Ethos Limited Q1 FY27 Results: Revenue Jumps 33%, Crosses 100 Boutique Milestone
Ethos Limited, India’s leading luxury and premium watch retailer, has released its investor presentation for the quarter ended June 30, 2026, highlighting another strong quarter of growth. The company reported robust revenue expansion, improved profitability, aggressive retail expansion, and continued momentum in the luxury watch segment.
The company also crossed a significant milestone by expanding its retail network to 103 boutiques across 34 cities, reinforcing its leadership position in India’s growing luxury retail market.
Q1 FY27 Highlights
Ethos delivered another strong quarter with healthy growth across revenue and profitability.
Consolidated Performance
| Particulars | Q1 FY27 | Q1 FY26 | YoY Growth |
|---|---|---|---|
| Revenue from Operations | ₹461.7 crore | ₹346.3 crore | 33.3% |
| EBITDA (Reported) | ₹74.8 crore | ₹52.0 crore | 44.1% |
| EBITDA Margin | 15.7% | 14.8% | +90 bps |
| Profit Before Tax (Reported) | ₹39.1 crore | ₹26.1 crore | 49.8% |
| Profit After Tax | ₹28.7 crore | ₹19.1 crore | 50.5% |
| PAT After Minority Interest | ₹28.1 crore | ₹19.1 crore | 47.9% |
Consolidated Performance (Without Ind AS 116)
| Particulars | Q1 FY27 | Q1 FY26 | YoY Growth |
|---|---|---|---|
| Revenue | ₹461.7 crore | ₹346.3 crore | 33.3% |
| Normalized EBITDA | ₹53.1 crore | ₹36.6 crore | 45.0% |
| Normalized EBITDA Margin | 11.2% | 10.4% | +80 bps |
| Normalized PBT | ₹42.2 crore | ₹29.1 crore | 44.9% |
Standalone Performance
Ethos’ core retail business also maintained strong momentum during the quarter.
Standalone Results (Reported)
| Particulars | Q1 FY27 | Q1 FY26 | YoY Growth |
|---|---|---|---|
| Revenue from Operations | ₹450.5 crore | ₹346.3 crore | 30.1% |
| EBITDA | ₹69.9 crore | ₹52.1 crore | 34.3% |
| EBITDA Margin | 15.2% | 14.8% | |
| Profit Before Tax | ₹37.6 crore | ₹27.4 crore | 37.3% |
| Profit After Tax | ₹28.0 crore | ₹20.3 crore | 37.9% |
Standalone (Without Ind AS 116)
- Revenue: ₹450.5 crore, up 30.1% YoY
- Normalized EBITDA: ₹49.7 crore, up 35.4%
- Normalized PBT: ₹41.0 crore, up 34.4%
On a like-for-like basis, including the Lifestyle business, standalone PBT would have been ₹43.9 crore, representing 43.9% YoY growth.
Management Commentary
Managing Director and CEO Pranav Saboo said the company began FY27 on a strong note with consolidated revenue of ₹461.7 crore, reflecting continued resilience in India’s luxury consumption market.
According to management, growth was driven by:
- Continued expansion across India
- Strong execution
- Premium customer experience
- Growing brand portfolio
- Long-term investments in retail infrastructure
The company stated it remains focused on sustainable long-term value creation while expanding into both existing and new markets.
Crosses 100 Boutique Milestone
One of the biggest achievements during the quarter was the expansion of Ethos’ retail footprint.
As of August 3, 2026, Ethos operates:
- 103 boutiques
- Across 34 cities
- Representing over 80 global luxury brands
During Q1 FY27, the company opened 9 new boutiques, including:
- Agra
- Faridabad
- Amritsar
- Visakhapatnam
Additional boutiques were also launched in:
- Bengaluru
- New Delhi Airport
- Pune
- Indore
- Jaipur
Six New Luxury Brands Added
Ethos strengthened its premium portfolio by introducing six internationally renowned watch brands:
- Reservoir
- Hamilton
- Cyrus Genève
- Gérald Genta
- Daniel Roth
- EPOS
These additions further enhance Ethos’ position as India’s leading destination for luxury timepieces.
Luxury Watch Market Continues to Grow
The company highlighted encouraging trends in India’s luxury watch industry:
- Luxury and high-luxury watches now contribute 71% of total watch sales.
- Average selling price increased to ₹2.26 lakh per watch.
- Same Store Sales Growth (SSSG) stood at 13.2%.
- Demand continues to benefit from rising high-net-worth individuals and increasing awareness of luxury brands.
Silvercity Brands AG Continues Global Expansion
Ethos’ associate Silvercity Brands AG continued gaining international recognition.
Following its debut at Geneva Watch Days in 2024, the brand participated in Watches and Wonders Geneva 2026, becoming one of only 66 exhibiting maisons and among a select group of first-time participants.
Management described this as an important validation of the brand’s global positioning.
Ethos Lifestyle Expansion
The company’s Lifestyle business continues to expand beyond watches by introducing premium global lifestyle brands.
Management said new concepts and proprietary retail formats are under development as the company seeks to capture India’s growing premium lifestyle market.
Business Structure
Ethos operates through multiple subsidiaries and associates, including:
- Ethos Lifestyle Pvt. Ltd.
- Micron Watch Service Pvt. Ltd.
- Cognition Digital LLP
- Ficus Trading LLC
- Favre Leuba GmbH
- Silvercity Brands AG
- Pasadena Retail Pvt. Ltd.