Ethos Limited reported consolidated FY26 revenue of ₹1,612.2 crore, a 28.8% YoY growth, driven by luxury watch and lifestyle demand.
The company expanded to 98 boutiques across 32 cities, entering six new markets, but margins were pressured by forex volatility and new store costs.
Adverse forex impact on gross margin was estimated at ₹18.7 crore, with CHF/INR depreciation of 26% from March 2025 to May 2026.
Lifestyle vertical strengthened with Messika onboarding and Rimowa expansion, while marketing expenses increased to ₹40 crore to support growth.