As of 6 Nov 2026, Ethos trades at 68.8× trailing earnings, above the industry P/E of 19.6×, and the shares are 17% below their 52-week high. Sales and net profit grew 27% and 16% a year over 3 years; its ROCE of 8.1% is the second-lowest among the 7 largest Luxury Goods peers. Debt is 0.19× equity. It is a small-cap company with a market cap of ₹7,175 Cr, ranked 10th of 82 Luxury Goods companies by market cap; the shares fell 6.8% over the past year.
- ₹2,777.50
- ₹2,782.40
- ₹2,637.80
- ₹2,755.60
- 51.4K
Health check
- ReturnsBehind
−6.8% over a year, better than 0 of 7 peers.
- Price tagPricier
P/E 68.8 vs industry 19.6.
- GrowthSlow
Sales +26.9%, profit +16.3% a year over 3 years.
- ProfitabilityWeak
ROCE 8.1% vs peer median 34.2%.
- Balance sheetFair
Debt 0.19× equity, interest covered 5.9×, Piotroski 4 of 9.
- Red flags2 to check
Return on equity is low at 7.7%.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹7,175 Cr
- Small cap
- P/E
- 68.8
- Industry 19.6
- Price to book
- 4.82
- Peers 8.57
- Dividend yield
- 0.00%
- ROE
- 7.7%
- Peers 29.3%
- ROCE
- 8.1%
- Peers 34.2%
- Debt to equity
- 0.19
- Debt ₹322 Cr
- EPS (TTM)
- ₹38.95
- Face value ₹10
- OPM (TTM)
- 12.9%
- Net margin 6.0%
- Sales growth
- +33.3%
- Latest quarter vs a year ago
- Profit growth
- +47.9%
- Latest quarter vs a year ago
- Price to sales
- 4.15
- EV/EBITDA 30.0
Strengths and risks
Strengths
- Quarterly profit up 47.9% on a year ago.
- Quarterly sales up 33.3% on a year ago.
Risks to check
- Return on equity is low at 7.7%.
- P/E of 68.8 against an industry P/E of 19.6.
About Ethos
Ethos Limited operates a chain of luxury watch boutiques in India. The company offers luxury and premium watches; pre-owned watches; jewellery and jewellery boxes; watch straps, stands, and winders; clocks and their spare parts; collector boxes; handbags and luggage products. It also provides product repair and services, including movement overhauling, battery replacement, ultrasonic cleaning, polishing, performance tests, and replacement of watch parts…
- Headquarters
- Gurugram
- Employees
- 1,069
- Sector
- Consumer Cyclical
- ISIN
- INE04TZ01018
- Website
- ethoswatches.com
Price range
- Avg volume (3M)
- 51.5K
- 1-year return
- minus 6.8%
- From 52-week high
- minus 17.4%
Peers · Luxury Goods
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TITANTitan Company | 5,000.00 | plus 3.42% | 4,43,656 | 63.1 | 24.30 | 38.4% | 37.1% | 11.6% | 29.2% | 16.0% | 0.30% | plus 26.8% |
| KALYANKJILKalyan Jewellers India | 590.75 | plus 5.49% | 61,010 | 42.6 | 9.66 | 26.7% | 24.3% | 6.7% | 36.4% | 46.1% | 0.42% | plus 7.2% |
| LALITHAALalithaa Jewellery Mart | 373.50 | plus 0.50% | 20,905 | 21.9 | 6.37 | 46.1% | 41.6% | 5.7% | 23.4% | 61.8% | 0.00% | plus 50.3% |
| PCJEWELLERPC Jeweller | 15.77 | plus 1.35% | 15,467 | 17.1 | 1.65 | 10.3% | 10.8% | 24.6% | 10.7% | – | 0.00% | plus 29.0% |
| SKYGOLDSKY GOLD AND DIAMONDS | 951.95 | plus 0.31% | 14,743 | 37.3 | 10.49 | 35.9% | 33.0% | 7.5% | 76.0% | 145.4% | 0.00% | plus 164.3% |
| THANGAMAYLThangamayil Jewellery | 4,148.20 | minus 4.32% | 12,893 | 32.9 | 8.57 | 34.2% | 29.3% | 6.5% | 39.2% | 64.0% | 0.43% | plus 42.6% |
| BLUESTONEBlueStone Jewellery and Lifestyle | 710.85 | minus 2.09% | 10,867 | 102.6 | 5.92 | 7.7% | 5.8% | 17.0% | 46.8% | – | 0.00% | plus 2.0% |
| ETHOSLTDEthos | 2,681.40 | minus 2.69% | 7,175 | 68.8 | 4.82 | 8.1% | 7.7% | 12.9% | 26.9% | 16.3% | 0.00% | minus 6.8% |
| Median of 7 peers | – | 0.50% | 15,467 | 37.3 | 8.57 | 34.2% | 29.3% | 7.5% | 36.4% | 61.8% | 0.00% | 29.0% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 346 | 383 | 469 | 414 | 462 | |
| 300 | 334 | 407 | 363 | 400 | |
| 46.1 | 48.9 | 61.4 | 51.3 | 61.5 | |
| 13.3% | 12.8% | 13.1% | 12.4% | 13.3% | |
| 4.7 | 10.3 | 14.9 | 11.6 | 11.7 | |
| 5.7 | 6.5 | 7.6 | 7.4 | 8 | |
| 19 | 21 | 24.8 | 24.7 | 26.1 | |
| – | – | −1.8 | – | – | |
| 26.1 | 31.7 | 42.1 | 30.9 | 39.1 | |
| 27.2% | 25.0% | 27.4% | 26.4% | 26.7% | |
| 19 | 23.3 | 30.4 | 22 | 28.1 | |
| 7.77 | 8.78 | 11.46 | 8.20 | 10.51 |
Profit & loss
- Sales CAGR 3Y
- +26.9%
- Profit CAGR 3Y
- +16.3%
- EPS CAGR 3Y
- +12.2%
- ROE
- 7.7%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 789 | 999 | 1,252 | 1,612 | |
| – | +26.7% | +25.3% | +28.8% | |
| 664 | 838 | 1,050 | 1,384 | |
| 125 | 161 | 201 | 229 | |
| 15.8% | 16.1% | 16.1% | 14.2% | |
| 4.5 | 12.6 | 11.4 | 19.5 | |
| 14 | 16 | 19.3 | 26.6 | |
| 34.6 | 48.7 | 63 | 89.5 | |
| −0 | 2.6 | −0.6 | −1.3 | |
| 80.7 | 111 | 130 | 131 | |
| 25.3% | 25.2% | 26.0% | 26.5% | |
| 60.3 | 83.3 | 96.3 | 94.8 | |
| – | +38.1% | +15.6% | minus 1.6% | |
| 25.66 | 33.79 | 37.99 | 36.21 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 23.3 | 24.5 | 24.5 | 26.8 | |
| 608 | 859 | 958 | 1,461 | |
| 121 | 145 | 289 | 322 | |
| 127 | 142 | 139 | 387 | |
| 880 | 1,171 | 1,410 | 2,197 | |
| 160 | 196 | 389 | 462 | |
| 4 | 7 | 30.6 | 11.1 | |
| 0 | 1.4 | 1.8 | 2.4 | |
| 224 | 338 | 194 | 659 | |
| 491 | 628 | 795 | 1,063 | |
| 880 | 1,171 | 1,410 | 2,197 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −2.1 | 30.8 | −20.3 | 89.6 | |
| −256 | −123 | 46.6 | −476 | |
| 249 | 125 | −58.4 | 502 | |
| −9.8 | 32.7 | −32.1 | 116 | |
| −56.6 | −39.4 | −79.3 | −71.3 | |
| −58.8 | −8.6 | −99.6 | 18.3 |
Shareholding pattern
- Promoters50.59%
- Public49.41%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 50.59% | 49.41% | 0.00 | |
| 30 Jun 2026 | 50.59% | 49.41% | 0.00 | |
| 31 Mar 2026 | 50.59% | 49.41% | 0.00 | |
| 31 Dec 2025 | 50.59% | 49.41% | 0.00 | |
| 30 Sep 2025 | 50.59% | 49.41% | – |
Major shareholders
Filings & events
News
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