Ethos Ltd

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

Ethos Ltd

₹ 2,398 0.05%
27 May 1:01 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 ₹ 6,415 Cr.
  • Current Price ₹ 2,398
  • High / Low ₹ 3,246 / 1,919
  • Stock P/E 66.8
  • Book Value ₹ 556
  • Dividend Yield 0.00 %
  • ROCE 9.82 %
  • ROE 7.77 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Stock is trading at 4.31 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 9.42% 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

Consolidated Figures in Rs. Crores / View Standalone

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
208 230 235 281 253 273 297 370 311 346 383 469 414
182 196 198 237 217 230 255 313 265 301 336 408 364
Operating Profit 26 34 37 45 36 43 42 57 46 45 48 61 50
OPM % 12% 15% 16% 16% 14% 16% 14% 15% 15% 13% 12% 13% 12%
5 5 4 6 9 6 6 6 6 6 12 14 13
Interest 3 4 4 4 4 5 5 5 5 6 7 8 7
Depreciation 9 11 13 13 13 14 15 17 17 19 21 25 25
Profit before tax 18 24 25 34 28 31 29 41 30 26 32 42 31
Tax % 25% 25% 25% 26% 24% 26% 26% 27% 25% 27% 25% 27% 26%
13 18 19 26 21 23 21 29 23 19 24 31 23
EPS in Rs 5.21 7.12 7.29 9.52 7.85 8.51 7.93 11.00 8.49 7.11 8.89 11.37 8.22
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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 Mar 2026
444 458 387 577 789 999 1,252 1,612
407 402 344 505 668 841 1,055 1,409
Operating Profit 36 56 43 72 120 158 197 203
OPM % 8% 12% 11% 12% 15% 16% 16% 13%
2 2 17 13 15 24 24 44
Interest 11 24 20 21 20 22 27 27
Depreciation 5 33 33 32 35 49 63 89
Profit before tax 22 2 7 32 81 111 130 131
Tax % 39% 168% 29% 26% 25% 25% 26% 27%
13 -1 5 23 60 83 96 96
EPS in Rs 7.23 -0.67 2.39 11.19 23.65 31.08 35.93 35.42
Dividend Payout % 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: 83%
3 Years: 17%
TTM: -1%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 26%
1 Year: -10%
Return on Equity
10 Years: %
5 Years: 10%
3 Years: 9%
Last Year: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
69 174 140 161 121 145 289 322
98 98 96 111 127 142 139 387
Total Liabilities 301 422 394 504 880 1,171 1,410 2,197
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
275 296 276 373 677 907 942 1,654
Total Assets 301 422 394 504 880 1,171 1,410 2,197

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-22 36 63 17 -2 31 -20 90
-13 -15 -10 -24 -256 -123 47 -476
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% 65%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

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.

Click on the line-items to see the names of individual entities.

Documents

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