Ethos Ltd

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

Ethos Ltd

₹ 3,009 2.20%
10 Jun - close price
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 the total retail sales in premium and luxury segment and 20% share when seen in the exclusive luxury segment in FY20.

Website BSE NSE
  • Market Cap ₹ 7,382 Cr.
  • Current Price ₹ 3,009
  • High / Low ₹ 3,525 / 1,964
  • Stock P/E 76.7
  • Book Value ₹ 401
  • Dividend Yield 0.00 %
  • ROCE 13.0 %
  • ROE 10.3 %
  • Face Value ₹ 10.0
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Pros

  • Company has delivered good profit growth of 120% CAGR over last 5 years

Cons

  • Stock is trading at 7.50 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 11.3% over last 3 years.

* 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 SmallCap BSE Allcap BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
159 174 178 230 208 230 235 281 253 273 297 370 311
138 147 152 194 182 196 198 237 217 230 255 313 265
Operating Profit 21 27 26 36 26 34 37 45 36 43 42 57 46
OPM % 13% 16% 15% 16% 12% 15% 16% 16% 14% 16% 14% 15% 15%
2 2 4 4 5 5 4 6 9 6 6 6 6
Interest 5 4 3 3 3 4 4 4 4 5 5 5 5
Depreciation 8 8 8 9 9 11 13 13 13 14 15 17 17
Profit before tax 10 17 18 28 18 24 25 34 28 31 29 41 30
Tax % 25% 25% 25% 25% 25% 25% 25% 26% 24% 26% 26% 27% 25%
8 13 14 21 13 18 19 26 21 23 21 29 23
EPS in Rs 4.11 5.48 5.81 8.85 5.69 7.78 7.96 10.42 8.59 9.31 8.68 12.05 9.29
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
444 458 387 577 789 999 1,252
407 402 344 505 668 841 1,063
Operating Profit 36 56 43 72 120 158 188
OPM % 8% 12% 11% 12% 15% 16% 15%
2 2 17 13 15 24 24
Interest 11 24 20 21 20 22 19
Depreciation 5 33 33 32 35 49 63
Profit before tax 22 2 7 32 81 111 130
Tax % 39% 168% 29% 26% 25% 25% 26%
13 -1 5 23 60 83 96
EPS in Rs 7.91 -0.73 2.61 12.26 25.83 34.02 39.33
Dividend Payout % 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 22%
3 Years: 29%
TTM: 25%
Compounded Profit Growth
10 Years: %
5 Years: 120%
3 Years: 60%
TTM: 16%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 57%
1 Year: 18%
Return on Equity
10 Years: %
5 Years: 11%
3 Years: 11%
Last Year: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 17 18 18 19 23 24 24
Reserves 117 132 139 213 608 859 958
69 174 140 161 121 145 289
98 98 96 111 127 142 139
Total Liabilities 301 422 394 504 880 1,171 1,410
22 125 113 130 197 230 401
CWIP 5 1 4 0 4 9 31
Investments 0 1 1 2 2 25 36
275 296 276 373 677 907 942
Total Assets 301 422 394 504 880 1,171 1,410

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
-22 36 63 17 -2 31 -20
-13 -15 -10 -24 -256 -123 47
35 -20 -45 26 249 125 -58
Net Cash Flow 0 2 8 19 -10 33 -32

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 7 7 12 3 3 6 5
Inventory Days 238 242 256 222 228 230 247
Days Payable 79 80 93 74 65 50 37
Cash Conversion Cycle 166 170 174 151 166 185 215
Working Capital Days 121 135 134 118 132 139 156
ROCE % 10% 9% 15% 18% 15% 13%

Shareholding Pattern

Numbers in percentages

3 Recently
Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
65.16% 65.16% 64.67% 64.67% 63.82% 63.82% 57.88% 55.72% 54.70% 51.20% 50.79% 50.58%
7.47% 7.61% 7.49% 7.34% 6.49% 6.69% 10.41% 11.28% 11.20% 12.28% 12.61% 12.56%
6.95% 7.44% 9.32% 9.75% 10.51% 9.66% 12.17% 13.08% 14.04% 15.64% 16.58% 17.85%
20.42% 19.78% 18.52% 18.22% 19.17% 19.84% 19.54% 19.92% 20.04% 20.88% 20.02% 19.01%
No. of Shareholders 12,70913,25613,86214,68515,95521,65727,06729,71532,33035,85839,75642,900

* 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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Documents

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DRHP

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