Ethos Share Price ₹2,635 | P/E 66.8

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Ethos

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

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

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

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

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%

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