ETHOSLTD

Ethos Limited

Retailer of luxury watches and lifestyle products like Messika jewellery

Consumer Discretionary›Consumer Durables›Consumer Durables›Gems, Jewellery And Watches

ethoswatches.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹2611.40
Market cap
6,989 Cr
Stock P/E
67.0
P/B
4.70
Dividend yield
0.2%
ROE (FY26)
5.7%
ROCE (FY26)
9.5%
Operating margin (FY26)
7.3%
Debt / equity (FY26)
0.0001
OCF / EBITDA (FY26)
43.1%
OCF / EBITDA (3Y)
18.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Ethos sells premium and luxury watches, accessories and related after-sales services to Indian customers through its own boutiques, acting as a retail partner for brands rather than owning them.

Company snapshot

10thBy market cap

Ranked among 39 companies in Gems, Jewellery And Watches.

Segment mix

Reportable segments as of 2022-03-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 100.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Luxury cars—0 Cr0 Cr0 Cr
Marketing Support and other Services
1.4%
2 Cr2 Cr1 Cr
Watch and Watch Accessories
100.0%
159 Cr13 Cr488 Cr

Shares add up to 101% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Debt-to-equity of 0.00x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Only 18% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales235 Cr281 Cr253 Cr273 Cr297 Cr370 Cr311 Cr346 Cr383 Cr469 Cr414 Cr462 Cr
Operating expenses (approx.)198 Cr237 Cr217 Cr230 Cr255 Cr313 Cr264 Cr300 Cr334 Cr407 Cr363 Cr400 Cr
EBITDA37 Cr45 Cr36 Cr43 Cr42 Cr57 Cr48 Cr46 Cr49 Cr61 Cr51 Cr62 Cr
OPM %15.8%15.8%14.2%15.8%14.2%15.4%15.3%13.3%12.8%13.1%12.4%13.3%
Other income4 Cr6 Cr8 Cr6 Cr6 Cr6 Cr6 Cr6 Cr12 Cr16 Cr13 Cr13 Cr
Interest4 Cr4 Cr4 Cr5 Cr5 Cr5 Cr5 Cr6 Cr7 Cr8 Cr7 Cr8 Cr
Depreciation13 Cr13 Cr13 Cr14 Cr15 Cr17 Cr17 Cr19 Cr21 Cr25 Cr25 Cr26 Cr
Profit before tax25 Cr34 Cr28 Cr31 Cr29 Cr41 Cr30 Cr26 Cr32 Cr42 Cr31 Cr39 Cr
Tax %25.4%25.7%24.2%25.6%25.8%27.4%24.5%27.2%25.0%27.4%26.4%26.7%
Net profit19 Cr26 Cr21 Cr23 Cr21 Cr29 Cr23 Cr19 Cr24 Cr31 Cr23 Cr29 Cr
EPS (₹)₹7.96₹10.84₹8.83₹9.32₹8.68₹12.05₹9.29₹7.77₹9.14₹11.46₹8.20₹10.51

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales444 Cr458 Cr387 Cr577 Cr789 Cr999 Cr1,252 Cr1,612 CrSign in free for the trailing twelve months
Operating expenses (approx.)387 Cr406 Cr347 Cr510 Cr674 Cr847 Cr1,062 Cr1,404 CrSign in free for the trailing twelve months
EBITDA57 Cr52 Cr40 Cr67 Cr114 Cr152 Cr190 Cr208 CrSign in free for the trailing twelve months
OPM %12.8%11.3%10.3%11.6%14.5%15.2%15.2%12.9%Sign in free for the trailing twelve months
Other income2 Cr3 Cr17 Cr13 Cr15 Cr24 Cr24 Cr46 CrSign in free for the trailing twelve months
Interest16 Cr20 Cr17 Cr17 Cr14 Cr16 Cr19 Cr27 CrSign in free for the trailing twelve months
Depreciation26 Cr33 Cr31 Cr32 Cr35 Cr49 Cr63 Cr89 CrSign in free for the trailing twelve months
Profit before tax16 Cr2 Cr8 Cr32 Cr81 Cr111 Cr130 Cr131 CrSign in free for the trailing twelve months
Tax %40.0%167.2%28.6%25.8%25.3%25.2%26.0%26.5%Sign in free for the trailing twelve months
Net profit10 Cr-1 Cr6 Cr23 Cr60 Cr83 Cr96 Cr96 CrSign in free for the trailing twelve months
EPS (₹)₹5.22₹-0.75₹3.18₹12.69₹26.56₹34.98₹39.33₹36.21Sign in free for the trailing twelve months
Dividend payout %———0.0%0.0%18.6%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital17 Cr18 Cr18 Cr19 Cr23 Cr24 Cr24 Cr27 Cr
Reserves114 Cr132 Cr137 Cr213 Cr608 Cr859 Cr958 Cr1,461 Cr
Borrowings77 Cr76 Cr52 Cr59 Cr8 Cr7 Cr44 Cr0.13 Cr
Other liabilities161 Cr196 Cr184 Cr213 Cr240 Cr280 Cr384 Cr533 Cr
Total liabilities369 Cr422 Cr392 Cr504 Cr880 Cr1,171 Cr1,410 Cr2,197 Cr
Fixed assets (net)21 Cr31 Cr31 Cr37 Cr53 Cr63 Cr98 Cr172 Cr
CWIP4 Cr0.70 Cr4 Cr0 Cr4 Cr7 Cr31 Cr11 Cr
Investments—0.67 Cr0.80 Cr2 Cr106 Cr24 Cr36 Cr38 Cr
Loans & advances———0.27 Cr0.25 Cr0.24 Cr0.05 Cr0.06 Cr
Inventories206 Cr219 Cr198 Cr250 Cr340 Cr440 Cr593 Cr695 Cr
Trade receivables9 Cr9 Cr12 Cr5 Cr6 Cr16 Cr18 Cr17 Cr
Cash & bank8 Cr10 Cr18 Cr38 Cr28 Cr61 Cr28 Cr144 Cr
Other assets121 Cr152 Cr129 Cr172 Cr343 Cr560 Cr606 Cr1,119 Cr
Total assets369 Cr422 Cr392 Cr504 Cr880 Cr1,171 Cr1,410 Cr2,197 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-1 Cr37 Cr63 Cr17 Cr-2 Cr31 Cr-20 Cr90 Cr
Cash from investing-12 Cr-15 Cr-10 Cr-24 Cr-256 Cr-123 Cr47 Cr-476 Cr
Cash from financing13 Cr-20 Cr-45 Cr27 Cr249 Cr125 Cr-58 Cr502 Cr
Net cash flow0.28 Cr2 Cr8 Cr19 Cr-10 Cr33 Cr-32 Cr116 Cr
Free cash flow (OCF − Capex)-14 Cr24 Cr54 Cr-7 Cr-59 Cr-9 Cr-100 Cr18 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %15.7%9.6%12.1%16.6%14.8%14.3%14.6%9.5%
ROE %7.6%-0.9%3.7%10.1%9.5%9.4%9.8%5.7%
Debtor days771133654
Inventory days169174186158157161172157
Days payable5558685345352632
Cash conversion cycle121124130108115131152129
OCF / EBITDA %-2.0%71.7%159.7%24.9%-1.9%20.3%-10.7%43.1%
OCF / EBITDA % (3 years)——67.1%74.0%35.3%13.6%1.8%18.2%
Debt / equity0.590.510.330.260.010.00760.040.0001
Current ratio1.501.581.732.064.275.064.965.62
Net debt / EBITDA1.231.280.850.32-0.17-0.360.08-0.69