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Swing Capital

Ethos Ltd

NSE: ETHOSLTD BSE: 543532Retail

Ethos Limited (“Ethos”) was incorporated on November 5, 2007 and promoted by KDDL Limited. Ethos is India’s largest luxury and premium watch retail player

₹2,262
52W: ₹1919 — ₹3246
PE 63 · Book ₹554 · +308% vs book
Market Cap₹6,052 Cr
Stock P/E63Price to Earnings
ROCE10.2%Return on Capital
ROE7.81%Return on Equity
Div. Yield0%Face Value ₹10

Weaknesses

  • −Stock is trading at 4.05 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 9.45% over last 3 years.
  • −Promoter holding has decreased over last 3 years: -14.1%

Shareholding Pattern

Promoters50.58%
FIIs10.89%
DIIs23.59%
Public14.93%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters54.7%51.2%▼3.550.79%▼0.450.58%▼0.250.58%50.58%50.58%50.58%
FIIs11.2%12.28%▲1.112.61%▲0.312.56%▼0.013.13%▲0.613.29%▲0.212.59%▼0.710.89%▼1.7
DIIs14.04%15.64%▲1.616.58%▲0.917.85%▲1.318.18%▲0.319.95%▲1.821.25%▲1.323.59%▲2.3
Public20.04%20.88%▲0.820.02%▼0.919.01%▼1.018.1%▼0.916.16%▼1.915.57%▼0.614.93%▼0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales281253273297370311346392471403
Expenses237217230255315262300345410356
Operating Profit44364342554946486147
OPM %16%14%16%14%15%16%13%12%13%12%
Net Profit26192321302420233121
EPS ₹9.647.18.577.9611.19.037.598.6711.457.77

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,613Cr, up 28.8% YoY. OPM at 13%.

Debt Position

Borrowings at ₹310Cr. Debt-to-equity ratio: 0.21x. Healthy balance sheet.

Capex Cycle

CWIP at ₹11Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 23.59% (+13.08pp change). FIIs: 10.89% (+4.40pp change). Promoters hold 50.58%.

Margin & Efficiency

ROCE improving from 0% (Mar 2017) to 10% (Mar 2026). Working capital days: 125.

Valuation

PE 63x with 10.2% ROCE. Price is 308% above book value of ₹554. Dividend yield: 0%.

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