Ethos
Ethos Ltd valuation: P/E, P/B and sector benchmarks.
Twelve years of multiples investors have paid for Ethos Ltd, framed against the sector median so the premium or discount is obvious at a glance.
Ethos Ltd trades at a P/E of 66.34× and P/B of 4.31×, against the Consumer Cyclical sector median P/E of 34.10×.
Valuation
Profitability
Growth
Financial Health
Ethos Ltd chart patterns: breakouts, tops and bottoms.
Auto-detected classical chart patterns for Ethos Ltd — Double Top/Bottom, Head & Shoulders, Triple Bottom and more — with break levels, targets and quality scores across Intraday, Daily and Weekly timeframes.
Ethos Ltd financials: P&L, balance sheet, cash flow, ratios.
Twelve years of audited numbers for Ethos Ltd, switchable between annual and quarterly views, consolidated or standalone.
Ethos Ltd reports its full P&L, balance sheet, cash flow and ratios on this page — current market capitalisation of ₹6,336.22 Cr and reported EPS of ₹36.12.
| Period | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue from Operations | 577 | 789 | 999 | 1,252 | 1,612 |
| Other Income | 13 | 15 | 24 | 24 | 46 |
| Total Income | 590 | 803 | 1,023 | 1,276 | 1,658 |
| Cost of Goods Sold (COGS) | 411 | 544 | 698 | 877 | 1,145 |
| Gross Profit | 166 | 244 | 301 | 375 | 467 |
| +Operating Expenses | 99 | 130 | 149 | 185 | 259 |
| EBITDA | 67 | 114 | 152 | 190 | 208 |
| +Non-Operating Expenses | 48 | 49 | 65 | 82 | 115 |
| Profit Before Tax (PBT) | 32 | 80 | 111 | 132 | 135 |
| +Tax Expense | 8 | 20 | 28 | 34 | 35 |
| Profit After Tax (PAT) | 23 | 60 | 83 | 96 | 96 |
| Earnings Per Share (EPS) | 9.16 | 23.63 | 31.13 | 35.99 | 35.42 |
| Diluted Shares Outstanding (Nos.) | 3 | 3 | 3 | 3 | 3 |
| +Additional Disclosures | 970 | 1,268 | 1,611 | 2,021 | 2,668 |
| Sales Growth % | — | 36.59 | 26.69 | 25.29 | 28.81 |
| YoY Sales Growth % | — | 36.59 | 26.69 | 25.29 | 28.81 |
| Employee Cost % | 7 | 7 | 7 | 7 | 7 |
| Other Cost % | 10 | 10 | 8 | 8 | 9 |
| OPM % | 12 | 15 | 15 | 15 | 13 |
| Tax % | 26 | 25 | 25 | 26 | 26 |
| Profit Growth % | — | 157.82 | 38.14 | 15.60 | -0.15 |
| Gross Margin % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA Margin % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Coverage Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Additional Fields | 35 | 80 | 103 | 127 | 118 |
Ethos segment analysis: revenue and profit mix.
Disclosed business segments at Ethos with their share of revenue and profit, switchable between consolidated and standalone reporting.
Ethos discloses revenue and profit across multiple business segments — toggle between consolidated and standalone views to see the mix.
Segment-wise Financial Analysis
Ethos Ltd investment thesis: bull case, bear case, and the flip lines.
Why someone would buy Ethos Ltd, why someone wouldn't, and the quantitative tripwires that would force the call to flip.
Ethos Ltd's investment case rests on 7 positive markers and 7 flagged concerns drawn from the latest reported filings.
What you're getting.
Ethos Ltd demonstrates robust quarterly sales growth of 26.70%, reaching ₹346 Cr, indicating strong market demand and effective business strategies. This growth is supported by a healthy 14.40% operating profit margin.
The company exhibits efficient capital management with a Return on Capital Employed (ROCE) of 13.80% and Return on Equity (ROE) of 10.40%. This signifies effective utilization of both debt and equity to generate profits.
Ethos Ltd maintains a very healthy financial structure with a low debt-to-equity ratio of 0.29, providing significant financial flexibility and reducing risk. This indicates prudent financial management.
Institutional investor confidence is growing, with FII holdings increasing from 12.56% to 13.29% and DII holdings rising from 17.85% to 19.95% between March and September 2025.
The expanding consumer durables sector, particularly the luxury segment of Gems, Jewellery, and Watches, presents significant growth avenues for Ethos Ltd to capture increased market share.
What can break it.
Ethos Ltd's high Price-to-Earnings (PE) ratio of 83.80 is considerably above the sector PE of 77.99 and many peers, suggesting a potentially overvalued stock. This could expose investors to correction risks.
Despite strong sales growth, the company reported a concerning quarterly profit decline of -16.60%, with net profit falling to ₹19 Cr. This indicates potential pressure on profitability or rising costs.
Promoter holding has significantly decreased from 65.16% in June 2022 to 50.58% by September 2025, which might raise questions about long-term commitment or strategic direction.
The stock's current price of ₹2898 is relatively close to its 52-week high of ₹3330.15, indicating limited upside potential in the short term and potential for price volatility.
Intense competition from established players like Titan Company, with a significantly larger market cap and higher ROCE (19.14%), poses a substantial threat to Ethos Ltd's market share and pricing power.
What would change my mind.
Trim if P/E re-rates above 86 (~2.5× the sector multiple of 34.1). The valuation cushion thins from there.
Reassess if quarterly profit growth prints below 0% for two consecutive quarters. The bull case relies on compounding earnings.
Watch interest coverage if debt-to-equity climbs above 19.87. Balance sheet risk re-prices growth multiples fast.
Exit if ROE slips below 8%. The operating engine is no longer compounding capital efficiently.
Ethos Ltd peer comparison — same-sector benchmarks.
Same-sector listed peers ranked on P/E, market cap, dividend yield and growth — Ethos Ltd is highlighted for quick read-across.
Quick Compare
Peer Comparison
Ethos Ltd technical analysis: indicators, pivots and CPR.
Live RSI, MACD and moving-average signals plus today's pivot and Central Pivot Range levels for Ethos Ltd — derived from the live tape, not yesterday's close.
Ethos Ltd last traded at ₹2,380.9 with an intraday range of ₹2,342–₹2,460.5 — live indicator, pivot and CPR signals below.
Pivot points
Standard pivot — most widely referenced.
Pivot levels · Classic
Live: ₹2380.90| Level | Price (₹) | Distance | % Δ |
|---|---|---|---|
| R4 | 2683.93 | +303.03 | +12.73% |
| R3 | 2565.43 | +184.53 | +7.75% |
| R2 | 2512.97 | +132.07 | +5.55% |
| R1 | 2446.93 | +66.03 | +2.77% |
| PIVOT | 2394.47 | 13.57 | 0.57% |
| CURRENT | 2380.90 | — | — |
| S1 | 2091.43 | -289.47 | -12.16% |
| S2 | 2209.93 | -170.97 | -7.18% |
| S3 | 2275.97 | -104.93 | -4.41% |
| S4 | 2328.43 | -52.47 | -2.20% |
ETHOSLTD is trading Below CPR, indicating Bearishness
CPR is Wider, suggesting unlikely for trending moves
Day's range: 2383.5 ~ 2396.1
Trading Inside opening range
Ethos Ltd delivery volume — last 20 sessions of conviction.
Daily traded volume and delivery percentage for Ethos Ltd over 20 sessions — the gap between intraday flipping and genuine accumulation.
Latest session delivery in Ethos Ltd stood at 51.8% of traded volume, against a 20-day average of 51.1%.
Ethos announcements: results, concalls, ratings, M&A.
Filings Ethos sent to the exchanges, sequenced as they hit the tape — concall transcripts, results, credit ratings and presentations.
Ethos files concall transcripts, results, credit ratings and corporate-action notices on the NSE and BSE exchange portals — latest 147 documents below.
Action(s) taken or orders passed
Ethos Limited has informed the Exchange about Action(s) taken or orders passed
Updates
Ethos Limited has informed the Exchange regarding 'Opening of Ethos Watch Boutiques at Indira Gandhi International Airport, Delhi'.
Copy of Newspaper Publication
Ethos Limited has informed the Exchange about Copy of Newspaper Publication
Shareholders meeting
Ethos Limited has informed the Exchange regarding Notice of Postal Ballot
Updates
Ethos Limited has informed the Exchange regarding 'Opening of Ethos Watch Boutiques at Indore'.
Investor decks & rating reports.
Investor Presentation
Investor Presentation
Investor Presentation
Investor Presentation
Investor Presentation
Updates
Ethos insider trading: promoter and management activity.
Promoter, director and designated-employee transactions in Ethos as reported to SEBI — buying and selling signals from the people who know the business best.
Ethos insider activity below tracks 5 reported promoter, director and designated-employee transactions under SEBI Regulation 7(2).
| Insider | Category | Txn Date | Action | Quantity | Value (₹) | Price |
|---|---|---|---|---|---|---|
| Srinivasan Venkatachary | Insider | 29 Mar 2025 | buy | +400 | ₹10.02 L | ₹2,505.72 |
| Mahen Distribution Limited | Insider | 20 Mar 2025 | sell | −10.0 K | ₹2.57 Cr | ₹2,568.06 |
| Mahen Distribution Limited | Insider | 19 Mar 2025 | sell | −30.0 K | ₹7.61 Cr | ₹2,538.27 |
| MAHEN DISTRIBUTION LIMITED | Insider | 31 Dec 2024 | sell | −7.95 L | ₹3.64 Cr | ₹45.77 |
| MAHEN DISTRIBUTION LIMITED | Insider | 30 Dec 2024 | sell | −8.07 L | ₹9.01 Cr | ₹111.61 |
Ethos dividend history, splits and bonus issues.
Every dividend, stock split and bonus issue Ethos has declared, sequenced by announce and record date.
Ethos corporate-action history below covers all declared dividends, stock splits and bonus issues recorded with NSE and BSE.
About Ethos Ltd: business, sector, key facts.
What Ethos Ltd does, where it operates, the people running it, and the numbers that describe the entity behind the ticker.
Ethos Ltd operates in the Consumer Cyclical, listed as NSE: ETHOSLTD, BSE: 543532.
ETHOS Limited is a prominent luxury retailer specializing in high-end timepieces and related accessories within the Indian market. Their business model centers around a network of exclusive boutiques strategically located across India, providing a premium shopping experience for discerning clientele. This physical presence allows for personalized service and the opportunity to view and interact with a diverse range of luxury goods.
The company's product portfolio is extensive, encompassing a broad selection of new and pre-owned luxury watches from internationally recognized brands. This includes established names such as Omega, Rolex, Patek Philippe, and a wide array of other prestigious manufacturers. Beyond watches, ETHOS offers complementary luxury items including jewelry, jewelry boxes, watch straps and winders, clocks, collector boxes, and even luxury luggage, creating a one-stop shop for the discerning luxury consumer.
A significant aspect of ETHOS Limited's business is its commitment to after-sales service and repair. The company provides a comprehensive range of maintenance and repair services for watches, covering procedures such as movement overhauling, battery replacements, ultrasonic cleaning, polishing, performance testing, and replacement of parts and straps. This dedication to customer care extends the lifespan and value of the luxury items they sell, fostering customer loyalty and trust.
Recognizing the evolving landscape of retail, ETHOS Limited has also embraced online sales. Their online presence extends the reach of their luxury offerings to a wider customer base, providing a convenient platform to browse and purchase their extensive catalog of products. This multi-channel approach combines the personalized experience of their physical boutiques with the accessibility of online shopping, catering to a diverse customer preference.
In summary, ETHOS Limited’s business model thrives on a curated selection of luxury watches and complementary accessories, coupled with superior customer service and a convenient multi-channel approach. Their established presence in India, dedication to after-sales service, and commitment to offering a diverse portfolio of prestigious brands positions them as a key player in the Indian luxury market.
Questions investors ask about Ethos Ltd (ETHOSLTD).
Quick answers grounded in this page's data — price action, fundamentals, ratios and ownership.
01What is the current share price of Ethos Ltd (ETHOSLTD)?
The current share price of Ethos Ltd (ETHOSLTD) is ₹2,380.9. Today, the stock has declined by ₹15.20 (0.63%), trading in a range of ₹2,342 to ₹2,460.5. The stock opened at ₹2,396.1 with a trading volume of 23,294 shares.
02Is Ethos Ltd stock a good investment for long-term?
Ethos Ltd can be considered for long-term investment based on several factors. The company has a market capitalization of ₹6,336.22 crores, P/E ratio of 66.34, ROE of 7.27%, and ROCE of 13.80%. The dividend yield stands at 0.00%. However, investment decisions should be based on your financial goals, risk appetite, and thorough research. It's recommended to consult with a SEBI-registered financial advisor before making investment decisions.
03What is the 52-week high and low price of Ethos Ltd stock?
The 52-week high price of Ethos Ltd (ETHOSLTD) is ₹3,245.9, while the 52-week low is ₹1,919.4. Currently trading at ₹2,380.9, the stock is 34.8% away from its 52-week low and 26.6% below its 52-week high. These levels help investors understand the stock's price volatility and trading range over the past year.
04Should I buy Ethos Ltd stock at the current price?
Whether to buy Ethos Ltd stock at ₹2,380.9 depends on multiple factors. The stock is currently trading with a P/E ratio of 66.34 and P/B ratio of 4.31. Today's performance shows a loss of 0.63%. Consider analyzing the company's fundamentals, technical indicators, industry trends, and your investment horizon. Compare these metrics with industry peers and consult a financial advisor for personalized advice.
05What is the dividend yield of Ethos Ltd and when is the next dividend?
Ethos Ltd offers a dividend yield of 0.00%, which means for every ₹100 invested at the current price of ₹2,380.9, you can expect to receive approximately ₹0.00 annually as dividends. The face value of the stock is ₹10.00. For information about the next dividend announcement and ex-dividend date, please check the company's official announcements or visit the BSE/NSE websites.
06What are the key financial ratios and metrics of Ethos Ltd?
Ethos Ltd's key financial metrics include: P/E Ratio: 66.34, P/B Ratio: 4.31, ROE: 7.27%, ROCE: 13.80%, Dividend Yield: 0.00%, EPS: ₹36.12, Book Value: ₹556.07, and Debt-to-Equity: 19.37. The company's market cap stands at ₹6,336.22 crores. These metrics help evaluate the company's valuation, profitability, and financial health.
07How is Ethos Ltd stock performing today in the market?
Ethos Ltd stock opened at ₹2,396.1 and is currently trading at ₹2,380.9, showing a decline of ₹15.20 (0.63%). The intraday high is ₹2,460.5 and low is ₹2,342. The trading volume stands at 23,294 shares, indicating moderate market participation today.
08What is the P/E ratio of Ethos Ltd and what does it indicate?
Ethos Ltd has a Price-to-Earnings (P/E) ratio of 66.34, which means investors are willing to pay ₹66.34 for every ₹1 of earnings. With an EPS of ₹36.12, this P/E ratio suggests the stock may be trading at a premium, possibly due to high growth expectations. Compare this with industry peers and historical P/E ratios for better context.
The data, ratios and commentary about Ethos Ltd (ETHOSLTD) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.
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