Announcement
Announcement under Regulation 30 (LODR)-Change in Management 5 Oct - Intimation of Change in Management under SEBI (LODR) Reg 2015
Source: Bse
Ethos Limited (ETHOSLTD)
Micro CapConsumer stocks · Micro cap · NSE
Ethos Limited is a luxury watch and lifestyle retailer in India, operating 98 boutiques across 32 cities. It offers over 80 global luxury brands, including 49 exclusive ones, and is expanding its network and product portfolio, including pre-owned watches and lifestyle products like Messika and Rimowa.
₹2,505.1
-88.70 · -3.42%
Market cap ₹6,714 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals21 Oct 2026 · screener
Latest result16 Aug, 01:30 am IST
Score21 Oct, 06:09 pm IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
34BearishSMA20 -6.8% / mo · MACD + · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 36
Sector RS: 31
Sector 3M: -10.2% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ETHOSLTDD candles · FIT view-4.6%Latest close ₹2505.10 on 2026-10-21
Bar
-3.4%
RSI
39
MACD hist
3.73
52W pos
44%
2026-10-21O ₹2593.80H ₹2593.80L ₹2488.10C ₹2505.10Vol 20,380 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ETHOSLTDNifty Consumer DurablesNifty 500
- ETHOSLTD
- -4.8%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- +1.7 pp
Chart stats
21 Oct 2026- From 52W high
- -22.8%
- 52W range position
- 44%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.39x
- Avg traded value
- ₹13.5 Cr
- 20D price channel
- ₹2,410.4 - ₹2,749
₹3,245.9
₹1,919.4 - ₹3,245.9
₹88.2
Latest completed session
20-session average
25.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST35
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent77
Revenue +33.5% · PAT +52.6% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model-92.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 77/100Rev +34% YoY · PAT +53% YoY · +12% QoQ · operating leverage · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹462 Cr | +33.5% | +11.6% |
| EBITDA | ₹60 Cr | +33.3% | +20.0% |
| Operating margin | 13.0% | +0 bps | +100 bps |
| PAT | ₹29 Cr | +52.6% | +26.1% |
| PAT margin | 6.3% | +79 bps | +72 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 63.60
- P/B
- 4.51
- EV/EBITDA
- 22.34
- Market Cap
- 6714.00Cr
Profitability
- ROE
- 7.69%
- ROCE
- 10.40%
- ROA
- 4.82%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 33.00%
- EPS 5Y
- 82.00%
- Revenue 3Y
- 27.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 7.27×
- Altman Z
- 7.97
- Book Value
- 556.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 90.00 Cr
- EPS TTM
- 38.99
Shareholding
- Promoter Hold
- 50.58%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 44%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 462+11.6% vs prev
Net Profit
₹ CrLatest: 29.0+26.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 39.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.3% over last month) — short-term momentum negative.
- RSI(14) at 39 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 23% off 52W high · 31% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
51
RS percentile
Stage 1 Base / Transition
1M return
-3.4%
3M return
-4.8%
6M return
-7.0%
1Y return
-13.6%
RS 1D
-2
RS 20D
-9
Sector rank
#8
Industry rank
#24
Stage evidence
- Price is within 1.1% of the 30-week proxy.
- The 30-week proxy changed +1.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 100.8-2.51%
RS vs Nifty 500101
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth18/25
Quality1/20
Balance Sheet8/15
Cash Flow3/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
35
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
35/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 18/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -92.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
63.6
PB
4.5
EV/EBITDA
22.3
ROE
7.7%
ROCE
10.4%
FCF Yield
—
Debt/Equity
0.2
MoS
-92.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
35
Previous: 35
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-92.9%
Previous: -92.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
35
35
35
35
35
35
35
35
35
35
35
35
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹698.4
-258.7% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹1,298.37
-92.9% MoS
PEG
1.14
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
EMIL
Micro
Electronics Mart India Limited
Retail
match 61
32
36.2
6.2%
+18%
WATCHLIST
AVL
Micro
Aditya Vision Limited
Retail
match 61
45
50.2
18.7%
-53%
WATCHLIST
RELAXO
Micro
Relaxo Footwears Limited
Retail
match 60
25
38.8
8.3%
-860%
OVERVALUED
REDTAPE
Micro
Redtape Limited
Retail
match 60
54
25.4
26.6%
+25%
FAIR VALUE
VMART
Micro
V-Mart Retail Limited
Retail
match 60
55
45.4
14.2%
-35%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-09T00:24:08.712Z
Management commentary snapshot
FY26 consolidated revenue grew 28.8% YoY to ₹1,612.2 crore, with Q4 FY26 revenue up 33.3% YoY. However, FY26 consolidated EBITDA grew 13.5% YoY to ₹182.7 crore, and PBT grew only 4.0% YoY to ₹146.5 crore, impacted by forex volatility and new store costs.
While revenue growth remains robust, profitability is under pressure. Significant forex headwinds and increased operating costs from aggressive store expansion and marketing spend have compressed EBITDA and PBT margins. The long-term growth strategy is intact, but short-term margin performance is a concern.
Growth engines
Network Growth
Expanded from 73 to 98 boutiques across 32 cities in FY26, entering six new markets.
Premiumisation Trend
Continued demand across portfolio and increasing premiumisation in luxury timepiece and lifestyle segments.
Lifestyle Vertical Expansion
Onboarding Messika and expanding Rimowa to two boutiques, witnessing strong customer traction.
Exclusive Brand Partnerships
Added 4 exclusive brands (3 watches, 1 luggage) in FY26.
Capacity and execution
Boutique Expansion FY26
Added 25 boutiques in FY26, reaching 98 boutiques across 32 cities by May 2026.
New Market Entry
Entered six new markets: Ranchi, Jodhpur, Srinagar, Kanpur, Agra, and Faridabad.
Q1FY27 Additions (April-Till Date)
4 Watch Boutiques added in Faridabad, Agra, Pune (4th), Jaipur (4th & biggest).
Tailwinds
Rising HNI Population
Increase in wealth of people due to rise in HNIs in fast-growing economies like India.
Luxury Brand Awareness
Awareness and availability of luxury brands at Ethos with international retail standards.
Headwinds
Foreign Exchange Volatility
CHF/INR moved from ₹96.98 (Mar 2025) to ₹122.6 (May 2026), ~26% INR depreciation.
Gross Margin Impact from Forex
Estimated adverse forex-related gross margin impact of ~₹18.7 crore in FY26.
New Labour Code Charge
One-time charge of ~₹1.8 crore (consolidated) recognized in FY26 due to gratuity restatement.
New Store Costs
22 new boutiques opened in FY26 are in nascent stage of revenue, impacting margins.
Risk radar
Forex Rate Fluctuations
INR depreciation against CHF impacts cost of goods sold and creditor restatement, affecting margins.
New Store Profitability Ramp-up
New boutiques are in nascent stages of revenue, requiring time to achieve profitability and scale.
Talent Investment & Marketing Spend
Commitment to investing in high-quality talent and increased marketing expenses (₹24 Cr to ₹40 Cr) could pressure short-term margins.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Annual (FY26 vs FY25) comparison provides a full-year view of growth and profitability trends. Quarterly (Q4 FY26 vs Q4 FY25) comparison is useful for assessing recent momentum and the impact of seasonal factors in the consumer luxury segment.
Sector KPIs management disclosed
Revenue from Operations (Consolidated)
FY26: ₹1,612.2 Cr, +28.8% YoY; Q4 FY26: ₹414.0 Cr, +33.3% YoY
Gross Profit Margin (Consolidated)
FY26: 29.0% (FY25: 30.0%); Q4 FY26: 29.3% (Q4 FY25: 31.0%)
EBITDA Margin (Consolidated, without IND AS 116)
FY26: 11.0% (FY25: 12.6%); Q4 FY26: 10.6% (Q4 FY25: 12.3%)
Average Selling Price (ASP)
FY26: ₹2.07 Lacs, +22.9% YoY
Management forward view
Long-term Revenue Ambition
Progressing towards a long-term ambition to achieve a tenfold increase in revenue over the next decade.
Expansion Strategy
Expansion strategy anchored in network growth, productivity enhancement, and deeper brand partnerships.
Calibrated Pricing Approach
Higher costs from forex only partially passed through in pricing to protect long-term brand equity and customer relationships.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross Profit Margin | 29.0% (FY26) | Stabilization or improvement as new stores mature and forex impact normalizes. |
| EBITDA Margin (without IND AS 116) | 11.0% (FY26) | Recovery from current pressures due to forex and new store operating costs. |
| Boutique Productivity | 98 boutiques (May 2026) | Revenue per store and SSSG to assess efficiency of new store additions. |
| Forex Impact | CHF/INR at ₹122.6 (May 2026) | CHF/INR movement and management's ability to mitigate its impact on costs and pricing. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 67th percentile within Consumer. Main check: financial discipline is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
64 docs text-extracted · 24 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Consumer: 67th pctile, median 66 · Micro: 43rd pctile, median 73
Evidence depth
Financial-only
64 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
- ▸OPM spread across recent quarters is 3%.
Trust risks
- ▸ROE is low at 7.7%.
- ▸ROCE trend is -2.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ethos Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep - Ethos changes analyst/investor meeting to 16 September 2026, 4:00-6:00 pm in Gurgaon, hosted by Jefferies.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Sep - Ethos to meet investors at Jefferies-hosted conference in Gurgaon on 16 September 2026.
Source: Bse
Annual reportSep 2026
Sep 2026 · Letters Providing The Weblink For Accessing The Notice Of AGM And Annual Report For FY 2025-26 20 Aug - Ethos schedules 19th AGM on September 15, 2026 and shares FY26 annual report web-link.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Intimation of Schedule of Analyst/Institutional Investor meeting under the SEBI (LODR) Regulation, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Sep - Intimation of Schedule of Analyst/Institutional Investor meeting under the SEBI (LODR) Regulation, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 26 Aug - Ethos MD & CEO Pranav Saboo joins GPHG India 2026 jury.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug - Newspaper Publication with regard to the Notice of 19th Annual General Meeting ("AGM") and Information on E-voting Disclosure
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 2 Jul - Ethos will host GPHG Exhibition 2026 in Mumbai, September 28-October 1.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 May
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.