Ethos Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹6,726 Cr
- P/E
- 63.67
- ROE
- 7.69%
- PEG
- 3.87
- Price to sales
- 3.88
- Debt to equity
- 0.22
- 52W high / low
- ₹3,196 / ₹2,020
- Sales growth (5Y)
- 33.06%
- EBITDA margin
- 12.62%
- Net profit margin
- 5.98%
- Promoter holding
- 50.58%
- Sales (last year)
- ₹1,728 Cr
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
Guidance scorecard · Q1 FY27 call
What Ethos's management guided
and where it ranks in Consumer Durables
Consumer Durables
RevenueQ4 FY25 call
10–20%- Ethos aims for a 10x revenue growth in 10 years with watches remaining the core focus while expanding into other premium luxury lifestyle segments like jewelry and luggage (Messika, Rimowa).
- Boutique count expected to cross 100 this year from 73, with expansion into new cities including Tier 2 locations like Vijayawada and Dehradun, which are showing early profitability.
- Volume growth for FY '25 was 15.5%; average selling price (ASP) grew 7.4%.
- City of Time in Gurgaon, India's largest horological project, expected to become one of the top-performing boutiques over time though currently in ramp-up phase.
- CPO (Certified Pre-Owned) business is growing over 30% and expected to accelerate with more service centers and capabilities.
2 more points from Ethos's call on revenue
Create a free account to keep reading this call
MarginsQ4 FY25 call
FlatSee what Ethos said on margins — free account, 30 seconds.
CapexQ4 FY25 call
Planned- Ethos Limited is actively expanding its boutique network, targeting over 100 boutiques in the current financial year, including recent launches like City of Time in Gurgaon and the Messika boutique in New Delhi.
- Capital investment largely focuses on store fit-outs; the company is transitioning towards modular store designs to reduce per square footage build-out costs.
- Inventory investment is significant during new store openings, with proactive prearranged inventory to ensure seamless launches.
- The company mentions investment in Favre Leuba through Silvercity brands.
- Exploring franchising as an option this year with plans to onboard an expert for detailed study, but no imminent rollout is expected.
2 more points from Ethos's call on capex
Create a free account to keep reading this call
FundraisingQ4 FY25 call
None plannedSee what Ethos said on fundraising — free account, 30 seconds.
Order bookQ4 FY25 call
- It highlights proactive inventory management, including pre-arranged inventory for 8 boutiques opening in May 2025 to ensure timely launches.
- Focus is on optimizing inventory through better decision-making software to reduce months of stock.
- Store fit-out costs are being reduced via modular designs and advance ordering, which implies planned store rollouts.
- The company is expanding, expecting to cross 100 boutiques in the current fiscal year, suggesting a healthy pipeline of store openings and associated inventory orders.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Consumer Durables
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Consumer Durables companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹166 Cr | 20.3 | |
| 2 | 40%+ | Up 2%+ | ₹100 Cr | 12.7 | |
| 3 | 40%+ | Up 0–2% | ₹3,249 Cr | 17.4 | |
| 4 | 40%+ | Up 0–2% | ₹2,081 Cr | 18.8 | |
| 5 | 40%+ | Flat | ₹2,429 Cr | 41.1 | |
| 6 | 40%+ | Flat | ₹2,163 Cr | 25.6 |
Sign up free to see every company in the sector ranking and track Ethos.
Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables rankingFinancials of Ethos
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Ethos
Quarterly Results
Quarter-by-quarter operating performance
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 208 | 230 | 235 | 281 | 253 | 273 | 297 | 370 | 311 | 346 | 383 | 469 | 414 |
| Expenses + | 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% |
| Other Income + | 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% |
| Net Profit + | 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 |
Financials of Ethos
Profit & Loss
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 444 | 458 | 387 | 577 | 789 | 999 | 1,252 | 1,612 |
| Expenses + | 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% |
| Other Income + | 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% |
| Net Profit + | 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% |
Financials of Ethos
Balance Sheet
Capital structure and asset base
| 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 |
| Borrowings + | 69 | 174 | 140 | 161 | 121 | 145 | 289 | 322 |
| Other Liabilities + | 98 | 98 | 96 | 111 | 127 | 142 | 139 | 387 |
| Total Liabilities | 301 | 422 | 394 | 504 | 880 | 1,171 | 1,410 | 2,197 |
| Fixed Assets + | 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 |
| Other Assets + | 275 | 296 | 276 | 373 | 677 | 907 | 942 | 1,654 |
| Total Assets | 301 | 422 | 394 | 504 | 880 | 1,171 | 1,410 | 2,197 |
Financials of Ethos
Cash Flows
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -22 | 36 | 63 | 17 | -2 | 31 | -20 | 90 |
| Cash from Investing Activity + | -13 | -15 | -10 | -24 | -256 | -123 | 47 | -476 |
| Cash from Financing Activity + | 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% |
Financials of Ethos
Ratios
Working capital efficiency and return ratios
| 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% |
Guidance history
How Ethos's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY25 call → | 10–20% | Flat | Planned | None planned | — |
| Q4 FY24 call → | 20–40% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
27 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −13.3% | 45% |
| Last 6 months | +4.7% | 60% |
| Last 3 months | −0.9% | 62% |
The price is 23.1% below its all-time high of ₹3,267.81 (13 Sept 2024). Stocks more than 20% below their peak have their score halved, so 54 became 27.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Ethos: 0.4 × 45 + 0.4 × 60 + 0.2 × 62 = 54, halved to 27 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Ethos's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
- Q4 FY23 earnings call →
- Q3 FY23 earnings call →
Others in Consumer Durables this season
- Golkunda Diamonds & Jewellery Ltd (Q1 FY27)
Expansion includes increasing capacity by 50-60% and diversifying with lab-grown diamond jewellery, which is seen as a key growth driver in domestic and export…
- Symphony Ltd (Q2 FY27)
For the quarter ended 30-Sep-26, the standalone revenue from operations is ₹170 crores, up from ₹155 crores in the same quarter of the prior year, reflecting a…
- V-Guard Industries Ltd (Q2 FY27)
1,852.89 crore, up 38.2% YoY from Rs. Key investor presentation takeaways from V-Guard Industries Ltd's Q2 FY27 investor presentation — and how it ranks against
- Epack Durable Ltd (Q2 FY27)
Q2 FY27 Operating Revenue: ₹4,393 Mn, up 106.0% YoY (Page 7, 6) . Key investor presentation takeaways from Epack Durable Ltd's Q2 FY27 investor presentation — a