Ethos
- P/E
- 70.22
Key Fundamentals
MicrocapConsumer DurablesConsumer DiscretionaryPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 10.40%
- Debt to Equity
- 0.22
- EPS (TTM)
- ₹38.99
- Book Value
- ₹556.07
- Market Cap
- —
- P/E (TTM)
- 70.22
- P/B
- 4.92
- ROE
- 7.69%
- Dividend Yield
- 0.00%
- EBITDA
- ₹254 Cr
- 52W High
- ₹3,245.90
- 52W Low
- ₹1,919.40
- Day Range
- ₹2,641.00 – ₹2,746.70
- Volume
- 26,653
Peer Comparison
Consumer Discretionary › Consumer Goods › Jewellery & Watches › Gems, Jewellery And Watches
| ₹4,754.40 | 73.27 | ₹4,08,204 Cr | 26.88 | 0.33% | 37.70% | 20.50% | ₹92,417 Cr | ₹5,760 Cr | |
| ₹529.05 | 38.06 | ₹52,836 Cr | 8.66 | 0.49% | 24.80% | 21.20% | ₹39,063 Cr | ₹1,436 Cr | |
| ₹366.05 | 19.89 | ₹20,211 Cr | 4.96 | 0.00% | 40.20% | 38.00% | ₹21,635 Cr | ₹922 Cr | |
| ₹15.82 | 16.48 | ₹14,560 Cr | 1.67 | 0.00% | 9.96% | 9.60% | ₹3,505 Cr | ₹775 Cr | |
| ₹4,285.90 | 34.07 | ₹14,306 Cr | 9.41 | 0.40% | 28.10% | 25.50% | ₹9,622 Cr | ₹392 Cr | |
| ₹927.20 | 42.85 | ₹13,567 Cr | 10.22 | 0.23% | 28.90% | 26.90% | ₹7,176 Cr | ₹344 Cr | |
| ₹690.65 | 99.80 | ₹10,225 Cr | 5.75 | 0.00% | 1.11% | 6.78% | ₹2,912 Cr | ₹102 Cr | |
| Ethos (this company) | ₹2,738.00 | 70.22 | ₹7,232 Cr | 4.92 | 0.00% | 7.69% | 10.40% | ₹1,728 Cr | ₹107 Cr |
| Median 8 companies | ₹808.93 | 40.46 | ₹14,433 Cr | 7.21 | 0.12% | 26.45% | 20.85% | ₹8,399 Cr | ₹584 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 100/100
Category scores
- Quality
- 38
- Weak
- Returns, margins, earnings quality 22% weight
- Valuation
- 23
- Poor
- Cheap vs sector & own history 24% weight
- Growth
- 88
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 68
- Strong
- Solvency, leverage, coverage 9% weight
- Momentum
- 59
- Good
- Trend strength, vol-adjusted 12% weight
- Ownership
- 49
- Average
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Stock is trading at 4.70 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%
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bullish | 3 | 4 | 12 |
| Oscillators | Bearish | 3 | 4 | 2 |
| Moving Averages | Strong Bullish | 0 | 0 | 10 |
Oscillators
Bearish
Overall
Strong Bullish
Moving Averages
Strong Bullish
Key readings
- RSI (14)
- 65.11
- Neutral
- MACD (12,26,9)
- −4.11
- Bullish
- SMA (50)
- 2,640.18
- Bullish
- SMA (200)
- 2,514.45
- Bullish
As of
Analyst Rating
3 of 3 analysts rate Buy, 0 Hold, 0 Sell.
As of
Growth Rate
From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 5Y | +33.02% |
|---|---|
| 3Y | +26.89% |
| 1Y | +28.75% |
| TTM | +30.51% |
Net profit
| 5Y | +80.58% |
|---|---|
| 3Y | +16.96% |
| 1Y | 0.00% |
| TTM | +16.30% |
Operating cash flow
| 5Y | +7.39% |
|---|---|
| 3Y | Turned positive |
| 1Y | Turned positive |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 5Y | +2.23 pp |
|---|---|
| 3Y | −1.87 pp |
| 1Y | −2.39 pp |
| TTM | −1.68 pp |
Revenue by year
| Mar 2019 | ₹444 Cr |
|---|---|
| Mar 2020 | ₹458 Cr |
| Mar 2021 | ₹387 Cr |
| Mar 2022 | ₹577 Cr |
| Mar 2023 | ₹789 Cr |
| Mar 2024 | ₹999 Cr |
| Mar 2025 | ₹1,252 Cr |
| Mar 2026 | ₹1,612 Cr |
Net profit by year
| Mar 2019 | ₹13.00 Cr |
|---|---|
| Mar 2020 | −₹1.00 Cr |
| Mar 2021 | ₹5.00 Cr |
| Mar 2022 | ₹23.00 Cr |
| Mar 2023 | ₹60.00 Cr |
| Mar 2024 | ₹83.00 Cr |
| Mar 2025 | ₹96.00 Cr |
| Mar 2026 | ₹96.00 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
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.
- 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
- 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
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.
- 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.
Quarterly Results
₹ Cr| Particulars | 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 | 8.42 | 6 | 6 | 6 | 6 | 6 | 12 | 15.51 | 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 | 31.51 | 26 | 32 | 42.68 | 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 (₹) | 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
₹ Cr| Particulars | 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 | 1,397 | 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 (₹) | 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
₹ Cr| Particulars | 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
₹ Cr| Particulars | 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 | 61 |
Ratios
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Ethos insights
63 extracted metrics across FY18–FY27.
Documents
- 5 May 2025
- 14 Feb 2025
- 8 Nov 2024
- 14 Aug 2024
- 6 Feb 2026
- 29 May 2025
- 24 May 2024
- 18 Sep 2023
- 10 Aug 2023
- General announcements 6 Oct 2026
Frequently Asked Questions about Ethos
What does Ethos Ltd do?
Where is Ethos Ltd (ETHOSLTD) listed?
Which sector does Ethos Ltd belong to?
What is the PE ratio of Ethos Ltd?
What is the 52-week high and low of Ethos Ltd?
What is the Return on Equity (ROE) of Ethos Ltd?
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
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