 Cr
Net profit₹61 Cr₹81 Cr₹98 Cr₹95 Cr
Net margin7.7%8.1%7.8%5.9%
Cash from operations₹-5 Cr₹31 Cr₹-21 Cr₹102 Cr
Free cash flow₹-61 Cr₹1 Cr₹-92 Cr₹44 Cr
ROCE17.0%15.0%14.0%11.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹18 Cr₹19 Cr₹23 Cr₹24 Cr₹27 Cr₹27 Cr
Reserves₹139 Cr₹213 Cr₹608 Cr₹857 Cr₹1.4k Cr₹1.5k Cr
Borrowings₹140 Cr₹161 Cr₹121 Cr₹145 Cr₹314 Cr₹310 Cr
Other liabilities₹98 Cr₹114 Cr₹128 Cr₹144 Cr₹393 Cr₹205 Cr
Total liabilities₹396 Cr₹507 Cr₹880 Cr₹1.2k Cr₹2.1k Cr₹2.0k Cr
Fixed assets₹112 Cr₹129 Cr₹197 Cr₹229 Cr₹467 Cr₹467 Cr
Capital work in progress₹4 Cr₹0 Cr₹4 Cr₹9 Cr₹12 Cr₹11 Cr
Investments₹4 Cr₹6 Cr₹7 Cr₹30 Cr₹38 Cr₹47 Cr
Other assets₹275 Cr₹373 Cr₹672 Cr₹903 Cr₹1.6k Cr₹1.5k Cr
Total assets₹396 Cr₹507 Cr₹880 Cr₹1.2k Cr₹2.1k Cr₹2.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +5.73 pp while the public trimmed −3.92 pp. The shareholder count shrank 11% to 36,940.

Promoters
50.6%
FIIs
11.3%
DIIs
23.9%
Public
14.2%

Since Jun 2025

  • DIIs +5.73 pp
  • Public −3.92 pp
  • FIIs −1.80 pp

How it drifted, 12 quarters

Over this window DIIs went from 9.7% to 23.9% — +14.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 63.8%, FIIs 6.7%, DIIs 9.7%, Public 19.8%.Dec '23: Promoters 57.9%, FIIs 10.4%, DIIs 12.2%, Public 19.5%.Mar '24: Promoters 55.7%, FIIs 11.3%, DIIs 13.1%, Public 19.9%.Jun '24: Promoters 54.7%, FIIs 11.2%, DIIs 14.0%, Public 20.0%.Sep '24: Promoters 51.2%, FIIs 12.3%, DIIs 15.6%, Public 20.9%.Dec '24: Promoters 50.8%, FIIs 12.6%, DIIs 16.6%, Public 20.0%.Mar '25: Promoters 50.6%, FIIs 12.6%, DIIs 17.9%, Public 19.0%.Jun '25: Promoters 50.6%, FIIs 13.1%, DIIs 18.2%, Public 18.1%.Sep '25: Promoters 50.6%, FIIs 13.3%, DIIs 19.9%, Public 16.2%.Dec '25: Promoters 50.6%, FIIs 12.6%, DIIs 21.3%, Public 15.6%.Mar '26: Promoters 50.6%, FIIs 10.9%, DIIs 23.6%, Public 14.9%.Jun '26: Promoters 50.6%, FIIs 11.3%, DIIs 23.9%, Public 14.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Ethos Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Kddl Limited 43.07%unchanged
ICICI Prudential Exports And Services Fund Mutual fund8.23%newly disclosed
Invesco India Flexi Cap Fund Mutual fund7.45%newly disclosed
Mahen Distribution Limited 7.04%unchanged
Bandhan Large & Mid Cap Fund Mutual fund2.58%unchanged
Eastspring Investments India Fund Global fund house2.10%unchanged
Alchemy Capital Management Private Limited 2.10%unchanged
Jupiter India Fund Global fund house1.87%−0.13 pp
ICICI Prudential Life Insurance Company Limited Insurer1.51%+0.12 pp
Hara Global Capital Master Fund I Ltd FPI fund1.49%+0.09 pp
Eastspring Investments India Consumer Equity Open Global fund house1.21%unchanged
Flc Investco, Llc FPI fund1.18%newly disclosed

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹2635, this stock must grow earnings at 42% every year for 7 years. Our analysis caps realistic growth at ~14%. At that growth it is worth ₹684 — downside of 74%.

Growth the price implies
41.8% a year
for 7 years, fading to 4%
It has actually compounded at
15.9% a year
net profit, FY23–FY26 · EPS 14.5%
The gap
0.3 pp
-74% downside if it only repeats history
Price today ₹2,635.4 Value at the reference growth ₹683.95

Change the assumptions yourself →

Learn to analyse Ethos Ltd

Guides on how to read this kind of business and the numbers that matter.