MarketFriction

Ethos Ltd

NSE ETHOSLTD · BSE 543532 · Gems, Jewellery And Watches
₹2,531.90 -0.21%
NSE close2026-10-01
52 week range1,919.40 - 3,245.90
Market cap₹6,662 Cr.
P/E63.1
IPO 2022 · +188% since Price band 20% Delivery 54.3%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales235281253273297370311346383469414462
Expenses198237217230255313265301336408364402
Operating Profit374536434257464548615060
OPM %16%16%14%16%14%15%15%13%12%13%12%13%
Other Income4696666612141313
Interest444555567878
Depreciation131313141517171921252526
Profit before tax253428312941302632423139
Tax %25%26%24%26%26%27%25%27%25%27%26%27%
Net Profit192621232129231924312329
EPS in Rs7.299.527.858.517.9311.008.497.118.8911.378.2210.51
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4444583875777899991,2521,6121,728
Expenses4074023445056688411,0551,3971,510
Operating Profit36564372120158197215218
OPM %8%12%11%12%15%16%16%13%13%
Other Income2217131524244452
Interest112420212022273830
Depreciation53333323549638997
Profit before tax22273281111130131144
Tax %39%168%29%26%25%25%26%27%
Net Profit13-152360839696106
EPS in Rs7.23-0.672.3911.1923.6531.0835.9335.4238.99
Dividend Payout %0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%33%27%30%
Compounded Profit Growth%82%16%14%
Stock Price CAGR%%14%-2%
Return on Equity%10%9%8%
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1718181923242427
Reserves1171321392136088599581,461
Borrowings69174140161121145289322
Other Liabilities989896111127142139387
Total Liabilities3014223945048801,1711,4102,197
Fixed Assets22125113130197230401494
CWIP5140493111
Investments01122253638
Other Assets2752962763736779079421,654
Total Assets3014223945048801,1711,4102,197
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-22366317-231-2090
Cash from Investing Activity-13-15-10-24-256-12347-476
Cash from Financing Activity35-20-4526249125-58502
Net Cash Flow02819-1033-32116
Free Cash Flow-352354-7-58-1-9419
CFO/OP-40%76%155%37%15%37%7%61%
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days771233654
Inventory Days238242256222228230247222
Days Payable7980937465503745
Cash Conversion Cycle166170174151166185215180
Working Capital Days77728384121127143127
ROCE %10%9%15%18%15%14%10%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters63.82%57.88%55.72%54.70%51.20%50.79%50.58%50.58%50.58%50.58%50.58%50.58%
FIIs6.69%10.41%11.28%11.20%12.28%12.61%12.56%13.13%13.29%12.59%10.89%11.33%
DIIs9.66%12.17%13.08%14.04%15.64%16.58%17.85%18.18%19.95%21.25%23.59%23.91%
Public19.84%19.54%19.92%20.04%20.88%20.02%19.01%18.10%16.16%15.57%14.93%14.18%
No. of Shareholders21,65727,06729,71532,33035,85839,75642,90041,46440,44740,32638,62736,940

Fundamentals

Market Cap₹ 6,662 Cr.
Current Price₹ 2,490
Stock P/E63.1
Book Value₹ 556
ROCE10.4 %
ROE7.69 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)30%
Compounded Profit Growth (TTM)14%
Consolidated figures.
Valuation
Market capRs 6,198 Cr
Enterprise valueRs 5,998 Cr
P/E (TTM)59.40x
Price to book7.01x
Price to sales3.59x
EV / EBITDA22.22x
EV / EBIT34.59x
EV / sales3.47x
Price to cash flow201.18x
Earnings yield1.68%
P/E, 3-year average54.68x
P/B, 3-year average5.17x
P/E, 5-year average54.68x
P/B, 5-year average5.17x
Profitability
Operating margin (excl. other income)15.79%
Operating margin (incl. other income)18.22%
EBITDA margin15.63%
Pre-tax margin8.33%
Net profit margin6.04%
Net margin, latest quarter6.09%
ROE10.99%
ROCE14.97%
ROA8.12%
ROE, 3-year average12.33%
ROCE, 3-year average15.98%
ROA, 3-year average7.35%
ROE, 5-year average7.83%
ROCE, 5-year average13.26%
ROA, 5-year average4.57%
ROIC (approx.)18.99%
Tax rate25.17%
Other income / net worth2.75%
Growth
Sales growth (latest year)26.69%
Profit growth (latest year)38.13%
Sales CAGR, 3 years37.23%
Sales CAGR, 5 years17.63%
Profit CAGR, 3 years159.61%
Profit CAGR, 5 years44.18%
Sales growth QoQ11.52%
Profit growth QoQ27.86%
Sales growth YoY (latest quarter)33.32%
Profit growth YoY (latest quarter)47.90%
Per share
EPS (TTM)Rs 42.63
EPS (latest year)Rs 34.02
EPS (latest quarter)Rs 11.49
EPS, 3-year averageRs 24.04
EPS, 5-year averageRs 14.80
Book value per shareRs 361.09
Sales per shareRs 705.72
Cash flow per shareRs 12.59
Free cash flow per shareRs 7.76
Efficiency
Asset turnover0.85x
Fixed asset turnover4.35x
Inventory turnover1.61x
Inventory days226 days
Debtor days6 days
Debtors turnover64.16x
Creditor days45 days
Cash conversion cycle180 days
Working capital days127 days
Leverage
Total debtRs 145 Cr
Cash and bankRs 345 Cr
Net debtRs -200 Cr
Debt to equity0.16x
Net debt / EBITDA-0.74x
Interest coverage5.87x
Current ratio (filing 2026-03-31)5.62x
Quick ratio (filing 2026-03-31)2.99x
Trade payables (filing 2026-03-31)Rs 142 Cr
Owners' fund to total sources75.51%
Debt to assets12.39%
Cash flow
Cash from Operating Activity (latest year)Rs 31 Cr
Cash from Investing Activity (latest year)Rs -123 Cr
Cash from Financing Activity (latest year)Rs 125 Cr
Net Cash Flow (latest year)Rs 33 Cr
Free cash flow (latest year)Rs 19 Cr
FCFE (approx.: FCF + change in debt)Rs 43 Cr
Cash from ops / profit, 5 years0.32x
Sales to cash flow32.42x
Statement figures
Net sales (TTM)Rs 1,728 Cr
Net sales (latest year)Rs 999 Cr
Sales (latest quarter)Rs 462 Cr
Operating profit excl. other income (latest year)Rs 158 Cr
Operating profit (latest quarter)Rs 60 Cr
Other income (TTM)Rs 52 Cr
EBITDA (TTM)Rs 270 Cr
PBDT (TTM)Rs 240 Cr
Profit before tax (TTM)Rs 144 Cr
Tax (latest year)Rs 28 Cr
Net profit (TTM)Rs 104 Cr
Net profit (latest year)Rs 83 Cr
Net profit (latest quarter)Rs 28 Cr
Depreciation (TTM)Rs 97 Cr
Depreciation (latest quarter)Rs 26 Cr
Interest (TTM)Rs 30 Cr
Cost of goods sold (latest year)Rs 710 Cr
Total expenditure (latest year)Rs 841 Cr
Total income (latest year)Rs 1,023 Cr
Share capitalRs 24 Cr
ReservesRs 859 Cr
Shareholders' fundsRs 884 Cr
Total assetsRs 1,171 Cr
Net blockRs 230 Cr
Capital work in progressRs 9 Cr
InvestmentsRs 25 Cr
ReceivablesRs 16 Cr
InventoryRs 440 Cr
Other liabilitiesRs 142 Cr
Shares outstanding (crore)2.45
Ownership
Promoter holding50.58% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 59.4 is at the 3th percentile of its own 2.5-year range (median 67.2, low 55.7, high 360.3).
P/B 7.01 is at the 2th percentile (median 16.63).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodETHOSLTDNifty 50Difference
1 week-2.8%-2.8% -0.1 pts
1 month-12.1%-6.8% -5.3 pts
3 months+1.5%-7.6% +9.1 pts
6 months+16.0%+0.4% +15.6 pts
1 year-0.7%-9.9% +9.2 pts
2 years-24.2%-13.6% -10.6 pts
3 years+43.9%+14.2% +29.8 pts
41 mutual fund schemes hold about ₹1,722 Cr. Over three months 22 bought more and 10 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
ICICI Pru Flexi Cap Fund2.28%590 +1%
Invesco India Smallcap Fund1.42%224 -1%
Quant Small Cap Fund0.45%159 +522%
Invesco India Midcap Fund0.96%152 +1%
Invesco India Large & Mid Cap Fund1.07%125 +5%
Bandhan Small Cap Fund0.25%86 -3%
Bandhan Large & Mid Cap Fund0.38%80 +4%
Invesco India Flexi Cap Fund0.62%36 +8%
PGIM India Small Cap Fund1.93%35 +100%
Tata India Consumer Fund1.11%32 +9%
Invesco India Multicap Fund0.64%29 +11%
Bandhan Innovation Fund0.65%17 -6%
ICICI Pru ESG Exclusionary Strategy Fund1.24%17 +15%
Union Innovation & Opp Fund1.35%17 +5%
Bank of India Small Cap Fund0.46%15 -8%
Bank of India Aggressive Hybrid Fund0.51%10 -2%
Motilal Oswal Nifty Microcap 250 Index Fund0.40%10 +9%
LIC MF Consumption Fund2.13%10 +21%
ICICI Pru Exports & Services Fund0.55%9 +5%
ICICI Pru Exports & Services Fund0.55%8 +5%
Helios Mid Cap Fund0.36%8 -6%
Bandhan Large Cap Fund0.36%8 +10%
Helios Small Cap Fund0.49%7 -16%
Bandhan Aggressive Hybrid Fund0.24%6 -2%
The Wealth Company Flexi Cap Fund2.48%6 +100%

Red flags

F-score 5 of 8
explainWeak cash conversion Cash from operations was 27% of net profit over the last 3 years
explainShare dilution Share count up 5% in a year, 35% in three
lookRegulator order or action Regulator order or action 2026-06-05: Ethos Limited has informed the Exchange about Action(s) taken or orders passed
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹462 Cr +33.5% vs Jun 2025. Net profit ₹29 Cr +52.6%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2025-06-12Rights 4:43@ Premium Rs 1790/-
2024-09-20Annual General Meeting
2023-09-22Annual General Meeting
2022-09-16Annual General Meeting
DateTypeWhat it says
2026-09-23Concall / analyst meetSchedule of meet
2026-09-15Shareholder meetingVoting results.
2026-09-15Shareholder meetingProceedings of Annual General Meeting held on September 15, 2026
2026-09-11Concall / analyst meetSchedule of meet
2026-09-11Concall / analyst meetSchedule of meet
2026-09-09Concall / analyst meetSchedule of meet
2026-09-09Concall / analyst meetSchedule of meet
2026-09-07UpdatesOpening of Ethos Watch Boutiques at Kozhikode, Kerala.
2026-08-26Press ReleaseA press release dated August 26, 2026, titled "Ethos Limited MD & CEO, Pranav Shankar Saboo Joins the Jury of the Grand Prix dHorlogerie de Genève (GP...
2026-08-20General UpdatesLetters providing the weblink for accessing the Notice of AGM and Annual Report for FY 2025-26
2026-08-20General UpdatesBusiness Responsibility and Sustainability Report for the Financial Year 2025-26
2026-08-20General UpdatesAnnual Report for the financial year 2025-26
2026-08-20Shareholder meetingNotice of Annual General Meeting to be held on September 15, 2026
2026-08-14UpdatesIntimation regarding the 19th Annual General Meeting ( AGM ) of the Members of the Company for Financial Year 2025-26.
2026-08-05ResignationResignation of Dilpreet Singh as Independent Director of the company w.e.f. conclusion of Board Meeting held on August 03, 2026.
2026-08-03Monitoring Agency ReportReport of the Monitoring Agency with respect to utilization of proceeds of the Rights Issue of Ethos Limited for the quarter ended June 30, 2026
2026-08-03ResignationResignation of Director/KMP/SMP
2026-08-03Statement of deviation(s) orStatement of deviation(s) or variation(s) under Reg. 32
2026-08-03Investor PresentationInvestor Presentation
2026-08-03ResignationResignation of Dilpreet Singh as Independent Director of the company w.e.f. conclusion of the Board Meeting held on August 03, 2026.
2026-08-03Board meeting outcomeEthos Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-29UpdatesOpening of Ethos Watch Boutiques at Amritsar.
2026-07-21Reply to Clarification- FinaThe Exchange had sought clarification from Ethos Limited for the quarter ended 30-Sep-2025 with respect to Regulation 33 of the SEBI (Listing Obligati...
2026-07-09Change in Company Secretary/Change in Company Secretary/Compliance Officer
2026-07-06Disclosure under SEBI TakeovEthos Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) and 31 (5) of the Securities and Exchange Board of India (Subs...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Ethos Ltd?

Ethos Ltd (ETHOSLTD) has a market capitalisation of Rs 6,662 Cr. at the 2026-10-01 close.

What is the P/E ratio of Ethos Ltd?

Ethos Ltd trades at a P/E of 63.1 on trailing twelve-month profit, at the 2026-10-01 close.

What were Ethos Ltd's latest quarterly results?

In the Jun 2026 quarter, Ethos Ltd sales was Rs 462 Cr (+33.5% vs Jun 2025) and net profit was Rs 29 Cr.

What is the 52-week high and low of Ethos Ltd?

The 52-week high is Rs 3,245.90 and the 52-week low is Rs 1,919.40.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03