Ethos Limited — Investor Meet, 20-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Ethos Limited reported FY25 revenue growth of 25.3% to INR1,252 Cr, EBITDA up 23.5% to INR161 Cr, and PBT rising 21.3% to INR141 Cr. The boutique network grew to 73 stores across 26 cities, including a flagship store in Gurgaon and the first Messika boutique. Inventory rose from INR440 Cr to INR593 Cr due to expansion. The pre-owned segment grew over 30% YoY. Management maintains a cautious but positive margin view, focusing on reducing discounting and India-specific products. International expansion via a UAE subsidiary is underway, with plans to exceed 100 boutiques this year. Repeat customers represent 40% of sales; exclusive brands form over 30% of Q4 volume. Growth is balanced across metros and Tier-2 cities, with selective lifestyle brand entries beyond watches. The company prioritizes controlled, company-owned boutiques targeting profitable market share gains and a 10x revenue goal over the next decade.