Ethos share price today

Ethos Ltd's share price was ₹2,738.00 at the close on 4 November 2026. It has been rising for 12 weeks. That is 5.7% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹2,020 and ₹3,052, and at that close it sat 70% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Ethos Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 20 weeks in a row.

Over the last 4.4 years the share price moved +280% while the NIFTY 500 moved +58%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Two changes stood out: indian funds and insurers (DIIs) raised their stake for 12 quarters in a row and revenue up on a year earlier for 11 quarters in a row (every quarter we can compare).

1. Indian funds and insurers (DIIs) raised their stake for 12 quarters in a row

   From 9.7% to 25.8% of the company by the September 2026 quarter.

2. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare)

   In the June 2026 quarter revenue was ₹462 crore, +33.5% on a year earlier.

For April to June 2026 (the quarter ended 30 June 2026), Ethos reported revenue of ₹462 crore, up 33.5% from ₹346 crore a year earlier, and a profit of ₹29.0 crore, up 52.6% from ₹19.0 crore.

Ethos results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 15 May 2025, about January to March 2025; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Ethos closed at ₹2,738.00 on 4 November 2026, down 4.0% from ₹2,851.10 a year earlier (7 November 2025) and up 60.3% over three years. Its highest weekly close since June 2022 was ₹3,267.81 on 13 September 2024.

Ethos share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

238 weekly closes from 3 June 2022 to 4 November 2026.

4 Nov 2026: Ethos closed at ₹2,738.00, up 9.4% on the week and up 8.1% on the month. Results for April to June 2026: Revenue up 33.5% and profit up 52.6% on a year earlier.

Earlier

• 15 May 2025: Ethos held its results call for January to March 2025.

Ethos has paid no dividend on the NSE since its first NSE close in our records (3 June 2022), the start of the period we checked.

No. Ethos Ltd paid out 0% of its profit as dividends in each of its last 8 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for January to March 2025, held on 15 May 2025, Ethos' management spoke about the quarter; the main points are below.

Source: the call transcript.

From the call for January to March 2025, 15 May 2025. The April to June 2026 results are out since, so this part may be out of date until we update it.

A persistent contraction of operating profit margins below 11% across two consecutive quarters accompanied by same-store sales growth turning negative, proving that Swiss Franc inflation cannot be passed on and that new boutique unit economics have permanently deteriorated.

Each change stops working if

• : New mall footfalls decelerate significantly or new boutique payback periods extend beyond 36 months.
• : Exclusive brand distribution rights are terminated or international brand partners transition to direct-to-consumer flagship models in India.
• : Counterfeit risks undermine authentication credibility or skilled horological technician shortages constrain refurbishment capacity.
• : Tariff phase-out schedules are delayed or domestic goods and services tax increases offset import duty cuts.

The main risks

• : Adverse moves in the Swiss Franc relative to the Rupee compress gross margins on imported inventory. ⚠ estimate
• : Non-operating other income contributed ₹12 Cr to ₹14 Cr quarterly to profit before tax, masking underlying operating trends. ⚠ estimate
• : Promoter stake decreased from 64.67% in March 2023 to 50.58% in September 2025. ⚠ estimate

Our read after the latest results, written 22 August 2026.

When Ethos reports July to September 2026, these are the 5 checks that show whether the story is still on course. First: Quarterly gross margin falling below 26% or foreign exchange losses exceeding ₹5 Cr in a single quarter.

Ethos is not on any of our India lists this week.

Ethos Ltd earned ₹29.0 Cr of net profit in the Jun 2026 quarter, +52.6% on the same quarter a year earlier. Full-year FY26 profit was ₹96.0 Cr. Over 7 years profit has grown 33.1% a year on average. That is 6.3% of the quarter's revenue. The same quarter a year earlier earned ₹19.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹96.0 Cr (+0.0% on the year before).

Why profit moved: revenue changed +33.5% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +18.5% and revenue +30.6%. Profit is growing slower than sales: rising costs are taking part of the growth.

FY26-Q4. revenue ₹414 Cr and profit ₹23 Cr as reported.

FY27-Q1. revenue ₹462 Cr and profit ₹29 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Ethos Ltd reported ₹462 Cr of revenue in the Jun 2026 quarter, +33.5% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 7 years it has grown 20.2% a year on average. The last full year, FY26, came in at ₹1,612 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The certified pre-owned watch vertical grew by more than 30% YoY, generating ₹43 Cr billing in H1 FY25. Sourcing watches on a consignment and trade-in basis allows Ethos to capture secondary market liquidity with lower capital commitment while bringing aspirational customers into the luxury ecosystem.

The last four reported quarters add to ₹1,728 Cr.

FY26 revenue was ₹1,612 Cr, +28.8% on the year before.

Recent pace: the last four quarters grew +30.6% on average, against 20.2% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +30.5%, against +28.8% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +16.3%, against +9.6% a year (accelerating).

FY26-Q4. revenue ₹414 Cr and profit ₹23 Cr as reported.

FY27-Q1. revenue ₹462 Cr and profit ₹29 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Ethos Ltd's operating margin was 13.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Across 8 years it has been between 8.0% and 16.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

In the latest quarter it moved +0.0 percentage points on the same quarter a year ago.

Why the margin moved: operating margin changed +0.0 percentage points on the year while gross margin changed +0.8 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

FY26-Q4. revenue ₹414 Cr and profit ₹23 Cr as reported.

FY27-Q1. revenue ₹462 Cr and profit ₹29 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Over the last 3 years, 37% of Ethos Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹90.0 Cr of operating cash against ₹96.0 Cr of profit. After ₹162 Cr of spending on assets, free cash was −₹72.0 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 37% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: the bigger use of cash is spending on new assets, at 2.5× depreciation over three years. The next section checks what that spending is building.

Ethos Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 180 days in FY26, up from 174 days in FY21. It spent ₹505 Cr on assets over the last 3 years. Customers take 4 days to pay, and stock sits for 222 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹1,612 Cr, each day of that cycle ties up about ₹4.4 Cr, so roughly ₹795 Cr is tied up in the business at any time.

FY26: customers took 4 days to pay and stock sat for 222 days, about 7.3 months of sales sitting as stock, for a full cycle of 180 days, longer than FY21's 174.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 222 days. Customers pay about 4 days after that. Suppliers are paid at 45 days. Together that makes the 180-day cycle.

Spending on assets: ₹505 Cr over the last 3 years, against ₹201 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹11.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Ethos Ltd's P/E is 69.4×, in the middle of its own history: higher than 43% of past readings. Its usual P/E (the middle reading) is 71.4×, over 4.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹38.99.

Why the multiple is where it is: over the past year earnings per share moved −1.4% while the price moved −4.0%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 3 years the price moved +17.0% a year; about +15.3% a year came from earnings growth and about +1.7 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple.

Ethos Ltd's business is giving mixed signals. Growth has been steadily positive, but ROCE at 11.0% is below the 15% level needed to call it steady growth. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: when the lines disagree, each line above matters more than any single label.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Ethos Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: Trough Expansion.

NOT YET CHECKED

From the numbers. Ethos is positioned at an operating cycle trough with margins at 13.0% versus historical averages of 14.2% and peak levels of 16.0%.

From the price. Price stage 2, week 12, below its 200-day line, relative strength falling.

Where they disagree. Ethos is positioned at an operating cycle trough with margins at 13.0% versus historical averages of 14.2% and peak levels of 16.0%.

What is not proven yet. A persistent contraction of operating profit margins below 11% across two consecutive quarters accompanied by same-store sales growth turning negative, proving that Swiss Franc inflation cannot be passed on and that new boutique unit economics have permanently deteriorated.

What would change our mind. A persistent contraction of operating profit margins below 11% across two consecutive quarters accompanied by same-store sales growth turning negative, proving that Swiss Franc inflation cannot be passed on and that new boutique unit economics have permanently deteriorated.

The test written in advance. A persistent contraction of operating profit margins below 11% across two consecutive quarters accompanied by same-store sales growth turning negative, proving that Swiss Franc inflation cannot be passed on and that new boutique unit economics have permanently deteriorated. Measured by: the thesis as written as stated by the next result.

The test written in advance. Swiss Franc Currency Depreciation Exposure. Measured by: Swiss Franc Currency Depreciation Exposure Quarterly gross margin falling below 26% or foreign exchange losses exceeding ₹5 Cr in a single quarter. by the next result.

The test written in advance. Working Capital and Inventory Carrying Drag. Measured by: Working Capital and Inventory Carrying Drag Inventory days climbing above 260 days or cash conversion cycle expanding beyond 230 days. by the next result.

What the company does. Revenue scale reached ₹1,612 Cr in FY26 (up 28.8% YoY) backed by 21 new boutique additions and double-digit same-store sales growth across 27 cities. Operating margins compressed to 12-13% due to Swiss Franc appreciation against the Rupee and new boutique pre-operating drag, leaving trailing return on capital at 10.4% versus historical 18% highs.

What the surface reading misses. The surface reading is: Jun 2026 revenue of ₹462 Cr and net profit of ₹29 Cr show solid top-line scale with 13% OPM. The research reads it further: Operating profit grew 33.3% YoY to ₹60 Cr, but OPM remains at 13% (27th percentile) due to new boutique gestation and Swiss Franc import cost inflation, indicating operating leverage is still incubating.

What the surface reading misses. The surface reading is: ROCE of 10.4% and ROE of 7.69% appear subdued compared to historical luxury retail benchmarks. The research reads it further: Depressed return ratios reflect balance sheet capitalization from 21 new boutique additions (carrying ₹593 Cr inventory and ₹322 Cr debt) ahead of full revenue maturity, sitting near the base of the 9-18% historical ROCE band.

Sources: our stock research file (22 August 2026) · quarterly results through Jun 2026. The story check is re-scored every results season; the record below never changes.

Ethos Ltd earned a ROCE of 10% in FY26. That is up from a low of 9% in FY21. Its return on capital used (ROIC) is 5.0 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 6.0% net margin and 0.73× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 6.0% net margin × 0.73× asset turnover × 1.48× leverage (assets divided by equity) ≈ 6.5% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 7.0% − 12.0% = −5.0 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

Ethos Ltd has total debt of ₹322 Cr against shareholder equity of ₹1,664 Cr as of Jun 2026, so its debt is 0.19× its equity, which is very little. Year by year, that ratio went from 0.69 in FY22 to 0.19 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Why this happened. Ethos added 14 boutiques in FY25 reaching 73 doors and expanded further toward 89-100 boutiques in FY26. New stores typically require 12 to 18 months to reach mature productivity. As newly opened doors mature, pre-operating rent and staff overheads decline as a percentage of store revenue, unlocking operating leverage.

Domestic institutions raised their stake in Ethos Ltd by 10.2 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 25.8% of the company. Foreign institutions moved −3.4 points over the same period, to 8.8%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: +10.2 points over 8 quarters, to 25.8%; Foreign institutions: −3.4 points over 8 quarters, to 8.8%; Promoters: −0.6 points over 8 quarters, to 50.6%.

Why the owners changed: foreign institutions moved −3.4 points and domestic institutions +10.2 points over 8 quarters, while promoters moved −0.6 points. One group of institutions took over shares from the other; it is not a change of mind by the people running the company.

For Ethos Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

39.3 out of 100, rank 3 of 4 in Watches, with 97% of the evidence available.

Ethos Ltd scores 39.3 out of 100 against the 4 companies it is compared with in Watches, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 18.7 + 9.2 + 7 + 4.4 = 39.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Ethos ranks 3 of 4 Watches companies on the 4-Factor Sector Score, with 39.3 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Jun 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Watches, all 4 compared on one page.

Ethos is the largest of 4 Watches companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Timex Group India, KDDL and Foce India.

Watches companies close in size

1. Ethos Ltd ₹6,694 crore
2. Timex Group India Ltd ₹6,115 crore
3. KDDL Ltd ₹4,605 crore
4. Foce India Ltd ₹675 crore

All 4 Watches companies, largest first

Companies close in size in other industries

728. JK Paper Ltd ₹6,711 crore · Paper
729. Tata Teleservices (Maharashtra) Ltd ₹6,709 crore · Telecom Services
730. Ethos Ltd ₹6,694 crore
731. S J S Enterprises Ltd ₹6,694 crore · Auto Ancillaries - Diversified
732. KRN Heat Exchanger and Refrigeration Ltd ₹6,667 crore · Engineering - General

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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