Ethos Ltd

Q2 FY26Consumer Durables

Ethos Ltd Q2 FY26 Results & Presentation Highlights: Revenue ₹383.4 Cr, Operating margin 15.3%

Q2 FY26 investor presentation: what the company reported on revenue, margins and projects.

Price₹2,606

Market cap₹7.1K Cr

P/E67.4

Updated25 Sept 2026

Read4 min read

Based on Ethos Ltd's Q2 FY26 investor presentation. The company has not published an earnings-call transcript for this quarter, so figures here are what the presentation reports, not management guidance.

The short version

Q2FY26 Revenue from Operations: ₹383.4 Cr, up 29.0% YoY from ₹297.1 Cr in Q2FY25 (Pages 10, 11, 12, 13, 14, 15) - H1FY26 Revenue from Operations: ₹729.7 Cr, up 27.9% YoY from ₹570.4 Cr in H1FY25 (Page Quarter EBITDA: Rs.

From Ethos Ltd's Q2 FY26 earnings-call transcript · updated 25 Sept 2026.

Revenue & Sales Performance

Q2FY26 Revenue from Operations: ₹383.4 Cr, up 29.0% YoY from ₹297.1 Cr in Q2FY25 (Pages 10, 11, 12, 13, 14, 15)
H1FY26 Revenue from Operations: ₹729.7 Cr, up 27.9% YoY from ₹570.4 Cr in H1FY25 (Pages 6, 10, 11, 12, 13, 14, 15)
ASP (Average Selling Price) stood at ₹2.18 lac (Page 7)
Total boutiques expanded from 73 (Mar'25) to 86 as on date (Page 7)
Opened 16 Boutiques in H1FY26 (9 Exclusive, 7 Multi-Brand, 1 CPO, 2 Lifestyle) (Page 7)
Billing from CPO (Second Movement) grew by 25% YoY (Page 7)
Same Store Sales Growth (SSSG) at 16.5% vs 15.5% in H1FY25 (Page 7)

2 more points management made on revenue & sales performance

Profitability & Margins

Quarter EBITDA: Rs. 60.5 Cr in Q2FY26, up 25.5% YoY from Rs. 48.2 Cr in Q2FY25 (Page 11)
Operating Margin (EBITDA Margin): 15.3% in Q2FY26, down from 15.9% in Q2FY25 (Page 11)
Profit after Tax (PAT) after Minority Interest: Rs. 23.3 Cr in Q2FY26, up 9.8% YoY from Rs. 21.2 Cr in Q2FY25 (Page 11)

2 more points management made on profitability & margins

See what Ethos Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

The investor presentation does not explicitly mention any capex, capacity expansion, or new plant/project details including amounts, status, or timelines. The focus is on: - Retail expansion: Opening of 16 new boutiques (9 Exclusive, 7 Multi-Brand, 1 CPO, 2 Lifestyle) in H1 FY26. - Boutique count increased from 73 (Mar 2025) to 86 as of the presentation date. - Addition of 4 new exclusive brands in H1 FY26. - Expansion into lifestyle segment with new Messika and Rimowa boutiques.

2 more points management made on capital expenditure plans

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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The presentation does not explicitly mention any fundraising through debt or equity.
Borrowings on the balance sheet remain almost stable:
Non-current borrowings: Rs. 0.10 Cr (Mar '25) to Rs. 0.1 Cr (Sep '25)
Current borrowings: Rs. 1.8 Cr (Mar '25) to Rs. 0.1 Cr (Sep '25)
Lease liabilities have increased:
Non-current lease liabilities: Rs. 245.0 Cr (Mar '25) to Rs. 262.3 Cr (Sep '25)
Current lease liabilities: Rs. 41.8 Cr (Mar '25) to Rs. 51.4 Cr (Sep '25)

2 more points management made on fundraising & capital structure

See what Ethos Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The provided investor presentation does not explicitly report on order book, order inflow, or pending orders. It focuses mainly on: - Financial performance (Revenue, EBITDA, PAT) - Retail footprint expansion (number of boutiques) - Brand additions and product portfolio - Impact of forex fluctuations on margins

2 more points management made on order book & pipeline

Ethos Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹414 Cr, net profit ₹23 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Ethos Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Ethos Ltd Q2 FY26 results?

What is Ethos Ltd share price analysis?

Ethos Ltd currently shows a neutral. The stock trades at a P/E of 67.4 with a market cap of ₹7,122 Cr. Investors should review the full earnings analysis for detailed insights.

Is Ethos Ltd planning capital expenditure?

The investor presentation does not explicitly mention any capex, capacity expansion, or new plant/project details including amounts, status, or timelines.

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This analysis is AI-generated based on publicly available earnings data and the company's investor presentation. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.