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Ethos Ltd. Overview

Ethos Ltd operates a series of watch boutiques. It sells watches and add-ons. The business enterprise additionally provides watch aftercare services, consisting of repair, healing, movement overhauling, ultrasonic cleaning, engraving, and alterations. It operates 50 shops in India and approximately 60 luxurious watch brands, as well as sells its products through on line. The organisation was established in 2003 and is based in Chandigarh, India. Ethos Ltd operates as a subsidiary of KDDL Ltd.

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Ethos Ltd. Key Financials

Market Cap ₹6711 Cr.

Stock P/E 69.7

P/B 4.6

Current Price ₹2508

Book Value ₹ 547.6

Face Value 10

52W High ₹3244.5

Dividend Yield 0%

52W Low ₹ 1921

Ethos Ltd. Research See more...

Ethos Ltd. Share Price

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Volume
Price

Ethos Ltd. Quarterly Price

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Ethos Ltd. Peer Comparison

Ethos Ltd. Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 235 281 253 273 297 370 311 346 383 469
Other Income 4 6 8 6 6 6 6 6 12 16
Total Income 239 287 261 280 303 376 317 352 395 484
Total Expenditure 198 237 217 230 255 313 264 300 334 407
Operating Profit 42 51 44 50 48 63 54 52 60 77
Interest 4 4 4 5 5 5 5 6 7 8
Depreciation 13 13 13 14 15 17 17 19 21 25
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 -2
Profit Before Tax 25 34 28 31 29 41 32 27 33 43
Provision for Tax 6 9 7 8 7 11 7 7 8 12
Profit After Tax 18 25 21 23 21 30 24 20 25 31
Adjustments 0 0 0 -0 -0 -0 -1 -1 -2 -1
Profit After Adjustments 19 26 21 23 21 29 23 19 23 30
Adjusted Earnings Per Share 7.7 10.1 8.3 9 8.4 11.6 9 7.8 8.7 11.4

Ethos Ltd. Profit & Loss

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 356 444 458 387 577 789 999 1252 1509
Other Income 2 2 2 16 13 15 24 24 40
Total Income 358 445 460 403 590 803 1023 1276 1548
Total Expenditure 339 407 402 344 506 668 841 1054 1305
Operating Profit 19 38 58 59 84 135 181 222 243
Interest 10 11 24 20 21 20 22 27 26
Depreciation 4 5 35 33 32 35 49 63 82
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -2
Profit Before Tax 5 22 -0 7 32 81 111 130 135
Provision for Tax 1 8 2 2 8 20 28 34 34
Profit After Tax 4 13 -2 5 23 60 83 96 100
Adjustments 0 0 0 0 0 0 0 0 -5
Profit After Adjustments 4 13 -2 5 23 60 83 96 95
Adjusted Earnings Per Share 2.4 7.6 -1.3 2.5 11.8 24.9 32.9 38 36.9

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 25% 29% 22% 0%
Operating Profit CAGR 23% 38% 31% 0%
PAT CAGR 16% 61% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -5% 29% NA% NA%
ROE Average 10% 12% 10% 8%
ROCE Average 17% 19% 18% 16%

Ethos Ltd. Balance Sheet

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 92 134 152 157 232 631 884 982
Minority's Interest 0 0 0 0 0 0 0 0
Borrowings 11 16 16 17 28 7 2 0
Other Non-Current Liabilities -1 -5 75 63 73 83 105 238
Total Current Liabilities 146 150 175 148 163 150 171 179
Total Liabilities 247 295 417 385 495 871 1162 1400
Fixed Assets 17 22 128 113 130 197 230 401
Other Non-Current Assets 20 22 14 16 29 36 68 109
Total Current Assets 210 251 275 257 336 639 864 891
Total Assets 247 295 417 385 495 871 1162 1400

Ethos Ltd. Cash Flow

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 9 7 8 10 18 38 28 61
Cash Flow from Operating Activities -1 -22 36 63 17 -2 31 -20
Cash Flow from Investing Activities -12 -13 -15 -10 -24 -256 -123 47
Cash Flow from Financing Activities 11 35 -20 -45 27 249 125 -58
Net Cash Inflow / Outflow -2 0 2 8 19 -10 33 -32
Closing Cash & Cash Equivalent 7 8 10 18 38 28 61 28

Ethos Ltd. Ratios

# Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 2.43 7.64 -1.31 2.52 11.84 24.95 32.87 37.99
CEPS(Rs) 4.9 10.41 17.06 19.77 27.8 39.27 52.07 62.85
DPS(Rs) 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 50.59 71.72 80.48 82.98 117.31 261.25 348.81 387.57
Core EBITDA Margin(%) 4.78 8.16 12.24 11.02 12.42 15.24 15.79 15.83
EBIT Margin(%) 4.13 7.42 5.11 6.89 9.18 12.79 13.35 12.59
Pre Tax Margin(%) 1.46 4.92 -0.05 1.74 5.46 10.23 11.14 10.39
PAT Margin (%) 1.12 3.01 -0.54 1.23 4.05 7.65 8.34 7.69
Cash Profit Margin (%) 2.27 4.11 7.03 9.64 9.51 12.04 13.21 12.73
ROA(%) 1.62 4.93 -0.69 1.19 5.31 8.83 8.2 7.52
ROE(%) 4.79 12.8 -1.78 3.09 12.05 13.97 10.99 10.32
ROCE(%) 9.5 17.98 10.66 12.19 21.2 21.68 17.43 16.81
Receivable days 6.62 6.33 7.29 10.18 5.49 2.63 3.97 4.93
Inventory Days 175.31 154.96 169.07 196.56 141.54 136.51 142.41 150.53
Payable days 104 84.4 78.23 93.58 69.04 60.39 50.32 38.45
PER(x) 0 0 0 0 0 37.23 76.04 63.04
Price/Book(x) 0 0 0 0 0 3.56 7.16 6.18
Dividend Yield(%) 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.22 0.21 0.18 0.13 0.07 2.57 6 4.68
EV/Core EBITDA(x) 4.23 2.48 1.44 0.84 0.46 15 33.06 26.31
Net Sales Growth(%) 0 24.55 3.23 -15.57 49.33 36.59 26.69 25.29
EBIT Growth(%) 0 123.5 -28.88 13.83 99.03 90.28 32.21 18.15
PAT Growth(%) 0 234.71 -118.43 293.06 391.63 157.82 38.14 15.6
EPS Growth(%) 0 215.04 -117.11 293.07 369.33 110.66 31.75 15.6
Debt/Equity(x) 0.7 0.58 0.5 0.33 0.26 0.01 0.01 0
Current Ratio(x) 1.44 1.68 1.57 1.73 2.06 4.27 5.06 4.96
Quick Ratio(x) 0.27 0.31 0.32 0.4 0.53 2 2.49 1.66
Interest Cover(x) 1.55 2.97 0.99 1.34 2.47 5 6.05 5.73
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0

Ethos Ltd. Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 57.89 55.72 54.71 51.21 50.79 50.58 50.58 50.59 50.58 50.59
FII 10.41 11.28 11.21 12.28 12.6 12.56 13.13 13.29 12.6 10.89
DII 12.16 13.08 14.05 15.64 16.58 17.85 18.18 19.96 21.25 23.59
Public 19.54 19.91 20.04 20.88 20.02 19.01 18.1 16.17 15.57 14.94
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Ethos Ltd. News

Ethos Ltd. Pros & Cons

Pros

  • Debtor days have improved from 50.32 to 38.45days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend.
  • Company has a low return on equity of 12% over the last 3 years.
  • Stock is trading at 4.6 times its book value.
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