Ethos logo

Ethos

ETHOSLTD NSE

Key Fundamentals

MicrocapJewellery & WatchesConsumer Goods
Market Cap
₹7,054 Cr
Volatility
Moderate
P/E Ratio
67.59
EBITDA
₹254 Cr
Return on Equity
5.78%
Debt to Equity
0.22
Book Value
₹556.07
EPS
₹34.02
52W High
₹3,245.9
52W Low
₹1,919.4

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company is expected to give good quarter

Weaknesses

4
  • Stock is trading at 4.74 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 9.38% over last 3 years.
  • Promoter holding has decreased over last 3 years: -13.2%

Growth Rate

Revenue Growth
29.98% higher than 3Y
Net Income Growth
-0.21% lower than 3Y
Cash Flow Change
542% higher than 3Y
ROE
-41.02% lower than 3Y
ROCE
-32.67% higher than 3Y
EBITDA Margin (Avg.)
-8.87% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI 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 anthropic claude-opus-4.6 69d 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

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
444
458
387
577
789
999
1,252
1,612
1,728
Expenses
407
402
344
505
668
841
1,055
1,397
1,510
Operating Profit
36
56
43
72
120
158
197
215
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
38
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
61
Figures in ₹ Crores

Ratios

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others4.31%Promot.50.59%Public9.86%FIIs11.33%DIIs23.91%As ofJun 2026

Documents

1
Concall - May 2026 May 2026
2
Concall - May 2026 May 2026
3
Concall - Feb 2026 Feb 2026
4
Concall - Nov 2025 Nov 2025
5
Concall - Aug 2025 Aug 2025

Frequently Asked Questions about Ethos

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 trades as ETHOSLTD on the NSE and under code 543532 on the BSE.
Which sector does Ethos Ltd belong to?
Ethos Ltd is classified under the Consumer Goods sector, in the Jewellery & Watches industry.
What is the market capitalisation of Ethos Ltd?
Ethos Ltd has a market capitalisation of ₹7,054 Cr, which places it in the Mid Cap band.
What is the PE ratio of Ethos Ltd?
Ethos Ltd trades at a PE ratio of 67.59, on earnings per share of ₹34.02, against a book value of ₹556.07 per share.
What is the 52-week high and low of Ethos Ltd?
Over the last 52 weeks Ethos Ltd has traded between ₹1,919.4 and ₹3,245.9.
What is the Return on Equity (ROE) of Ethos Ltd?
Ethos Ltd reported a return on equity of 5.78%. Its debt-to-equity ratio is 0.22.

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

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