Ethos Limited – Investor Presentation Summary

Key Operational Highlights

  • Operates 103 boutiques* across 34 cities in India as of 3rd August 2026, growing from 94 boutiques across 30 cities at FY26 end
  • Expanded into four new markets during Q1 FY27: Agra, Faridabad, Amritsar, and Visakhapatnam
  • Portfolio includes over 85 brands with 64 exclusive brand partnerships
  • Ethos Lifestyle division operates 3 boutiques, including Messika Boutique in The Chanakya, New Delhi and Rimowa Boutique in DLF Emporio, New Delhi

Key drivers of operational performance: Boutique network expansion into new high-potential markets and strong portfolio of luxury watch and lifestyle brands.

Financial Highlights

Consolidated (Without IND AS 116):

  • Revenue from Operations: ₹461.7 crore
  • YoY Growth: 33.3% (vs ₹346.3 crore in Q1 FY26)
  • QoQ Growth: 11.5% (vs ₹414.0 crore in Q4 FY26)
  • Gross Profit: ₹135.5 crore (36.8% YoY growth)
  • Gross Profit Margin: 29.4% (vs 28.6% in Q1 FY26)
  • Normalized EBITDA: ₹53.1 crore (45.0% YoY growth)
  • Normalized EBITDA Margin: 11.2% (vs 10.4% in Q1 FY26)
  • Normalized PBT: ₹42.2 crore (44.9% YoY growth)
  • Normalized PBT Margin: 8.9% (vs 8.3% in Q1 FY26)

Consolidated Reported:

  • EBITDA: ₹74.8 crore (44.1% YoY growth)
  • EBITDA Margin: 15.7% (vs 14.8% in Q1 FY26)
  • PAT After Minority Interest: ₹28.1 crore (47.9% YoY growth)
  • PAT Margin After Minority Interest: 5.9% (vs 5.4% in Q1 FY26)
  • Basic EPS: ₹10.51 (vs ₹7.77 in Q1 FY26)

Standalone Reported:

  • Revenue from Operations: ₹450.5 crore (30.1% YoY growth)
  • PAT: ₹28.0 crore (37.9% YoY growth)
  • PAT Margin: 6.1% (vs 5.8% in Q1 FY26)
  • Basic EPS: ₹10.46 (vs ₹8.3 in Q1 FY26)

Drivers of financial performance: Strong revenue growth driven by boutique expansion and sustained luxury demand, coupled with margin improvement.

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot

Not Specified

Capex & Cash Flow Health

Not Specified

Strategic & R&D Initiatives

  • Silvercity Brands AG sustained strong momentum across global markets
  • Brand made debut at Watches and Wonders Geneva in April 2026 as one of only 66 exhibiting maisons
  • Developing new concepts and IP within Ethos Lifestyle space
  • Focus on selectively onboarding global brands that complement existing portfolio

Expected impact on growth: Strengthening position as India's leading luxury retailer through expanded brand portfolio and new retail concepts.

Industry Trends & Business Environment

  • Rise in number of HNIs in fast-growing economies like China and India
  • Increased awareness and availability of luxury brands at Ethos with international retail standards
  • Continued resilience of luxury demand in India

Impact on Company: Favorable environment supporting growth in luxury watch and lifestyle retail segment.

Management Commentary & Growth Outlook

Comment by Mr. Pranav Saboo – MD & CEO:

"We have commenced FY27 on a strong note, delivering consolidated revenue of ₹461.7 crore in Q1 FY27, growing 33.3% YoY. This performance underscores the continued resilience of luxury demand in India, anchored by the strength of our brand portfolio, disciplined execution, and our consistent focus on elevating the customer experience across formats."

Strategic Outlook: Focus remains on continued expansion while strengthening the base, deepening presence in existing markets while entering new ones. Continued investment cycle intended to build for long term.

Growth Outlook: Confident in long-term opportunity presented by Ethos Lifestyle development and brand expansion.

Risks and Opportunities: Ongoing investment cycle may pressure short-term profitability while building long-term value.