Ethos Limited — PPTs, 14-08-2025: Investor Presentation

Here is the summary based on your preferences:

**1. Financial Highlights:**

Ethos reported Q1FY26 revenue of Rs 346.3 Cr, up 26.7% YoY, with robust 17.6% same-store sales growth. Reported PAT was Rs 19.1 Cr, and EBITDA stood at Rs 52.0 Cr (14.8% margin). Profitability was impacted by a Rs 5.7 Cr forex hit from CHF/INR volatility and initial costs for 8 new boutiques. Excluding forex, EBITDA would have been Rs 57.6 Cr (+16% YoY) at a 16.4% margin. Billing from Certified Pre-Owned (CPO) items grew 42% YoY.

**2. Strategic Initiatives & Growth Drivers:**

The company unveiled the 'City of Time' in Gurugram, a sprawling 22,000 sq ft experiential luxury watch destination. They also launched India's first exclusive 'Messika Paris' boutique, significantly expanding their curated portfolio. Strategic investments are focused on scaling these new high-impact concepts and enhancing differentiated customer experiences to drive long-term value.

**3. Business Developments:**

Ethos successfully raised Rs 409.90 Cr via a rights issue, while its subsidiary Ethos Lifestyle secured Rs 179.50 Cr. The company expanded its brand offerings by adding three new watch brands (Fabergé, D1 Milano, Unimatic) and one lifestyle brand (FPM Milano). Eight new boutiques were opened in Q1, strengthening their retail footprint across 26 cities.

**4. Market Position & Competitive Advantage:**

Ethos is well-positioned to capitalize on India's rising HNI population and increasing luxury demand, leveraging its large customer base and international retail standards. The share of luxury and high-luxury watch sales reached 71% in Q1, reflecting strong brand portfolio relevance and an average selling price of Rs 2.13 lakh per watch.

**5. Investor Implications:**

The strong top-line growth and strategic investments indicate positive growth potential for Ethos. However, short-term profitability was affected by currency volatility and initial ramp-up costs for new stores. Investors should monitor the effectiveness of planned price adjustments and continued execution in new store and brand integration.