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Ethos Ltd.

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ethoswatches.comBSE: 543532NSE: ETHOSLTD
Market Cap₹ 7,365 Cr.
Current Price
High / Low₹ 3,246 / 1,919
Stock P/E71.8
Book Value₹ 564
Price to Book3.93
Dividend Yield0.00 %
ROCE13.4 %
ROE7.7 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Watch & Watch Accessories: 99.8% • Luxury Cars: 0.2%

AI Sector View

AI GENERATED

Consumer Durables

Buy

Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.

Confidence
76%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 82.9% CAGR over last 5 years
  • Company is almost debt free
  • Company has delivered good sales growth of 33.1% CAGR over last 5 years
  • Latest quarter profit grew 37.9% YoY, showing strong momentum
  • Institutional investors have been accumulating - FII+DII up 3.9pp

CONS

  • A large part of profit comes from other income (31.8% of PBT)
  • Promoter holding has decreased over last 2 years: -4.1pp
  • Company has a low return on equity of 9.7% over last 3 years
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.41x)
  • Equity base is being diluted - shares outstanding up 14.6%
  • Operating margins have contracted to 13.2% from 17.1%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Consumer DurablesRetailingRetailing
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.DMART3730.0079.55243287.750.00860.4411.3418794.5314.8818.037.98
2.TRENT2821.3083.17150446.170.14518.0721.985754.7117.8436.7319.45
3.VMM103.4554.3448464.350.00258.7725.573727.0118.6819.2414.61
4.METROBRAND958.3064.2726122.560.6395.26-3.58720.3614.6635.7729.85
5.ABLBL84.2858.4510286.560.5929.0220.622045.7411.1527.3415.06
6.PNGJL610.0520.148980.090.00105.3351.912412.9840.7320.407.56
7.MEDPLUS670.6538.288056.990.0033.17-21.671879.6021.8422.227.09
8.AVL622.0557.808033.030.2077.2239.991192.6826.8520.8210.44
9.V2RETAIL219.7544.858012.910.0041.8569.70997.2057.7338.4313.99
10.ETHOSLTD2752.4070.907364.790.0028.6650.71461.7133.3213.7012.97
11.EMIL182.5534.077023.590.00120.64458.072418.9539.0711.849.88
12.VMART818.8547.356516.030.1247.2140.511088.8123.0023.5614.75
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
230234281253273297370311346392471403451
196197237217230255315262300345410356424
Operating Profit34374436434255494648614727
OPM %14.71%15.71%15.74%14.07%15.84%14.04%14.89%15.70%13.39%12.21%12.86%11.69%5.97%
54766675611111111
Interest4444555567778
Depreciation11121213141517171921242325
Profit before Tax24253425312940322731412838
Tax %25.26%25.19%25.05%25.07%25.50%25.31%25.98%24.33%25.88%25.14%25.62%25.52%25.57%
Net Profit18182619232130242023312128
7.707.9010.987.949.388.7212.159.898.298.7111.547.7310.46

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3253564424583875777899981,2521,6131,717
3203394094053455076708411,0551,4001,534
Operating Profit41733534271119156197213182
OPM %1.36%4.78%7.40%11.58%10.78%12.23%15.09%15.68%15.74%13.21%10.63%
222617131522253944
Interest1110112420212022273829
Depreciation4453532313548638792
Profit before Tax-8518163180109132127138
Tax %27.95%23.29%39.34%96.70%26.40%25.13%25.04%25.13%25.31%25.53%25.48%
Net Profit-6411052360819895103
EPS-7.151.946.070.022.5312.6726.3433.2140.1435.47—
Dividend Payout %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%—

COMPOUNDED SALES GROWTH

10 Years:
17%
5 Years:
33%
3 Years:
27%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
83%
3 Years:
17%

STOCK PRICE CAGR

10 Years:
—
5 Years:
—
3 Years:
19%
1 Year:
12%

RETURN ON EQUITY

10 Years:
6%
5 Years:
11%
3 Years:
10%
Last Year:
8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

No bonus data found

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
13161718181923242427
31671061341382136088579561,455
64527015011413197113236254
Trade Payables657770757487989889139
393531434249456882107
Total Liabilities2122472944203874988721,1611,3861,981
101722128112129197229390467
Capital Work in Progress004140473011
0004467304647
169171206219198250340440593681
0000000161817
Cash & Bank978101939225341212598
245154595074999997159
Total Assets2122472944203874988721,1611,3861,981

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
4-2-164065261531-21102
Cash from Investing-2-12-13-13-10-23-254-12345-372
Cash from Financing21135-20-4527249125-58329
4-203720-1032-3559

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
54.7151.2150.7950.5850.5850.5950.5850.5950.59
11.2012.2812.6112.5613.1313.2912.6010.8911.33
14.0515.6416.5817.8518.1819.9521.2523.5923.91
Government0.000.000.000.000.000.000.000.000.00
20.0420.8820.0219.0118.1016.1715.5714.9414.17

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-09 - Ethos Limited has informed the Exchange about Schedule of meet

2026-09-09
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-09 - Ethos Limited has informed the Exchange about Schedule of meet

2026-09-07
Updates

2026-09-07 - Ethos Limited has informed the Exchange regarding 'Opening of Ethos Watch Boutiques at Kozhikode, Kerala'.

2026-08-26
Press Release

2026-08-26 - Ethos Limited has informed the Exchange regarding a press release dated August 26, 2026, titled "Ethos Limited MD & CEO, Pranav Shankar Saboo Joins the Jury of the Grand Prix d'Horlogerie de Genève (GPHG) India".

2026-08-21
Copy of Newspaper Publication

2026-08-21 - Ethos Limited has informed the Exchange about Copy of Newspaper Publication with regard to the Notice of 19th Annual General Meeting ( AGM ) and Information on E-voting Disclosure

2026-08-20
General Updates

2026-08-20 - Ethos Limited has informed the Exchange about letters providing the weblink for accessing the Notice of AGM and Annual Report for FY 2025-26

2026-08-20
General Updates

2026-08-20 - Ethos Limited has informed the Exchange about Business Responsibility and Sustainability Report for the Financial Year 2025-26

2026-08-20
General Updates

2026-08-20 - Ethos Limited has informed the Exchange about Annual Report for the financial year 2025-26

2026-08-20
Shareholders meeting

2026-08-20 - Ethos Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 15, 2026

News

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