Ethos Limited – Investor Presentation Summary

Key Operational Highlights

  • Retail network expanded to 106 boutiques across 35 cities as of November 12, 2026, from 94 boutiques across 30 cities at FY26 end
  • Opened 12 boutiques during the current financial year till date
  • Entered five new markets: Agra, Faridabad, Amritsar, Visakhapatnam, and Calicut
  • Hosted Grand Prix d'Horlogerie de Genève (GPHG) Exhibition 2026 in Mumbai, showcasing 78 of the 84 nominated timepieces across 14 categories
  • Introduced Hour Studio, an online retail format focused on the ₹10,000–₹2 lakh watch segment
  • Opened third exclusive Rimowa boutique in Bengaluru through Ethos Lifestyle

Key drivers of operational performance

  • Strong brand portfolio and differentiated retail experience
  • Expanding customer base in India's growing luxury watch market
  • Strategic expansion into new geographic markets
  • Introduction of new retail formats to address broader customer segments

Financial Highlights

Consolidated Performance (Without IND AS 116)
  • Revenue from Operations: ₹498.9 crore in Q2 FY27 (30.1% YoY growth from ₹383.4 crore in Q2 FY26)
  • H1 FY27 Revenue: ₹960.6 crore (31.6% YoY growth from ₹729.7 crore in H1 FY26)
  • Gross Profit: ₹145.6 crore in Q2 FY27 (31.2% YoY growth)
  • Gross Profit Margin: 29.2% in Q2 FY27 (vs 29.0% in Q2 FY26)
  • Normalized EBITDA: ₹52.3 crore in Q2 FY27 (20.0% YoY growth)
  • Normalized EBITDA Margin: 10.2% in Q2 FY27 (vs 11.0% in Q2 FY26)
  • Normalized PBT: ₹43.4 crore in Q2 FY27 (22.1% YoY growth)
  • Normalized PBT Margin: 8.5% in Q2 FY27 (vs 9.0% in Q2 FY26)
Consolidated Reported Performance
  • PAT: ₹29.4 crore in Q2 FY27 (23.5% YoY growth)
  • PAT Margin: 5.8% in Q2 FY27 (vs 6.0% in Q2 FY26)
  • PAT After Minority Interest: ₹28.9 crore in Q2 FY27 (23.8% YoY growth)
  • PAT Margin After Minority Interest: 5.6% in Q2 FY27
  • Basic EPS: ₹10.8 in Q2 FY27
Standalone Performance (Without IND AS 116)
  • Revenue from Operations: ₹487.6 crore in Q2 FY27 (24.2% YoY growth)
  • Gross Profit: ₹140.1 crore in Q2 FY27 (27.1% YoY growth)
  • Gross Profit Margin: 28.7% in Q2 FY27 (vs 28.1% in Q2 FY26)

Drivers of financial performance

  • Strong revenue growth across operations
  • Expansion of retail network and market presence
  • One-time expenditure of ₹4.5 crore incurred on GPHG exhibition in Q2 FY27

Balance Sheet Snapshot (Consolidated as of September 2026)

  • Total Equity: ₹1,701.5 crore
  • Share Capital: ₹26.8 crore
  • Other Equity: ₹1,631.5 crore
  • Non-Current Liabilities: ₹388.4 crore
  • Current Liabilities: ₹335.0 crore
  • Property Plant & Equipment: ₹207.9 crore
  • Right of Use Asset: ₹401.3 crore
  • Inventories: ₹821.6 crore
  • Cash and Cash Equivalents: ₹145.5 crore
  • Bank Balances other than C&CE: ₹239.5 crore
  • Total Assets: ₹2,424.7 crore

Strategic & R&D Initiatives

  • Expanding beyond watches through Ethos Lifestyle with brands like Rimowa and Messika
  • Selective introduction of complementary global luxury brands to Indian consumers
  • Plan to open first Hour Studio boutique this year to expand the format
  • Focus on strengthening exclusive brand partnerships and enhancing customer experience

Management Commentary & Growth Outlook

  • India's luxury watch market continues to offer significant growth opportunities
  • Focus remains on strengthening exclusive brand partnerships, enhancing customer experience, improving operational capabilities, and pursuing disciplined expansion
  • Company aims to deliver profitable growth and sustainable value creation for all stakeholders
  • Growing retail network, evolving brand portfolio, and new formats to address emerging customer segments

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