Ethos Limited
NSE: ETHOSLTD · Gems, Jewellery And Watches · sector
₹2,423.80NSE close 2026-10-26
Key numbers
Market cap₹6,486 cr
Price₹2,423.80
52w high / low₹3,246 / ₹1,919
P/E62.2xSector median 16.4x
P/B4.4xSector median 1.9x
Book value₹556.1
Dividend yield–Sector median 0.46%
ROE8.4%Sector median 14.7%
ROCE12.0%Sector median 15.0%
OPM12.8%Sector median 6.6%
Debt / equity0.00xSector median 0.26x
EV/EBITDA26.3xSector median 15.4x
Interest cover6.0x
Current ratio5.62x
Sales growth 3y+26.9%Sector median +25.6%
Profit growth 3y+16.3%Sector median +26.1%
PEG4.86x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 82 companies in Gems, Jewellery And Watches (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹662 cr vs borrowings ₹0 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 6.0x in the last 12 months.
- Operating cash flow was below net profit in 5 of the last 5 years (FY26, FY25, FY24, FY23, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 51% of net profit in the last 12 months.
- No dividend in the last 5 financial years.
- Price ₹2,423.80 on 2026-10-26: -25.3% from the 52-week high, +26.3% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹3,442.30 · low ₹2,024.60
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 297 | 370 | 311 | 346 | 383 | 469 | 414 | 462 |
| EBITDA | 42 | 57 | 48 | 46 | 49 | 60 | 51 | 62 |
| OPM % | 14.2% | 15.4% | 15.3% | 13.3% | 12.8% | 12.7% | 12.4% | 13.3% |
| Other income | 6 | 6 | 6 | 6 | 12 | 16 | 13 | 13 |
| Net profit | 21 | 29 | 23 | 19 | 24 | 30 | 22 | 28 |
| EPS (₹) | 8.68 | 12.05 | 9.29 | 7.77 | 8.78 | 11.46 | 8.20 | 10.51 |
| Revenue YoY | +29.0% | +26.7% | +33.0% | +33.3% | ||||
| Profit YoY | +12.0% | +3.2% | -3.3% | +47.9% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 577 | 789 | 999 | 1,252 | 1,612 | 1,728 |
| EBITDA | 67 | 114 | 152 | 190 | 206 | 221 |
| Net profit | 23 | 60 | 83 | 96 | 95 | 104 |
| EPS (₹) | 0.00 | 0.00 | 34.98 | 39.33 | 36.21 | 38.95 |
| Revenue growth | +36.6% | +26.7% | +25.3% | +28.8% | +30.4% | |
| Profit growth | +157.8% | +38.1% | +15.6% | -1.6% | +12.8% | |
| Dividend / share (₹) | – | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +26.9% | – | +30.4% |
| Net profit | +16.3% | – | +12.8% |
| EPS | – | – | – |
| Share price | – | -7.8% (2y) | -14.2% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 632 | 884 | 982 | 1,488 |
| Borrowings | – | 8 | 7 | 44 | 0 |
| Cash & equivalents | – | 229 | 345 | 220 | 662 |
| Total assets | – | 880 | 1,171 | 1,410 | 2,197 |
| Fixed assets | – | 53 | 63 | 98 | 172 |
| Capital work in progress | – | 4 | 7 | 31 | 11 |
| Investments | – | 2 | 0 | 2 | 2 |
| Receivables | – | 6 | 16 | 18 | 18 |
| Inventory | – | 340 | 440 | 593 | 695 |
| Payables | – | 97 | 96 | 89 | 142 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 17 | -2 | 31 | -20 | 90 |
| Cash from investing | -24 | -256 | -123 | 47 | -476 |
| Cash from financing | 26 | 249 | 125 | -58 | 502 |
| Capex | 24 | 57 | 39 | 79 | 71 |
| Free cash flow | -7 | -59 | -9 | -100 | 18 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 9.5% | 9.4% | 9.8% | 6.4% |
| ROCE % | – | 14.8% | 14.2% | 14.8% | 10.9% |
| Debtor days | – | 3 | 6 | 5 | 4 |
| Inventory days | – | 228 | 230 | 247 | 222 |
| Payable days | – | 65 | 50 | 37 | 45 |
| Cash conversion cycle (days) | – | 166 | 186 | 215 | 181 |
| Working capital days | – | 226 | 253 | 207 | 277 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 50.59% |
| FIIs | 8.85% |
| DIIs | 25.80% |
| of which Mutual funds | 22.12% |
| of which Insurance | 1.76% |
| Public (non-institutions) | 14.76% |
| Quarter | Mar 2025 | Jun 2025 | Jul 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 50.58% | 50.58% | 50.59% | 50.59% | 50.59% | 50.59% | 50.59% | 50.59% |
| Promoter group | % |
|---|---|
| KDDL Limited | 43.07% |
| Mahen Distribution Limited | 7.04% |
| JAI Vardhan Saboo | 0.20% |
| Saboo Ventures LLP | 0.15% |
| Narendra Kumar S Mohatta | 0.08% |
| VBL Innovations Private Limited | 0.02% |
| Satvika Suri | 0.01% |
| Pushpa Manjari Narendra Mohatta | 0.00% |
| Alok Mohatta | 0.00% |
| Rajendra Kumar Saboo | 0.00% |
| Yashovardhan Saboo | 0.00% |
| Anuradha Saboo | 0.00% |
| Usha Devi Saboo | 0.00% |
| Pranav Shankar Saboo | 0.00% |
| Saboo Housing Projects LLP | 0.00% |
| Public holders above 1% | % |
|---|---|
| ICICI Prudential Exports and Services Fund | 8.13% |
| Invesco India Flexi CAP Fund | 7.45% |
| Bandhan Large & MID CAP Fund | 2.60% |
| Eastspring Investments India Fund | 2.10% |
| Quant Mutual Fund - Quant Small CAP Fund | 2.01% |
| Alchemy Capital Management PVT Ltd | 1.94% |
| ICICI Prudential Life Insurance Company Limited | 1.76% |
| Hara Global Capital Master Fund I Ltd | 1.58% |
| Eastspring Investments India Consumer Equity Open | 1.16% |
| FLC Investco, LLC | 1.10% |
| Pulkit.n.sekhsaria | 1.06% |
45,968 shareholders. Pledged: – of promoter shares.
Peers in Gems, Jewellery And Watches
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| TITAN | ₹3,83,796 cr | 66.9x | 24.4x | 42.2% | 33.3% | 10.1% | +29.2% | 0.25% |
| KALYANKJIL | ₹52,133 cr | 36.3x | 8.3x | 25.8% | 34.4% | 6.6% | +36.4% | 0.30% |
| LALITHAA | ₹17,374 cr | – | – | – | – | – | – | – |
| PCJEWELLER | ₹16,193 cr | 16.0x | 1.7x | 10.8% | 10.3% | 24.5% | +10.7% | – |
| SKYGOLD | ₹14,535 cr | 43.3x | 12.1x | 35.6% | 26.4% | 7.2% | +76.0% | – |
| THANGAMAYL | ₹14,404 cr | 36.8x | 10.2x | 31.1% | 26.3% | 6.4% | +39.2% | 0.27% |
| BLUESTONE | ₹11,583 cr | 110.7x | 6.3x | 6.0% | 11.9% | 17.0% | – | – |
| PNGJL | ₹7,558 cr | 17.0x | 3.9x | 25.4% | 19.9% | 5.8% | – | – |
| ETHOSLTD | ₹6,486 cr | 62.2x | 4.4x | 8.4% | 12.0% | 12.8% | +26.9% | – |
| TIMEX | ₹6,364 cr | 75.0x | 57.2x | 87.9% | 86.1% | 14.4% | +27.7% | 0.37% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2025-06-12 | Rights | Rights 4:43@ Premium Rs 1790/- |
| 2024-09-20 | Other | Annual General Meeting |
| 2023-09-22 | Other | Annual General Meeting |
| 2022-09-16 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Trade: Retail Trading
| Sector | Consumer Discretionary |
| Industry | Gems, Jewellery And Watches |
| Sub-industry | Gems, Jewellery And Watches |
| Symbol | ETHOSLTD |
| BSE code | 543532 |
| ISIN | INE04TZ01018 |
| Face value | ₹10.0 |
| Incorporated | 2007-11-05 |
| Website | www.ethoswatches.com |
| Plants (India / abroad) | 0 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.