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Ethos Ltd (ETHOSLTD)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543532 NSE: ETHOSLTD Retailing | Small Cap | Ethos Ltd. Share Price
₹2,888.40 10.15 (0.35%)
As on 27-Aug'26 16:59
Ethos Ltd (ETHOSLTD)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543532 NSE: ETHOSLTD Retailing | Small Cap | Ethos Ltd. Share Price
₹2,888.40 10.15 (0.35%)
As on 27-Aug'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹7,702 Cr.
Current Price
₹2,888.4
52-Week Low / High
₹1,921 / 3,244
TTM EPS
₹38.4
TTM Sales
₹1,717 Cr.
Book Value per Share
₹564.1
P/E Ratio
75.06
In line with its 5-year historical median
Industry PE
64.8
Price to Book (P/B)
5.10
In line with its 5-year historical median
Price to Sales (P/S)
4.49
In line with its 5-year historical median
EV/EBITDA
27.28
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
7.71%
In line with industry median
Return on Capital Employed (ROCE)
13.40%
In line with industry median
Return on Assets (ROA)
5.64%
Operating Profit Margin
13.5%
Net Profit Margin
5.89%
Gross Profit Margin
13.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
28.84%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
8.11%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-3.39%
Asset Quality
Promoter Holding
50.59%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,483 Cr.
Equity
₹26.8 Cr.
Face Value
₹10
All Time Low / High
₹687.39 / 3395.35
Check Before You Invest
Quality
Somewhat GoodValuation
FairCheck Valuation charts
Price Trend
Strong
Is Ethos Ltd a good quality company?
Ethos Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Ethos Ltd performance compare with that of its Peers?
Revenue growth of Ethos Ltd vs industry peers?
Ethos Ltd revenue CAGR is 33.06%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Ethos Ltd?
Promoters hold 50.59% of the Ethos Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Ethos Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 22.56% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ethos Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 2.1% | 10.2% | 16.2% | 11.4% | 12% | 21.1% | 21.5% | 17.1% | 17% | 13.4% | - |
| Value Creation Index ⓘ | -0.9 | -0.2 | 0.2 | -0.2 | -0.1 | 0.5 | 0.5 | 0.3 | 0.3 | 0.0 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 325 | 356 | 442 | 458 | 387 | 577 | 789 | 998 | 1,252 | 1,613 | 1,717 |
| Sales YoY Gr. | - | 9.6% | 24.1% | 3.6% | -15.6% | 49.3% | 36.6% | 26.6% | 25.4% | 28.8% | - |
| Adj EPS ⓘ | -5 | 3.3 | 6.9 | -0.8 | 2.3 | 12 | 25.5 | 32.2 | 39.4 | 36.8 | 38.4 |
| YoY Gr. | - | NA | 112% | -111.3% | NA | 412.8% | 112.7% | 26.1% | 22.3% | -6.5% | - |
| BVPS (₹) ⓘ | 32.6 | 50.6 | 70.5 | 80.7 | 83.1 | 117.4 | 261.1 | 348 | 386.7 | 553.7 | 564.1 |
| Adj Net Profit ⓘ | -6.8 | 5.4 | 12.1 | -1.5 | 4.4 | 23.7 | 61.7 | 81.6 | 99.8 | 98.5 | 103 |
| Cash Flow from Ops. ⓘ | 4.1 | -1.1 | -22.3 | 34.8 | 62.4 | 16.9 | -4.8 | 31.1 | -20.7 | 102 | - |
| Debt/CF from Ops. ⓘ | 16.9 | -57.1 | -3.5 | 2.2 | 0.8 | 3.5 | -1.7 | 0.2 | -0.1 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 19.5% | 33.1% | 26.9% | 28.8% | ||||
| Adj EPS ⓘ | NA | 73.5% | 13% | -6.5% | ||||
| BVPSⓘ | 37% | 46.1% | 28.5% | 43.2% | ||||
| Share Price | - | - | 22.6% | 21.2% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -11.2 | 6.9 | 10.8 | -1 | 2.9 | 12.2 | 14.3 | 10.8 | 10.7 | 8 | 6.9 |
| Op. Profit Mgn % ⓘ | 1.4 | 5.3 | 7.7 | 12 | 10.9 | 12.4 | 15.4 | 15.8 | 15.9 | 13.5 | 12.5 |
| Net Profit Mgn % ⓘ | -2.1 | 1.5 | 2.7 | -0.3 | 1.1 | 4.1 | 7.8 | 8.2 | 8 | 6.1 | 6 |
| Debt to Equity ⓘ | 1.1 | 0.7 | 0.6 | 0.5 | 0.3 | 0.3 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 214 | 213 | 199 | 214 | 248 | 181 | 177 | 181 | 184 | 177 | 158 |
| Cash Conv. Cycle ⓘ | 107 | 95 | 95 | 114 | 127 | 95 | 94 | 109 | 127 | 120 | 129 |
Valuation of Ethos Ltd. - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 325 | 356 | 442 | 458 | 387 | 577 | 789 | 998 | 1,252 | 1,613 |
| Operating Expenses ⓘ + | 320 | 339 | 409 | 405 | 345 | 507 | 670 | 841 | 1,055 | 1,400 |
| Operating Profit ⓘ | 4 | 17 | 33 | 53 | 42 | 71 | 119 | 156 | 197 | 213 |
| Operating Profit Margin (%) | 1.4% | 4.8% | 7.4% | 11.6% | 10.8% | 12.2% | 15.1% | 15.7% | 15.7% | 13.2% |
| Other Income ⓘ + | 2 | 2 | 2 | 6 | 17 | 13 | 15 | 22 | 25 | 41 |
| Interest ⓘ | 11 | 10 | 11 | 24 | 20 | 21 | 20 | 22 | 27 | 38 |
| Depreciation ⓘ | 4 | 4 | 5 | 35 | 32 | 31 | 35 | 48 | 63 | 87 |
| Profit Before Tax ⓘ | -8 | 5 | 18 | 1 | 6 | 31 | 80 | 109 | 132 | 127 |
| Tax ⓘ | -2 | 1 | 7 | 1 | 2 | 8 | 20 | 27 | 33 | 33 |
| Profit After Tax | -6 | 4 | 11 | 0 | 5 | 23 | 60 | 81 | 98 | 95 |
| PAT Margin (%) | -1.9% | 1.1% | 2.5% | 0.0% | 1.2% | 4.1% | 7.6% | 8.2% | 7.9% | 5.9% |
| Adjusted EPS (₹) | -4.5 | 2.4 | 6.4 | 0.0 | 2.5 | 11.8 | 24.7 | 32.1 | 38.8 | 35.5 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 64 | 91 | 131 | 152 | 157 | 232 | 631 | 882 | 980 | 1,481 | |
| Debt + | 64 | 52 | 69 | 69 | 44 | 50 | 8 | 2 | 0 | 0 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 65 | 77 | 70 | 75 | 74 | 87 | 98 | 98 | 89 | 139 | |
| Others Liabilities ⓘ | 19 | 27 | 24 | 123 | 112 | 129 | 135 | 179 | 317 | 361 | |
| Total Liabilities ⓘ | 212 | 247 | 294 | 420 | 387 | 498 | 872 | 1,161 | 1,386 | 1,981 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 10 | 17 | 22 | 128 | 112 | 129 | 197 | 229 | 390 | 467 | |
| CWIP ⓘ | 0 | 0 | 5 | 1 | 4 | 0 | 4 | 9 | 30 | 11 | |
| Investments ⓘ | 0 | 0 | 0 | 4 | 4 | 6 | 7 | 30 | 46 | 47 | |
| Inventories | 169 | 171 | 206 | 219 | 198 | 250 | 340 | 440 | 593 | 681 | |
| Trade Receivables | 2 | 6 | 8 | 9 | 12 | 5 | 6 | 16 | 18 | 17 | |
| Cash Equivalents | 9 | 7 | 8 | 10 | 19 | 39 | 225 | 341 | 212 | 598 | |
| Others Assets ⓘ | 22 | 45 | 46 | 49 | 38 | 69 | 93 | 97 | 97 | 159 | |
| Total Assets ⓘ | 212 | 247 | 294 | 420 | 387 | 498 | 872 | 1,161 | 1,386 | 1,981 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 4 | -1 | -22 | 35 | 62 | 17 | -5 | 31 | -21 | 102 |
| Cash Flow From Investing Activity ⓘ + | -2 | -12 | -13 | -13 | -10 | -23 | -254 | -123 | 45 | -372 |
| Cash Flow From Financing Activity ⓘ + | 2 | 11 | 35 | -20 | -45 | 27 | 249 | 125 | -58 | 329 |
| Net Cash Flow ⓘ | 4 | -2 | 0 | 3 | 7 | 20 | -10 | 32 | -35 | 59 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -14.84 | 6.25 | 10.83 | 0.03 | 3 | 12.03 | 13.86 | 10.74 | 10.55 | 7.71 |
| ROCE (%) | 2.06 | 10.21 | 16.2 | 11.36 | 11.96 | 21.05 | 21.48 | 17.09 | 17 | 13.4 |
| Asset Turnover Ratio | 1.55 | 1.55 | 1.63 | 1.28 | 0.96 | 1.3 | 1.15 | 0.98 | 0.98 | 0.96 |
| PAT to CFO Conversion(x) | N/A | -0.25 | -2 | N/A | 12.4 | 0.74 | -0.08 | 0.38 | -0.21 | 1.07 |
| Working Capital Days | ||||||||||
| Receivable Days | 4 | 4.10 | 5.90 | 6.80 | 10.20 | 5.50 | 2.60 | 4 | 4.90 | 4 |
| Inventory Days | 186.90 | 174.30 | 155.60 | 169.10 | 196.60 | 141.50 | 136.50 | 142.60 | 150.50 | 144.10 |
| Payable Days | 96.20 | 95.50 | 85.10 | 80.40 | 97 | 71.70 | 62 | 51.40 | 39 | 36 |
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Ethos Ltd FAQs
The current trading price of Ethos Ltd. on 27-Aug-2026 16:59 is ₹2,888.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 26-Aug-2026 the market cap of Ethos Ltd. stood at ₹7,701.5 Cr
The latest P/E ratio of Ethos Ltd. as of 26-Aug-2026 is 75.06.
The latest P/B ratio of Ethos Ltd. as of 26-Aug-2026 is 5.10.
The 52-week high of Ethos Ltd. is ₹3,244.5 and the 52-week low is ₹1,921.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ethos Ltd. is ₹1,717 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Ethos Ltd is a average quality company.
The key valuation ratios of Ethos Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Ethos Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Ethos Ltd
The company was originally incorporated as ‘Kamla Retail Limited’ under the provisions of Companies Act, 1956, at Parwanoo, Himachal Pradesh, pursuant to the certificate of incorporation dated November 5, 2007, issued by the Assistant Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh. Subsequently, the name of the Company was changed to ‘Ethos Limited’ pursuant to a special resolution passed by the Shareholders of the Company on March 2, 2012, and a revised certificate of incorporation was issued by Registrar of Companies, Himachal Pradesh on March 5, 2012.
Ethos is India’s one of the largest luxury and premium watch retail player, delivering a content-led luxury retail experience to its customers through its online and physical presence. In addition to its chain of physical retail stores in several cities in India in a multi store format, it offer an Omnichannel experience to its customers through its website and social media platforms. It has the sizeable portfolio of premium and luxury watches in India enabling it to retail premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie, Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F. Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain.
The company’s Omnichannel approach is premised on its endeavour to provide experience, content, customisation, reach and convenience to its customers. In addition to its premium and luxury watch retail, it also undertake retail of certified pre-owned luxury watches under ‘Certified Pre-Owned’ (CPO) luxury watch lounge located at National Capital Territory of New Delhi. It started its pre-owned luxury watch retail business in Fiscal 2019. Its physical presence is leveraged by its strong digital platform with a frequently visited website, effective social media communication, a large database of HNI customers and an active program of home and office delivery of luxury products.
Business area of the company
Ethos is the largest luxury and premium watch retailer in India, operating on an omnichannel model and allows customers to order products either offline or online.
Major Achievements
- 2007: Incorporation of Kamla Retail Limited as a public limited company.
- 2008: Transfer of retail business of KDDL to Company.
- 2009: Inaugurated retail shop at Indira Gandhi International Airport, New Delhi.
- 2010: Amalgamation of Mahen Boutiques Limited into Kamla Retail Limited.
- 2011: Ethos launched “Ethos Westminster”- Its first clock boutique in India at UB City, Bangalore, Karnataka.
- 2012: Change of name of Company from Kamla Retail Limited to Ethos Limited.
- 2018: Club Echo - 2 lakh members.
- 2019: Initiation of flagship store.
- 2020: Landmark of 50 stores within the country.
- 2021: Introduction of pre-owned watches in National Capital Territory of New Delhi.
- 2021: Initiation of dedicated service centre in National Capital Territory of New Delhi.
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