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<ul>
 <li>
<a href="https://smartkarma.com/entities/ethos-ltd">Ethos </a>is India's largest retailer of luxury and premium watches, commanding a significant market share of 13% in the combined premium/luxury segment and 20% in the exclusive luxury segment.</li>
 <li>The company is strategically positioned to capitalize on the rapidly growing Indian luxury market, which is forecast to grow at a CAGR of 11-12% annually, driven by rising affluence, increasing brand awareness, and a trend towards premiumization.</li>
 <li>Strong revenue and profit growth underscore the company's successful expansion and operational execution, though the premium valuation and negative operating cash flow warrant careful monitoring.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Ethos is India's largest retailer of luxury and premium watches, commanding a significant market share of 13% in the combined premium/luxury segment and 20% in the exclusive luxury segment.
  The company is strategically positioned to capitalize on the rapidly growing Indian luxury market, which is forecast to grow at a CAGR of 11-12% annually, driven by rising affluence, increasing brand awareness, and a trend towards premiumization.
  Strong revenue and profit growth underscore the company's successful expansion and operational execution, though the premium valuation and negative operating cash flow warrant careful monitoring.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Robust Results: Ethos delivered strong topline growth of ~32% YoY in Q3FY25, with 9MFY25 growth at 26%. SSG improved by 400bps to 23.1% in Q3FY25.</li><li>The share of its exclusive brand portfolio stood at 29.7% in Q3. Management highlighted that the share of luxury and high-luxury watches increased from 68% to 71% over 9MFY25, while ASP for 9MFY25 rose by 11.2% YoY to Rs 2,07,513.</li><li>Margins pressure: EBITDA grew by 28% YoY to 57%, with EBITDA margins at 15.4%, down 42bps YoY, due to gross margin contraction and higher costs related to increased manpower for new store additions and rent for newly opened stores that are still in the nascent stages of sales.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Robust Results: Ethos delivered strong topline growth of ~32% YoY in Q3FY25, with 9MFY25 growth at 26%. SSG improved by 400bps to 23.1% in Q3FY25.The share of its exclusive brand portfolio stood at 29.7% in Q3. Management highlighted that the share of luxury and high-luxury watches increased from 68% to 71% over 9MFY25, while ASP for 9MFY25 rose by 11.2% YoY to Rs 2,07,513.Margins pressure: EBITDA grew by 28% YoY to 57%, with EBITDA margins at 15.4%, down 42bps YoY, due to gross margin contraction and higher costs related to increased manpower for new store additions and rent for newly opened stores that are still in the nascent stages of sales.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

<ul><li>Robust topline growth: Ethos posted a healthy Q1FY26 performance with revenue up ~27% YoY, supported by strong demand for premium watches.</li><li>SSSG improved to 17.6% (vs. 12.3% in Q1FY25), while the luxury and high-luxury mix rose to 71%, driving ASP higher to Rs 2.13 Lc.</li><li>Billing from CPO grew 42% YoY, further strengthening the portfolio. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Robust topline growth: Ethos posted a healthy Q1FY26 performance with revenue up ~27% YoY, supported by strong demand for premium watches.SSSG improved to 17.6% (vs. 12.3% in Q1FY25), while the luxury and high-luxury mix rose to 71%, driving ASP higher to Rs 2.13 Lc.Billing from CPO grew 42% YoY, further strengthening the portfolio. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thematic (Sector/Industry)

<ul><li>Consumer demand remains tepid: Discretionary demand remains subdued, with a more pronounced impact on footwear.</li><li>While QSR saw some signs of recovery in SSSG. Value retailers like V-Mart/ D-Mart performed relatively better and remain optimistic about future growth.</li><li>Premium vs. value segment: While the premium, luxury, and value segments remain strong, some pockets of urban consumption and footwear continue to face pressure.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer demand remains tepid: Discretionary demand remains subdued, with a more pronounced impact on footwear.While QSR saw some signs of recovery in SSSG. Value retailers like V-Mart/ D-Mart performed relatively better and remain optimistic about future growth.Premium vs. value segment: While the premium, luxury, and value segments remain strong, some pockets of urban consumption and footwear continue to face pressure.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Top Conviction Ideas - “Retail” - Discretionary Witnessed Mixed Bag Performance

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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<ul>
<li>KDDL's precision engineering division, Eigen, is expanding its manufacturing capacity with a new facility and further upgrades planned, aiming to capture high-growth sectors like aerospace, automotive, and medical devices.</li>
<li>This expansion enhances KDDL's competitive edge in precision engineering, a high-margin segment, and aligns with the company's goal of making Eigen a significant revenue contributor, targeting 40-50% of manufacturing revenue.</li>
<li>The focus on precision engineering and premium retail through Ethos positions KDDL for sustained growth, balancing stable manufacturing revenue with high-margin luxury retail.</li>
</ul>


KDDL's precision engineering division, Eigen, is expanding its manufacturing capacity with a new facility and further upgrades planned, aiming to capture high-growth sectors like aerospace, automotive, and medical devices.
This expansion enhances KDDL's competitive edge in precision engineering, a high-margin segment, and aligns with the company's goal of making Eigen a significant revenue contributor, targeting 40-50% of manufacturing revenue.
The focus on precision engineering and premium retail through Ethos positions KDDL for sustained growth, balancing stable manufacturing revenue with high-margin luxury retail.


The Beat Ideas: KDDL- Precision Engineering with Luxury Retail

India

Ethos Limited operates a chain of luxury watch boutiques. The Company retails new and used watches for men and women, as well as accessories such as bags, cufflinks, jewellery, wallets, and wolf watch boxes. Ethos serves customers in India.

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Ethos (ETHOSLTD IN)

Primer: Ethos ( ETHOSLTD IN) - Nov 2025

Ethos is India's largest retailer of luxury and premium watches, commanding a significant market share of 13% in the combined premium/luxury...

αSK

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

Ethos delivered strong topline growth of ~32% YoY in Q3FY25, with 9MFY25 growth at 26%. SSG improved by 400bps to 23.1% in Q3FY25.

Axis Direct

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

Robust topline growth: Ethos posted a healthy Q1FY26 performance with revenue up ~27% YoY, supported by strong demand for premium watches.

Axis Direct

Top Conviction Ideas - “Retail” - Discretionary Witnessed Mixed Bag Performance

Premium vs. value segment: While the premium, luxury, and value segments remain strong, some pockets of urban consumption and footwear continue to...

Axis Direct

The Beat Ideas: KDDL- Precision Engineering with Luxury Retail

KDDL's precision engineering division, Eigen, is expanding to capture high-growth sectors and enhance competitive edge, aiming for significant...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Ethos ( ETHOSLTD IN) - Nov 2025

Ethos is India's largest retailer of luxury and premium watches, commanding a significant market share of 13% in the combined premium/luxury...

αSK

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

Ethos delivered strong topline growth of ~32% YoY in Q3FY25, with 9MFY25 growth at 26%. SSG improved by 400bps to 23.1% in Q3FY25.

Axis Direct

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

Robust topline growth: Ethos posted a healthy Q1FY26 performance with revenue up ~27% YoY, supported by strong demand for premium watches.

Axis Direct

Top Conviction Ideas - “Retail” - Discretionary Witnessed Mixed Bag Performance

Premium vs. value segment: While the premium, luxury, and value segments remain strong, some pockets of urban consumption and footwear continue to...

Axis Direct

The Beat Ideas: KDDL- Precision Engineering with Luxury Retail

​KDDL's precision engineering division, Eigen, is expanding to capture high-growth sectors and enhance competitive edge, aiming for significant...

Sudarshan Bhandari

KDDL's precision engineering division, Eigen, is expanding to capture high-growth sectors and enhance competitive edge, aiming for significant...