Ethos Ltd
ETHOSLTD NSE
Ethos Ltd
Consumer GoodsNSE: ETHOSLTD BSE: 543532 Jewellery & Watches
Key Fundamentals
MicrocapJewellery & WatchesConsumer GoodsMarket Cap
₹7,762 Cr
Volatility
Moderate
P/E Ratio
74.49
EBITDA
₹201 Cr
Return on Equity
9.8%
Debt to Equity
0.22
Book Value
₹556.07
EPS
₹34.02
52W High
₹3,245.9
52W Low
₹1,919.4
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Ethos Ltd insights
49 extracted metrics + investor summaries across FY19–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Stock is trading at 5.01 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 9.42% over last 3 years.
- Promoter holding has decreased over last 3 years: -13.2%
Growth Rate
Revenue Growth
26.36% ↗
Net Income Growth
-5.77% ↘
Cash Flow Change
-165.86% ↘
ROE
4.03% ↘
ROCE
-4.56% ↘
EBITDA Margin (Avg.)
-27.74% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 42d agoAI opinion · based on fundamentals
Risk high
Ethos Ltd is a luxury watch retailer with a market cap of ₹6,645 Cr trading at a PE of 69.4x. The company has delivered strong revenue growth of 27% CAGR over 3 years and 29% TTM sales growth, but profitability has stagnated with TTM profit growth at -1% and ROE averaging just 9% over 3 years.
Bull Case 7
- Strong revenue momentum with TTM sales growth of 29%, indicating sustained consumer demand for luxury watches
- Compounded sales CAGR of 27% over 3 years demonstrates consistent top-line expansion in the premium retail segment
- 5-year sales CAGR of 33% shows the company has scaled meaningfully over a longer horizon
- 5-year compounded profit CAGR of 83% reflects the operating leverage potential in the business model over extended periods
- 3-year profit CAGR of 17% shows the company has been able to convert revenue growth into bottom-line gains historically
- Stock price CAGR of 20% over 3 years indicates the market has rewarded its growth trajectory in the medium term
- Positioned in the aspirational luxury consumption segment in India, which is a structural growth theme with rising affluence
Bear Case 8
- PE ratio of 69.4x is extremely elevated, demanding sustained high growth to justify current valuation
- TTM profit growth of -1% signals margin compression or rising costs despite 29% revenue growth, raising profitability concerns
- Promoter holding has decreased by 14.1% over the last 3 years, indicating significant dilution or stake sales by insiders
- Return on equity of just 8% last year and 9% 3-year average is poor for a company trading at 4.48x book value
- Zero dividend yield — despite reporting repeated profits, the company pays no dividends to shareholders
- Stock has declined 8% over the past 1 year, underperforming amid a generally positive market environment
- Price-to-book ratio of 4.48x is high relative to the low single-digit ROE of 8-9%, suggesting misalignment between valuation and capital efficiency
- Debt-to-equity data is unavailable, limiting visibility into the company's financial leverage and balance sheet risk
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 42d ago Positives 2
- GPHG Exhibition hosted in Mumbai Jul 2
Ethos will host the Grand Prix d'Horlogerie de Genève Exhibition in Mumbai from Sep 28 to Oct 1, 2026, showcasing finalists across 15 categories. This elevates brand positioning among luxury watch collectors.
- 102nd boutique opens in Vizag Jun 23
Ethos inaugurated a new Watch Boutique at Inorbit Malls, Vizag, expanding its retail footprint to 102 boutiques across India. Continued store additions signal steady geographic expansion.
TL;DR: Ethos is executing well on two fronts: retail expansion (now 102 boutiques) and brand elevation through marquee global partnerships like the GPHG Exhibition. No headwinds are visible in recent news flow. The trend is improving with consistent store rollouts and prestige-building initiatives that could support premium positioning and footfall growth going forward.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 230 | 235 | 281 | 253 | 273 | 297 | 370 | 311 | 346 | 383 | 469 | 414 | 462 |
| Expenses | 196 | 198 | 237 | 217 | 230 | 255 | 313 | 265 | 301 | 336 | 408 | 364 | 402 |
| Operating Profit | 34 | 37 | 45 | 36 | 43 | 42 | 57 | 46 | 45 | 48 | 61 | 50 | 60 |
| OPM % | 15% | 16% | 16% | 14% | 16% | 14% | 15% | 15% | 13% | 12% | 13% | 12% | 13% |
| Other Income | 5 | 4 | 6 | 9 | 6 | 6 | 6 | 6 | 6 | 12 | 14 | 13 | 13 |
| Interest | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 6 | 7 | 8 | 7 | 8 |
| Depreciation | 11 | 13 | 13 | 13 | 14 | 15 | 17 | 17 | 19 | 21 | 25 | 25 | 26 |
| PBT | 24 | 25 | 34 | 28 | 31 | 29 | 41 | 30 | 26 | 32 | 42 | 31 | 39 |
| Tax % | 25% | 25% | 26% | 24% | 26% | 26% | 27% | 25% | 27% | 25% | 27% | 26% | 27% |
| Net Profit | 18 | 19 | 26 | 21 | 23 | 21 | 29 | 23 | 19 | 24 | 31 | 23 | 29 |
| EPS in Rs | 7.12 | 7.29 | 9.52 | 7.85 | 8.51 | 7.93 | 11 | 8.49 | 7.11 | 8.89 | 11.37 | 8.22 | 10.51 |
Profit & Loss
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 444 | 458 | 387 | 577 | 789 | 999 | 1,252 | 1,612 | 1,728 |
| Expenses | 407 | 402 | 344 | 505 | 668 | 841 | 1,055 | 1,409 | 1,510 |
| Operating Profit | 36 | 56 | 43 | 72 | 120 | 158 | 197 | 203 | 218 |
| OPM % | 8% | 12% | 11% | 12% | 15% | 16% | 16% | 13% | 13% |
| Other Income | 2 | 2 | 17 | 13 | 15 | 24 | 24 | 44 | 52 |
| Interest | 11 | 24 | 20 | 21 | 20 | 22 | 27 | 27 | 30 |
| Depreciation | 5 | 33 | 33 | 32 | 35 | 49 | 63 | 89 | 97 |
| PBT | 22 | 2 | 7 | 32 | 81 | 111 | 130 | 131 | 144 |
| Tax % | 39% | 168% | 29% | 26% | 25% | 25% | 26% | 27% | — |
| Net Profit | 13 | -1 | 5 | 23 | 60 | 83 | 96 | 96 | 106 |
| EPS in Rs | 7.23 | -0.67 | 2.39 | 11.19 | 23.65 | 31.08 | 35.93 | 35.42 | 38.99 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 17 | 18 | 18 | 19 | 23 | 24 | 24 | 27 |
| Reserves | 117 | 132 | 139 | 213 | 608 | 859 | 958 | 1,461 |
| Borrowings | 69 | 174 | 140 | 161 | 121 | 145 | 289 | 322 |
| Other Liabilities | 98 | 98 | 96 | 111 | 127 | 142 | 139 | 387 |
| Total Liabilities | 301 | 422 | 394 | 504 | 880 | 1,171 | 1,410 | 2,197 |
| Fixed Assets | 22 | 125 | 113 | 130 | 197 | 230 | 401 | 494 |
| CWIP | 5 | 1 | 4 | 0 | 4 | 9 | 31 | 11 |
| Investments | 0 | 1 | 1 | 2 | 2 | 25 | 36 | 38 |
| Other Assets | 275 | 296 | 276 | 373 | 677 | 907 | 942 | 1,654 |
| Total Assets | 301 | 422 | 394 | 504 | 880 | 1,171 | 1,410 | 2,197 |
Cash Flow
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating | -22 | 36 | 63 | 17 | -2 | 31 | -20 | 90 |
| Investing | -13 | -15 | -10 | -24 | -256 | -123 | 47 | -476 |
| Financing | 35 | -20 | -45 | 26 | 249 | 125 | -58 | 502 |
| Net Cash Flow | 0 | 2 | 8 | 19 | -10 | 33 | -32 | 116 |
| Free Cash Flow | -35 | 23 | 54 | -7 | -58 | -1 | -94 | 19 |
| CFO/OP | -40 | 76 | 155 | 37 | 15 | 37 | 7 | 65 |
Ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 7 | 7 | 12 | 3 | 3 | 6 | 5 | 4 |
| Inventory Days | 238 | 242 | 256 | 222 | 228 | 230 | 247 | 222 |
| Days Payable | 79 | 80 | 93 | 74 | 65 | 50 | 37 | 45 |
| Cash Conversion Cycle | 166 | 170 | 174 | 151 | 166 | 185 | 215 | 180 |
| Working Capital Days | 77 | 72 | 83 | 84 | 121 | 127 | 143 | 127 |
| ROCE % | — | 10% | 9% | 15% | 18% | 15% | 14% | 10% |
Documents
1
Opening Of Ethos Watch Boutiques At Pune
1 May - Ethos opened a new watch boutique in Pune, taking its India network to 98 boutiques. 1 May - Ethos opened a new watch boutique in Pune, taking its India network to 98 boutiques.
2
Opening Of Ethos Watch Boutiques At Jaipur
30 Apr - Ethos inaugurated a new 8,070 sq. ft. watch boutique in Jaipur, taking total boutiques to 97. 30 Apr - Ethos inaugurated a new 8,070 sq. ft. watch boutique in Jaipur, taking total boutiques to 97.
3
Announcement under Regulation 30 (LODR)-Acquisition
30 Apr - Ethos acquired 1,89,480 shares in Ethos Lifestyle for ₹20.26 crore, raising stake to 77.42%. 30 Apr - Ethos acquired 1,89,480 shares in Ethos Lifestyle for ₹20.26 crore, raising stake to 77.42%.
4
Opening Of Ethos Watch Boutiques At Agra
27 Apr - Ethos opened a new watch boutique in Agra, taking its India network to 96 boutiques. 27 Apr - Ethos opened a new watch boutique in Agra, taking its India network to 96 boutiques.
5
Board Meeting Intimation for Consideration And Approval Of The Financial Results For The Quarter And Year Ended March 31, 2026
5 May - Board to meet on May 12, 2026, to approve FY26 audited standalone and consolidated results. 5 May - Board to meet on May 12, 2026, to approve FY26 audited standalone and consolidated results.
Frequently Asked Questions about Ethos Ltd
What does Ethos Ltd do?
Ethos Limited (“Ethos”) was incorporated on November 5, 2007 and promoted by KDDL Limited. Ethos is India’s largest luxury and premium watch retail player
Where is Ethos Ltd (ETHOSLTD) listed?
Ethos Ltd is listed on the Indian stock exchanges. It is listed on NSE: ETHOSLTD and BSE: 543532. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Ethos Ltd belong to?
Ethos Ltd operates in the Consumer Goods sector within the Jewellery & Watches industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Ethos Ltd?
Ethos Ltd has a market capitalisation of approximately ₹7761.87 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Ethos Ltd?
The Price-to-Earnings (PE) ratio of Ethos Ltd is 74.49. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Ethos Ltd?
Over the past 52 weeks, Ethos Ltd has traded between a low of ₹1,919.4 and a high of ₹3,245.9. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Ethos Ltd?
Ethos Ltd has a Return on Equity (ROE) of 9.80%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Ethos Ltd on Tapetide?
On Tapetide, you can view Ethos Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Ethos Limited (“Ethos”) was incorporated on November 5, 2007 and promoted by KDDL Limited. Ethos is India’s largest luxury and premium watch retail player
Website ethoswatches.com
CEO Mr. Yashovardhan Saboo Ahmedabad), B.A (Hons.)., MBA (IIM
Employees 780
Listed 2022-05-30
Face Value ₹ 10
Issued Size 2,67,57,693