Ethos Ltd

Ethos Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Ethos Ltd

₹ 2,391 -0.24%
27 May 1:56 p.m.
ethoswatches.com BSE: 543532 NSE: ETHOSLTD
About

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

Key Points

Largest Luxury watch company[1] Ethos is India’s largest luxury and premium watch retail player, having 13% share of retail sales in the premium and luxury segment and 35-40% share[2] of the exclusive luxury segment.

Website BSE NSE
  • Market Cap ₹ 6,397 Cr.
  • Current Price ₹ 2,391
  • High / Low ₹ 3,246 / 1,919
  • Stock P/E 66.5
  • Book Value ₹ 554
  • Dividend Yield 0.00 %
  • ROCE 10.2 %
  • ROE 7.81 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Stock is trading at 4.33 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 9.45% over last 3 years.
  • Promoter holding has decreased over last 3 years: -14.1%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Consumer Durables Consumer Durables Gems, Jewellery And Watches

Part of BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market BSE 1000 Nifty Smallcap 500

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
208 230 234 281 253 273 297 370 311 346 392 471 403
182 196 197 237 217 230 255 315 262 300 345 410 356
Operating Profit 25 34 37 44 36 43 42 55 49 46 48 61 47
OPM % 12% 15% 16% 16% 14% 16% 14% 15% 16% 13% 12% 13% 12%
5 5 4 7 6 6 6 7 5 6 11 11 11
Interest 3 4 4 4 4 5 5 5 5 6 7 7 7
Depreciation 10 11 12 12 13 14 15 17 17 19 21 24 23
Profit before tax 17 24 25 34 25 31 29 40 32 27 31 41 28
Tax % 25% 25% 25% 25% 25% 26% 25% 26% 24% 26% 25% 26% 25%
13 18 18 26 19 23 21 30 24 20 23 31 21
EPS in Rs 5.13 7.05 7.23 9.64 7.10 8.57 7.96 11.10 9.03 7.59 8.67 11.45 7.77
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
325 356 442 456 387 577 789 998 1,252 1,613
320 342 413 402 345 507 669 841 1,054 1,411
Operating Profit 5 14 29 53 42 71 119 156 198 202
OPM % 2% 4% 7% 12% 11% 12% 15% 16% 16% 13%
1 2 2 6 17 13 15 22 24 39
Interest 11 7 8 24 20 21 20 22 27 27
Depreciation 4 4 5 35 32 31 35 48 63 87
Profit before tax -8 5 18 1 6 31 80 109 132 127
Tax % -28% 23% 39% 98% 26% 25% 25% 25% 25% 26%
-6 4 11 0 5 23 60 81 98 95
EPS in Rs -4.23 2.30 6.05 0.02 2.33 11.18 23.45 30.33 36.66 35.47
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 33%
3 Years: 27%
TTM: 29%
Compounded Profit Growth
10 Years: %
5 Years: 84%
3 Years: 17%
TTM: -3%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 26%
1 Year: -10%
Return on Equity
10 Years: 9%
5 Years: 10%
3 Years: 9%
Last Year: 8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 13 16 17 18 18 19 23 24 24 27
Reserves 32 76 115 134 139 213 608 857 956 1,455
88 63 77 175 140 161 121 145 278 310
82 95 91 100 98 114 128 144 138 205
Total Liabilities 215 250 300 427 396 507 880 1,170 1,396 1,996
10 17 22 128 112 129 197 229 390 467
CWIP 0 0 5 1 4 0 4 9 30 11
Investments 0 0 0 4 4 6 7 30 46 47
205 232 273 294 275 373 672 903 930 1,471
Total Assets 215 250 300 427 396 507 880 1,170 1,396 1,996

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
4 -1 35 62 17 -5 31 -21 102
-2 -12 -13 -10 -23 -254 -123 45 -372
2 11 -20 -45 27 249 124 -58 329
Net Cash Flow 4 -2 2 7 20 -10 32 -35 59
Free Cash Flow 1 -13 21 53 -6 -61 1 -92 44
CFO/OP 86% -13% 75% 155% 37% 13% 37% 7% 70%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 2 7 6 8 12 3 3 6 5 4
Inventory Days 244 230 214 242 256 222 228 230 247 215
Days Payable 93 104 73 83 97 77 66 51 37 44
Cash Conversion Cycle 152 133 148 167 171 148 165 184 215 175
Working Capital Days 107 112 76 70 81 82 120 126 144 125
ROCE % 8% 14% 9% 8% 15% 17% 15% 14% 10%

Insights

In beta
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Average Selling Price (ASP) per Watch
INR '000

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Share of Luxury & High Luxury Watch Sales
%
Number of Boutiques
Number
Exclusive Brands Partnered
Number
Number of Brands Represented
Number
Same Store Sales Growth (SSSG)
%
Total Volume Growth
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
63.82% 63.82% 57.88% 55.72% 54.70% 51.20% 50.79% 50.58% 50.58% 50.58% 50.58% 50.58%
6.49% 6.69% 10.41% 11.28% 11.20% 12.28% 12.61% 12.56% 13.13% 13.29% 12.59% 10.89%
10.51% 9.66% 12.17% 13.08% 14.04% 15.64% 16.58% 17.85% 18.18% 19.95% 21.25% 23.59%
19.17% 19.84% 19.54% 19.92% 20.04% 20.88% 20.02% 19.01% 18.10% 16.16% 15.57% 14.93%
No. of Shareholders 15,95521,65727,06729,71532,33035,85839,75642,90041,46440,44740,32638,627

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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