About
Ethos Limited operates a chain of luxury watch boutiques in India. The company offers luxury and premium watches; pre-owned watches; jewellery and jewellery boxes; watch straps, stands, and winders; clocks and their spare parts; collector boxes; handbags and luggage products. It also provides product repair and services, including movement overhauling, battery replacement, ultrasonic cleaning, polishing, performance tests, and replacement of watch parts and straps. The company sells its products through online channels, physical stores, websites and social media channels. Ethos Limited was founded in 2003 and is headquartered in Gurugram, India.
Key Metrics
as of Sep 2026Market Cap7,473 Cr
P/E70.80
Div Yield0.00 %
Book Value₹556.00
52w High₹3,246.00
52w Low₹1,919.00
Face Value₹10.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 451.00 | 403.00 | 471.00 | 392.00 | 346.00 | 311.00 | 370.00 | 297.00 | 273.00 | 253.00 | 281.00 | 234.00 | 230.00 |
| Expenses | 391.00 | 356.00 | 410.00 | 345.00 | 300.00 | 262.00 | 315.00 | 255.00 | 230.00 | 217.00 | 237.00 | 197.00 | 196.00 |
| Operating Profit | 59.00 | 47.00 | 61.00 | 48.00 | 46.00 | 49.00 | 55.00 | 42.00 | 43.00 | 36.00 | 44.00 | 37.00 | 34.00 |
| OPM % | 13.00 | 12.00 | 13.00 | 12.00 | 13.00 | 16.00 | 15.00 | 14.00 | 16.00 | 14.00 | 16.00 | 16.00 | 15.00 |
| Other Income | 11.00 | 11.00 | 11.00 | 11.00 | 6.00 | 5.00 | 7.00 | 6.00 | 6.00 | 6.00 | 7.00 | 4.00 | 5.00 |
| Depreciation | 25.00 | 23.00 | 24.00 | 21.00 | 19.00 | 17.00 | 17.00 | 15.00 | 14.00 | 13.00 | 12.00 | 12.00 | 11.00 |
| Interest | 8.00 | 7.00 | 7.00 | 7.00 | 6.00 | 5.00 | 5.00 | 5.00 | 5.00 | 4.00 | 4.00 | 4.00 | 4.00 |
| Profit before tax | 38.00 | 28.00 | 41.00 | 31.00 | 27.00 | 32.00 | 40.00 | 29.00 | 31.00 | 25.00 | 34.00 | 25.00 | 24.00 |
| Tax % | 26.00 | 25.00 | 26.00 | 25.00 | 26.00 | 24.00 | 26.00 | 25.00 | 26.00 | 25.00 | 25.00 | 25.00 | 25.00 |
| Net Profit | 28.00 | 21.00 | 31.00 | 23.00 | 20.00 | 24.00 | 30.00 | 21.00 | 23.00 | 19.00 | 26.00 | 18.00 | 18.00 |
| EPS in Rs | 10.46 | 7.77 | 11.45 | 8.67 | 7.59 | 9.03 | 11.10 | 7.96 | 8.57 | 7.10 | 9.64 | 7.23 | 7.05 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,613.00 | 1,252.00 | 998.00 | 789.00 | 577.00 | 387.00 | 456.00 | 442.00 | 356.00 | 325.00 |
| Expenses | 1,399.00 | 1,054.00 | 841.00 | 669.00 | 507.00 | 345.00 | 402.00 | 413.00 | 342.00 | 320.00 |
| Operating Profit | 213.00 | 198.00 | 156.00 | 119.00 | 71.00 | 42.00 | 53.00 | 29.00 | 14.00 | 5.00 |
| OPM % | 13.00 | 16.00 | 16.00 | 15.00 | 12.00 | 11.00 | 12.00 | 7.00 | 4.00 | 1.60 |
| Other Income | 38.00 | 24.00 | 22.00 | 15.00 | 13.00 | 17.00 | 6.00 | 2.00 | 2.00 | 1.00 |
| Interest | 38.00 | 27.00 | 22.00 | 20.00 | 21.00 | 20.00 | 24.00 | 8.00 | 7.00 | 11.00 |
| Depreciation | 87.00 | 63.00 | 48.00 | 35.00 | 31.00 | 32.00 | 35.00 | 5.00 | 4.00 | 4.00 |
| Profit before tax | 127.00 | 132.00 | 109.00 | 80.00 | 31.00 | 6.00 | 1.00 | 18.00 | 5.00 | -8.00 |
| Tax % | 26.00 | 25.00 | 25.00 | 25.00 | 25.00 | 26.00 | 98.00 | 39.00 | 23.00 | -28.00 |
| Net Profit | 95.00 | 98.00 | 81.00 | 60.00 | 23.00 | 5.00 | 0.00 | 11.00 | 4.00 | -6.00 |
| EPS in Rs | 35.47 | 36.66 | 30.33 | 23.45 | 11.18 | 2.33 | 0.02 | 6.05 | 2.30 | -4.23 |
| Dividend Payout % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 27.00 | 24.00 | 24.00 | 23.00 | 19.00 | 18.00 | 18.00 | 17.00 | 16.00 | 13.00 |
| Reserves | 1,455.00 | 956.00 | 857.00 | 608.00 | 213.00 | 139.00 | 134.00 | 115.00 | 76.00 | 32.00 |
| Borrowings | 310.00 | 278.00 | 145.00 | 121.00 | 161.00 | 140.00 | 175.00 | 77.00 | 63.00 | 88.00 |
| Other Liabilities | 205.00 | 138.00 | 144.00 | 128.00 | 114.00 | 98.00 | 100.00 | 91.00 | 95.00 | 82.00 |
| Total Liabilities | 1,996.00 | 1,396.00 | 1,170.00 | 880.00 | 507.00 | 396.00 | 427.00 | 300.00 | 250.00 | 215.00 |
| Fixed Assets | 467.00 | 390.00 | 229.00 | 197.00 | 129.00 | 112.00 | 128.00 | 22.00 | 17.00 | 10.00 |
| CWIP | 11.00 | 30.00 | 9.00 | 4.00 | 0.00 | 4.00 | 1.00 | 5.00 | 0.00 | 0.00 |
| Investments | 47.00 | 46.00 | 30.00 | 7.00 | 6.00 | 4.00 | 4.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 1,471.00 | 930.00 | 903.00 | 672.00 | 373.00 | 275.00 | 294.00 | 273.00 | 232.00 | 205.00 |
| Total Assets | 1,996.00 | 1,396.00 | 1,170.00 | 880.00 | 507.00 | 396.00 | 427.00 | 300.00 | 250.00 | 215.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 102.00 | -21.00 | 31.00 | -5.00 | 17.00 | 62.00 | 35.00 | -1.00 | 4.00 |
| Cash from Investing Activity | -372.00 | 45.00 | -123.00 | -254.00 | -23.00 | -10.00 | -13.00 | -12.00 | -2.00 |
| Cash from Financing Activity | 329.00 | -58.00 | 124.00 | 249.00 | 27.00 | -45.00 | -20.00 | 11.00 | 2.00 |
| Net Cash Flow | 59.00 | -35.00 | 32.00 | -10.00 | 20.00 | 7.00 | 2.00 | -2.00 | 4.00 |
| Free Cash Flow | 44.00 | -92.00 | 1.00 | -61.00 | -6.00 | 53.00 | 21.00 | -13.00 | 1.00 |
| CFO/OP % | 67.00 | 7.00 | 37.00 | 13.00 | 37.00 | 155.00 | 75.00 | -13.00 | 86.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 4.00 | 5.00 | 6.00 | 3.00 | 3.00 | 12.00 | 8.00 | 6.00 | 7.00 | 2.00 |
| Inventory Days | 215.00 | 247.00 | 230.00 | 228.00 | 222.00 | 256.00 | 242.00 | 214.00 | 230.00 | 244.00 |
| Days Payable | 44.00 | 37.00 | 51.00 | 66.00 | 77.00 | 97.00 | 83.00 | 73.00 | 104.00 | 93.00 |
| Cash Conversion Cycle | 175.00 | 215.00 | 184.00 | 165.00 | 148.00 | 171.00 | 167.00 | 148.00 | 133.00 | 152.00 |
| Working Capital Days | 125.00 | 144.00 | 126.00 | 120.00 | 82.00 | 81.00 | 70.00 | 76.00 | 112.00 | 107.00 |
| ROCE % | 11.00 | 14.00 | 15.00 | 17.00 | 15.00 | 8.00 | 9.00 | 14.00 | 8.00 | — |
Corporate Actions
5 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Rights | 12 Jun 2025 | 12 Jun 2025 | 4:43 | — | |
| Other | 12 Jun 2025 | 12 Jun 2025 | — | — | Right Issue of Equity Shares |
| Other | 20 Sep 2024 | — | — | — | Annual General Meeting |
| Other | 22 Sep 2023 | — | — | — | Annual General Meeting |
| Other | 16 Sep 2022 | — | — | — | Annual General Meeting |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update6 Feb from icra
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Rating update29 May 2025 from icra
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Rating update24 May 2024 from icra
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Rating update18 Sep 2023 from icra
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Rating update10 Aug 2023 from icra
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Rating update25 Oct 2022 from icra