Archive · 29 Nov 2025
Ethos Ltd Reports 28% Revenue Growth
Ethos Ltd, a company that sells luxury watches and lifestyle products, has grown a lot in the past six months.
They opened 16 new stores and made 28% more money.
However, their profits didn't grow much because opening new stores and currency changes made things more expensive.
They are trying to become a big name in luxury shopping in India, not just selling watches but also jewelry and travel gear.
They also sell pre-owned watches, which is becoming more popular.
The company is growing fast, but it's also facing some challenges in making a profit.
Ethos Ltd reported a 28% revenue growth in the first half of FY26, reaching Rs 729.7 crore.
The company opened 16 new boutiques, bringing the total to 86 stores across 26 cities in India.
Sales of pre-owned watches under the Second Movement platform increased by 25%.
Despite revenue growth, profits remained almost flat due to higher costs from expansion and currency fluctuations.
Ethos is expanding beyond watches into high-end lifestyle categories like jewelry and travel gear.
- Who
- Ethos Ltd, a luxury watch and lifestyle retailer in India
- What
- Reported a 28% revenue growth but flat profits in the first half of FY26
- When
- First half of FY26 (April-September 2025)
- Where
- Across 26 cities in India with 86 boutiques
- Why
- Due to aggressive expansion and currency fluctuations affecting margins
- Revenue Growth
- 28% in H1 FY26
- Profit Growth
- Almost flat at Rs 42.3 crore
- New Boutiques
- 16 in the first half of FY26
- Total Boutiques
- 86 across 26 cities
- Average Selling Price
- Rs 2.18 lakh
- EBITDA Margins
- 10.4% in H1 FY26
- PAT Margins
- Below 6%
- Pre-Owned Watch Growth
- 25%