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Ethos Ltd

ETHOSLTD

NSE

₹2,593.80-0.67%19 Oct 2026 at 3:57 PM

Reports

Watches

Ethos Ltd

ETHOSLTD

NSE

₹2,593.80

-0.67%

19 Oct 2026 at 3:57 PM

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Watches

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Ethos is India’s largest luxury watch retailer, a business built on a simple idea: give India’s wealthy a place to buy fine timepieces with the trust and experience of a specialist, not a general store. It started in 2003 with a single boutique in Chandigarh and became the first of its kind to list on the Indian stock exchange in 2022, all while guided by a long-term vision to grow tenfold in a decade. The recurring approach is to secure exclusive relationships with the world’s best watch brands, build a national network of boutiques to reach customers wherever they are, and then use that platform to expand into adjacent luxury categories and services like pre-owned watches - each new engine fed by the trust and customer base of the one before.

Business segments

Two engines at different stages - a national luxury watch retail platform that is the core of the business, and a younger lifestyle retail arm that plants the same model into jewellery and premium luggage.

1. Luxury watch retail: where the group’s brand relationships and customer trust are built

Ethos is India’s leading vertical specialist for premium and luxury watches, operating a chain of nearly 100 boutiques that stock over 60 brands, half of them exclusively, and selling to a base of over 330,000 registered high-net-worth customers.

Exclusivity creates the moat - Ethos holds exclusive retail contracts for 49 of the over 80 watch brands it carries, typically lasting five to nine years with auto-renewal, which means many of the world’s most desirable watches can only be bought new in India through its stores.
A national boutique network - as of May 2026, the company runs 98 boutiques across 32 cities in 19 states, spanning large-format Summit stores, multi-brand outlets, and mono-brand boutiques for single luxury names, so it can place a brand with limited production in just three or four key stores while mass-appeal brands sit in most locations.
The customer base is wealthy and loyal - over 46% of business comes from repeat buyers, supported by a loyalty programme called Club Echo that has enrolled more than 334,000 high-net-worth individuals, making it the only Indian luxury watch retailer with such a programme.
Omnichannel drives discovery - the company’s website draws over 12 million visitors and its digital channels account for more than a third of total billings, while an in-house content engine, The Watch Guide, publishes 52 stories a month and an in-house studio has produced videos with over 359 million views, pulling new customers into the physical boutiques.
After-sales service locks in trust - Ethos Watch Care's new pick-and-drop service, supported by a state-of-the-art service centre in New Delhi with skilled watchmakers, covers over 7,000 pin codes and provides a two-year warranty on all servicing, which reduced customer complaints by 90%.

2. Lifestyle retail: the watch platform extended to jewellery and luggage

Ethos uses the same playbook - exclusive brand partnerships and prime boutique locations - to sell luxury jewellery and premium luggage through a separately funded subsidiary.

Exclusive rights, familiar model - the lifestyle vertical holds an exclusive partnership with Messika for diamond jewellery in India and a franchise contract with Rimowa, the LVMH-owned premium luggage maker, replicating the exclusive-brand approach that powers the watch business.
Boutiques, not pop-ups - after testing jewellery sales via pop-ups inside watch stores with strong feedback, the company now focuses on dedicated boutiques, opening India’s first exclusive Messika boutique in New Delhi and two Rimowa boutiques in New Delhi and Mumbai.
Funded for growth - the lifestyle subsidiary raised ₹179.50 crores from external investors in 2025, diluting Ethos’s stake to 75.05%, so the venture can expand without drawing on the watch business’s cash flows.

Second Movement: the certified pre-owned engine

Second Movement is India’s only organised player that can certify, restore and sell pre-owned luxury watches, turning the existing boutique network into a nationwide sourcing machine.

In-house restoration is the differentiator - pre-owned watches are bought from customers, authenticated and refurbished by expert watchmakers at a central technical facility, then sold with a two-year warranty, which creates trust in a market where authenticity is everything.
Stores feed the pipeline - staff across the pan-India boutique network ask customers if they have unused watches to sell or trade in, giving the business a unique all-India sourcing platform that no unorganised dealer can match.
Fast turnover, capacity-constrained - a refurbished watch typically sells in less than a month, so the bottleneck is not demand but the speed at which the technical team can restore watches.
A young, growing market - over half of Indian survey respondents say they are likely to buy a pre-owned luxury watch within a year, and the pre-owned segment is growing at over 30% year-on-year, driven by younger buyers seeking affordability and collectability.

Group structure and partners

Ethos is controlled by KDDL Limited, a watch-component manufacturer whose decades-old relationships with Swiss brands gave the retailer its start, and the founder’s family runs the business day-to-day.

KDDL Limited holds 50.12% of Ethos and has supplied watch dials to luxury brands since 1981, connections that were instrumental in Ethos securing its early exclusive retail contracts.
The group structure includes a wholly owned IT subsidiary (Cognition Digital LLP) that builds its digital platforms, a Dubai trading subsidiary (Ficus Trading LLC) for international expansion, and a stake in the Swiss watch brand Favre Leuba, which Ethos uses to control that brand’s retail presence in India while KDDL handles manufacturing.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹6,890Cr

Close Price

₹2,575.00

Industry

Watches

Price To Earnings

66.11

Price To Sales

3.99

Revenue

₹1,728Cr

Rev Gr TTM

Revenue Growth TTM

30.42%

PAT Gr TTM

PAT Growth TTM

14.34%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	235	281	253	273	297	370	311	346	383	469	414	462
Growth YoY Revenue Growth YoY%	32.4	22.4	21.7	18.8	26.3	31.5	23.3	26.7	29.0	26.6	33.0	33.3
Expenses ExpensesCr	198	237	217	230	255	313	264	300	334	407	363	400
Operating Profit Operating ProfitCr	37	45	36	43	42	57	48	46	49	61	51	62
OPM OPM%	15.8	15.8	14.3	15.8	14.2	15.4	15.3	13.3	12.8	13.1	12.4	13.3
Other Income Other IncomeCr	4	6	9	6	6	6	5	5	10	13	12	12
Interest Expense Interest ExpenseCr	4	4	4	5	5	5	5	6	7	8	7	8
Depreciation DepreciationCr	13	13	13	14	15	17	17	19	21	25	25	26
PBT PBTCr	25	34	28	31	29	41	30	26	32	42	31	39
Tax TaxCr	6	9	7	8	7	11	7	7	8	12	8	10
PAT PATCr	19	26	21	23	21	29	23	19	24	31	23	29
Growth YoY PAT Growth YoY%	37.1	23.5	58.4	25.6	14.3	15.6	8.2	-16.6	11.9	3.7	0.0	50.7
NPM NPM%	7.9	9.1	8.3	8.3	7.2	8.0	7.3	5.5	6.2	6.5	5.5	6.2
EPS EPS₹	7.7	10.5	8.5	9.0	8.4	11.6	9.0	7.8	8.8	11.5	8.2	10.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	235	281	253	273	297	370	311	346	383	469	414	462
Growth YoY Revenue Growth YoY%	32.4	22.4	21.7	18.8	26.3	31.5	23.3	26.7	29.0	26.6	33.0	33.3
Expenses ExpensesCr	198	237	217	230	255	313	264	300	334	407	363	400
Operating Profit Operating ProfitCr	37	45	36	43	42	57	48	46	49	61	51	62
OPM OPM%	15.8	15.8	14.3	15.8	14.2	15.4	15.3	13.3	12.8	13.1	12.4	13.3
Other Income Other IncomeCr	4	6	9	6	6	6	5	5	10	13	12	12
Interest Expense Interest ExpenseCr	4	4	4	5	5	5	5	6	7	8	7	8
Depreciation DepreciationCr	13	13	13	14	15	17	17	19	21	25	25	26
PBT PBTCr	25	34	28	31	29	41	30	26	32	42	31	39
Tax TaxCr	6	9	7	8	7	11	7	7	8	12	8	10
PAT PATCr	19	26	21	23	21	29	23	19	24	31	23	29
Growth YoY PAT Growth YoY%	37.1	23.5	58.4	25.6	14.3	15.6	8.2	-16.6	11.9	3.7	0.0	50.7
NPM NPM%	7.9	9.1	8.3	8.3	7.2	8.0	7.3	5.5	6.2	6.5	5.5	6.2
EPS EPS₹	7.7	10.5	8.5	9.0	8.4	11.6	9.0	7.8	8.8	11.5	8.2	10.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	444	458	387	577	789	999	1,252	1,612	1,728
Growth Revenue Growth%		3.2	-15.6	49.3	36.6	26.7	25.3	28.8	30.4
Expenses ExpensesCr	411	406	347	510	674	847	1,062	1,404	1,504
Operating Profit Operating ProfitCr	33	52	40	67	114	152	190	208	223
OPM OPM%	7.4	11.3	10.3	11.6	14.5	15.2	15.2	12.9	12.9
Other Income Other IncomeCr	2	2	17	13	15	24	22	40	47
Interest Expense Interest ExpenseCr	8	19	17	17	14	16	19	27	30
Depreciation DepreciationCr	5	35	33	32	35	49	63	89	97
PBT PBTCr	22	0	7	32	81	111	130	131	144
Tax TaxCr	8	2	2	8	20	28	34	35	38
PAT PATCr	13	-2	5	23	60	83	96	96	106
Growth PAT Growth%		-118.4	293.1	391.6	157.8	38.1	15.6	-0.1	14.3
NPM NPM%	3.0	-0.5	1.2	4.0	7.7	8.3	7.7	6.0	6.1
EPS EPS₹	7.9	-1.4	2.6	12.7	25.7	33.8	38.0	36.2	39.0

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	444	458	387	577	789	999	1,252	1,612	1,728
Growth Revenue Growth%		3.2	-15.6	49.3	36.6	26.7	25.3	28.8	30.4
Expenses ExpensesCr	411	406	347	510	674	847	1,062	1,404	1,504
Operating Profit Operating ProfitCr	33	52	40	67	114	152	190	208	223
OPM OPM%	7.4	11.3	10.3	11.6	14.5	15.2	15.2	12.9	12.9
Other Income Other IncomeCr	2	2	17	13	15	24	22	40	47
Interest Expense Interest ExpenseCr	8	19	17	17	14	16	19	27	30
Depreciation DepreciationCr	5	35	33	32	35	49	63	89	97
PBT PBTCr	22	0	7	32	81	111	130	131	144
Tax TaxCr	8	2	2	8	20	28	34	35	38
PAT PATCr	13	-2	5	23	60	83	96	96	106
Growth PAT Growth%		-118.4	293.1	391.6	157.8	38.1	15.6	-0.1	14.3
NPM NPM%	3.0	-0.5	1.2	4.0	7.7	8.3	7.7	6.0	6.1
EPS EPS₹	7.9	-1.4	2.6	12.7	25.7	33.8	38.0	36.2	39.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	17	18	18	19	23	24	24	27
Reserves ReservesCr	109	134	139	213	608	859	958	1,461
Current Liabilities Current LiabilitiesCr	150	175	148	163	150	171	179	265
Non Current Liabilities Non Current LiabilitiesCr	18	98	89	109	99	116	248	268
Total Liabilities Total LiabilitiesCr	301	425	394	504	880	1,171	1,410	2,197
Current Assets Current AssetsCr	251	275	257	336	639	864	891	1,489
Non Current Assets Non Current AssetsCr	50	150	137	168	241	307	519	709
Total Assets Total AssetsCr	301	425	394	504	880	1,171	1,410	2,197

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	17	18	18	19	23	24	24	27
Reserves ReservesCr	109	134	139	213	608	859	958	1,461
Current Liabilities Current LiabilitiesCr	150	175	148	163	150	171	179	265
Non Current Liabilities Non Current LiabilitiesCr	18	98	89	109	99	116	248	268
Total Liabilities Total LiabilitiesCr	301	425	394	504	880	1,171	1,410	2,197
Current Assets Current AssetsCr	251	275	257	336	639	864	891	1,489
Non Current Assets Non Current AssetsCr	50	150	137	168	241	307	519	709
Total Assets Total AssetsCr	301	425	394	504	880	1,171	1,410	2,197

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-22	36	63	17	-2	31	-20	90
Investing Cash Flow Investing Cash FlowCr	-13	-15	-10	-24	-256	-123	47	-476
Financing Cash Flow Financing Cash FlowCr	35	-20	-45	27	249	125	-58	502
Net Cash Flow Net Cash FlowCr	0	2	8	19	-10	33	-32	116
Free Cash Flow Free Cash FlowCr	-35	23	54	-7	-58	-1	-94	19
CFO To PAT CFO To PAT%	-164.6	-1,479.4	1,333.8	71.2	-3.6	37.0	-21.1	93.2
CFO To EBITDA CFO To EBITDA%	-67.2	70.3	159.8	24.9	-1.9	20.3	-10.7	43.1

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-22	36	63	17	-2	31	-20	90
Investing Cash Flow Investing Cash FlowCr	-13	-15	-10	-24	-256	-123	47	-476
Financing Cash Flow Financing Cash FlowCr	35	-20	-45	27	249	125	-58	502
Net Cash Flow Net Cash FlowCr	0	2	8	19	-10	33	-32	116
Free Cash Flow Free Cash FlowCr	-35	23	54	-7	-58	-1	-94	19
CFO To PAT CFO To PAT%	-164.6	-1,479.4	1,333.8	71.2	-3.6	37.0	-21.1	93.2
CFO To EBITDA CFO To EBITDA%	-67.2	70.3	159.8	24.9	-1.9	20.3	-10.7	43.1

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					2,245	6,333	6,070	5,820	6,890
Price To Earnings Price To Earnings					37.2	76.0	63.0	61.4	66.1
Price To Sales Price To Sales					2.9	6.3	4.8	3.6	4.0
Price To Book Price To Book					3.6	7.2	6.2	3.9	4.6
EV To EBITDA EV To EBITDA					18.7	40.4	32.3	26.4	29.8
Profitability Ratios Profitability Ratios
GPM GPM%	27.7	26.7	26.9	28.6	30.7	29.8	29.7	28.6	28.6
OPM OPM%	7.4	11.3	10.3	11.6	14.5	15.2	15.2	12.9	12.9
NPM NPM%	3.0	-0.5	1.2	4.0	7.7	8.3	7.7	6.0	6.1
ROCE ROCE%	15.1	8.7	8.0	12.3	12.6	12.4	11.8	8.7	8.7
ROE ROE%	10.6	-1.6	3.0	10.1	9.6	9.4	9.8	6.5	6.5
ROA ROA%	4.4	-0.6	1.2	4.6	6.8	7.1	6.8	4.4	4.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					2,245	6,333	6,070	5,820	6,890
Price To Earnings Price To Earnings					37.2	76.0	63.0	61.4	66.1
Price To Sales Price To Sales					2.9	6.3	4.8	3.6	4.0
Price To Book Price To Book					3.6	7.2	6.2	3.9	4.6
EV To EBITDA EV To EBITDA					18.7	40.4	32.3	26.4	29.8
Profitability Ratios Profitability Ratios
GPM GPM%	27.7	26.7	26.9	28.6	30.7	29.8	29.7	28.6	28.6
OPM OPM%	7.4	11.3	10.3	11.6	14.5	15.2	15.2	12.9	12.9
NPM NPM%	3.0	-0.5	1.2	4.0	7.7	8.3	7.7	6.0	6.1
ROCE ROCE%	15.1	8.7	8.0	12.3	12.6	12.4	11.8	8.7	8.7
ROE ROE%	10.6	-1.6	3.0	10.1	9.6	9.4	9.8	6.5	6.5
ROA ROA%	4.4	-0.6	1.2	4.6	6.8	7.1	6.8	4.4	4.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	TIMEX	ETHOSLTD	KDDL	FOCE
Market CapitalizationMkt CapCr	7,026	6,890	4,613	675
Close PriceClose₹	696.00	2,575.00	3,751.00	575.00
IndustryIndustry	Watches	Watches	Watches	Watches
Price To EarningsPE	82.86	66.11	47.55	101.95
Price To SalesPS	8.28	3.99	1.99	4.65
RevenueRevenueCr	849	1,728	2,322	145
Revenue Growth TTMRev Gr TTM%	41.8%	30.4%	32.5%	39.4%
PAT Growth TTMPAT Gr TTM%	96.5%	14.3%	4.3%	3.9%

	TIMEX	ETHOSLTD	KDDL	FOCE
Market CapitalizationMkt CapCr	7,026	6,890	4,613	675
Close PriceClose₹	696.00	2,575.00	3,751.00	575.00
IndustryIndustry	Watches	Watches	Watches	Watches
Price To EarningsPE	82.86	66.11	47.55	101.95
Price To SalesPS	8.28	3.99	1.99	4.65
RevenueRevenueCr	849	1,728	2,322	145
Revenue Growth TTMRev Gr TTM%	41.8%	30.4%	32.5%	39.4%
PAT Growth TTMPAT Gr TTM%	96.5%	14.3%	4.3%	3.9%