Ethos Limited is India’s largest luxury and premium watch retailer, established in 2003. Over the years, it has carved a niche in the Indian luxury watch market by offering an extensive range of watches from more than 70 globally renowned premium brands. The company’s portfolio includes iconic names such as Rolex, Omega, TAG Heuer, and more, making it a one-stop destination for luxury timepieces. Ethos operates through a robust network of brick-and-mortar stores strategically located in major cities across India, complemented by a strong online presence through its website and mobile app. This combination allows the company to cater to a diverse customer base, offering convenience and accessibility.
Ethos Limited is distinguished by its exceptional customer experience and innovative approach. The company emphasizes personalized service, with trained watch consultants guiding customers in their purchasing decisions, whether in-store or online. Their commitment extends beyond sales, offering comprehensive after-sales services such as watch servicing and repairs to ensure the longevity of customers’ investments. Ethos also leverages advanced technology to provide a seamless shopping experience, with user-friendly digital platforms enabling easy browsing and purchasing of luxury watches. Additionally, its exclusive partnerships with high-end watch brands strengthen its market position, providing unique offerings that set it apart in the competitive luxury retail segment.
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | |
| Promoters + | 63.82% | 57.88% | 55.72% | 54.70% | 51.20% |
| FIIs + | 6.69% | 10.41% | 11.28% | 11.20% | 12.28% |
| DIIs + | 9.66% | 12.17% | 13.08% | 14.04% | 15.64% |
| Public + | 19.84% | 19.54% | 19.92% | 20.04% | 20.88% |
| No. of Shareholders | 21,657 | 27,067 | 29,715 | 32,330 | 35,858 |
The shareholding pattern of Ethos Limited from September 2023 to September 2024 reflects a dynamic shift in the distribution of ownership among different categories of investors. The promoters’ stake has seen a steady decline, decreasing from 63.82% in September 2023 to 51.20% in September 2024. This reduction indicates a dilution in the promoters’ control over the company, possibly due to strategic divestments or increased participation from institutional investors.
Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) have significantly increased their stakes during this period. FIIs’ holdings rose from 6.69% in September 2023 to 12.28% by September 2024, reflecting growing international interest in Ethos Limited. Similarly, DIIs’ share increased from 9.66% to 15.64%, showcasing robust confidence from domestic institutions. The public holding remained relatively stable, with a slight uptick from 19.84% to 20.88%, while the number of shareholders grew considerably, rising from 21,657 to 35,858, signaling increased retail investor participation.
Below are the trading platforms that you can use to purchase Ethos shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| January 2025 | 3,185.75 | 2,450.58 |
| February 2025 | 3,217.93 | 2,475.33 |
| March 2025 | 3,285.51 | 2,527.32 |
| April 2025 | 3,252.98 | 2,502.29 |
| May 2025 | 3,158.23 | 2,429.41 |
| June 2025 | 3,300.35 | 2,538.73 |
| July 2025 | 3,235.64 | 2,488.95 |
| August 2025 | 3,335.71 | 2,565.93 |
| September 2025 | 3,375.74 | 2,596.72 |
| October 2025 | 3,463.51 | 2,664.24 |
| November 2025 | 3,550.10 | 2,730.84 |
| December 2025 | 3,709.85 | 2,853.73 |
As we move through 2025, Ethos is expected to show steady growth in its share prices. Starting in January, prices may range between ₹3,185.75 and ₹2,450.58, gradually rising through the year. By June, the maximum could reach ₹3,300.35 and the minimum ₹2,538.73. In the latter half, August might see prices between ₹3,335.71 and ₹2,565.93, with October projecting a peak at ₹3,463.51 and ₹2,664.24. Closing the year in December, Ethos is anticipated to reach a maximum of ₹3,709.85 and a minimum of ₹2,853.73.
| When | Maximum Price | Minimum Price |
| January 2026 | 3,821.15 | 2,939.34 |
| February 2026 | 3,725.62 | 2,865.86 |
| March 2026 | 3,800.13 | 2,923.18 |
| April 2026 | 3,877.69 | 2,982.83 |
| May 2026 | 3,839.29 | 2,953.30 |
| June 2026 | 3,935.27 | 3,027.13 |
| July 2026 | 3,858.11 | 2,967.78 |
| August 2026 | 3,977.44 | 3,059.57 |
| September 2026 | 4,056.98 | 3,120.76 |
| October 2026 | 4,162.47 | 3,201.90 |
| November 2026 | 4,266.53 | 3,281.94 |
| December 2026 | 4,373.19 | 3,363.99 |
As we step into 2026, Ethos is projected to exhibit a strong upward trend in its share prices. In January, the maximum price is expected to reach ₹3,821.15, with a minimum of ₹2,939.34. By mid-year, June may see prices rising further, with a maximum of ₹3,935.27 and a minimum of ₹3,027.13. Moving towards the year’s end, September could witness prices ranging from ₹4,056.98 to ₹3,120.76, while December is anticipated to close at a maximum of ₹4,373.19 and a minimum of ₹3,363.99.
| When | Maximum Price | Minimum Price |
| January 2027 | 4,416.92 | 3,397.63 |
| February 2027 | 4,530.18 | 3,484.75 |
| March 2027 | 4,706.85 | 3,620.66 |
| April 2027 | 4,614.56 | 3,549.66 |
| May 2027 | 4,480.16 | 3,446.28 |
| June 2027 | 4,681.76 | 3,601.36 |
| July 2027 | 4,589.97 | 3,530.74 |
| August 2027 | 4,731.92 | 3,639.94 |
| September 2027 | 4,897.54 | 3,767.34 |
| October 2027 | 5,024.88 | 3,865.29 |
| November 2027 | 5,150.50 | 3,961.92 |
| December 2027 | 5,279.26 | 4,060.97 |
| When | Maximum Price | Minimum Price |
| January 2028 | 5,384.85 | 4,142.19 |
| February 2028 | 5,522.92 | 4,248.40 |
| March 2028 | 5,738.31 | 4,414.09 |
| April 2028 | 5,625.80 | 4,327.54 |
| May 2028 | 5,461.94 | 4,201.49 |
| June 2028 | 5,707.73 | 4,390.56 |
| July 2028 | 5,595.81 | 4,304.47 |
| August 2028 | 5,768.88 | 4,437.60 |
| September 2028 | 5,970.79 | 4,592.91 |
| October 2028 | 6,126.03 | 4,712.33 |
| November 2028 | 6,279.18 | 4,830.14 |
| December 2028 | 6,436.16 | 4,950.89 |
| When | Maximum Price | Minimum Price |
| January 2029 | 6,564.88 | 5,049.91 |
| February 2029 | 6,733.21 | 5,179.39 |
| March 2029 | 6,995.81 | 5,381.39 |
| April 2029 | 6,858.63 | 5,275.87 |
| May 2029 | 6,658.87 | 5,122.21 |
| June 2029 | 6,958.52 | 5,352.70 |
| July 2029 | 6,822.07 | 5,247.75 |
| August 2029 | 7,033.07 | 5,410.05 |
| September 2029 | 7,279.22 | 5,599.40 |
| October 2029 | 7,468.48 | 5,744.99 |
| November 2029 | 7,655.20 | 5,888.61 |
| December 2029 | 7,846.58 | 6,035.83 |
| When | Maximum Price | Minimum Price |
| January 2030 | 8,003.51 | 6,156.54 |
| February 2030 | 8,208.73 | 6,314.40 |
| March 2030 | 8,528.87 | 6,560.67 |
| April 2030 | 8,361.63 | 6,432.03 |
| May 2030 | 8,118.09 | 6,244.69 |
| June 2030 | 8,483.40 | 6,525.70 |
| July 2030 | 8,317.06 | 6,397.74 |
| August 2030 | 8,574.29 | 6,595.61 |
| September 2030 | 8,874.39 | 6,826.46 |
| October 2030 | 9,105.13 | 7,003.94 |
| November 2030 | 9,332.75 | 7,179.04 |
| December 2030 | 9,566.07 | 7,358.52 |
In 2030, Ethos is anticipated to showcase significant price movements throughout the year. In January, the maximum price is projected to reach ₹8,003.51, with a minimum of ₹6,156.54. By mid-year, June could see the prices rising further, with a maximum of ₹8,483.40 and a minimum of ₹6,525.70. Moving towards the year’s end, September may witness prices ranging between ₹8,874.39 and ₹6,826.46, while December is expected to close at a maximum of ₹9,566.07 and a minimum of ₹7,358.52, highlighting a consistent upward trend.
Financial Condition of Ethos
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
| Sales + | 458 | 387 | 577 | 789 | 999 | 1,104 |
| Expenses + | 402 | 344 | 505 | 668 | 841 | 938 |
| Operating Profit | 56 | 43 | 72 | 120 | 158 | 166 |
| OPM % | 12% | 11% | 12% | 15% | 16% | 15% |
| Other Income + | 2 | 17 | 13 | 15 | 24 | 27 |
| Interest | 24 | 20 | 21 | 20 | 22 | 17 |
| Depreciation | 33 | 33 | 32 | 35 | 49 | 55 |
| Profit before tax | 2 | 7 | 32 | 81 | 111 | 121 |
| Tax % | 168% | 29% | 26% | 25% | 25% | |
| Net Profit + | -1 | 5 | 23 | 60 | 83 | 91 |
| EPS in Rs | -0.73 | 2.61 | 12.26 | 25.83 | 34.02 | 37 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
Ethos has demonstrated consistent financial growth across recent years, reflecting its strengthening market presence and operational efficiency. Sales have shown a robust upward trend, rising from ₹458 crore in March 2020 to ₹999 crore in March 2024, with trailing twelve months (TTM) sales reaching ₹1,104 crore. This growth is complemented by effective expense management, as expenses increased at a slower pace, enabling the company to improve its operating profit margins (OPM) from 12% in March 2020 to 16% in March 2024. Operating profits rose from ₹56 crore in March 2020 to ₹158 crore in March 2024, with TTM figures touching ₹166 crore.
Ethos has also enhanced its profitability metrics. The company’s net profit turned positive after a minor loss in March 2020, climbing to ₹83 crore in March 2024 and ₹91 crore in TTM. Earnings per share (EPS) have grown remarkably from ₹-0.73 in March 2020 to ₹34.02 in March 2024, reaching ₹37 in TTM. Despite this growth, dividend payouts remain at 0%, indicating a focus on reinvestment and long-term growth. The improvement in profitability, supported by higher other income and reduced interest expenses, highlights Ethos’s financial resilience and capacity for sustained expansion.
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FAQS
Will Ethos stock price grow in 2025?
Yes, Ethos stock price is expected to grow in 2025. The company’s current share price is around Rs ₹2,995, and analysts have estimated that Ethos price will reach ₹3,709.85 by the end of 2025.
What future is anticipated for Ethos in 2027?
Analysts expect Ethos’s stock price to reach Rs 5,279.26 by the end of 2027
In 2030, Ethos is expected to trade in between ₹6,156.54 and ₹9,566.07.
Conclusion
In conclusion, Ethos Limited’s financial performance showcases consistent growth, operational efficiency, and a robust profitability trajectory. The company’s remarkable increase in revenue, improvement in operating profit margins, and turnaround to strong net profits highlight its resilience and strategic execution. With a focus on reinvestment for expansion and long-term growth, Ethos has positioned itself as a leader in the luxury retail segment. Its solid fundamentals and forward-looking approach make it well-poised to deliver sustained value to shareholders, reinforcing its status as a promising investment in the years ahead.
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