Ethos Ltd. · NSE:ETHOSLTD
Ethos — Q2 & H1 FY26 Earnings Presentation
34 slides from Ethos's earnings presentation, Nov 8, 2025
Slide 1: Cover letter to stock exchanges on investor presentation
Ref. No.: Ethos/Secretarial/2025-26/79 Dated: November 08, 2025 Corporate Service Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra, Mumbai – 400001 Mumbai - 400051 Sc
Slide 2: Results Presentation Q2 & H1FY26
ETHOS LIMITED Results Presentation Q2 & H1FY26 | 8th November’25
Slide 3: Safe Harbor
I Safe Harbor 2 This presentation and the accompanying slides (the “Presentation”), which has been prepared by Ethos Limited, a material subsidiary of KDDL Limited, solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securiti
Slide 4: Q2 & H1FY26 Performance
Q2 & H1FY26 Performance 3
Slide 5: Ethos at a Glance
I Ethos at a Glance 4 86 Boutiques Watch 83 Lifestyle 3 80+ Brands Exclusive 49 Presence State 18 City 26 *As on 8th November 2025
Slide 6: Management Commentary
I Management Commentary 5 Commenting on the Results by Mr. Pranav Saboo – MD & CEO “We are pleased to share that Ethos Limited has delivered another strong performance in H1 FY26, with revenue growing by 27.9% from ₹570.4 crore in H1 FY25 to ₹729.7 crore in H1 FY26. This growth underscores the stren
Slide 7: Key Highlights H1FY26
I Key Highlights H1FY26 | Without IND AS 116 6 Standalone Consolidated Performance Performance 01 02 Rs 738.8 Cr Rs 729.7 Cr Opened 16 Boutiques Added 4 Exclusive Brands Revenue (9 Exclusive, 7 Multi-Brand, 29.5% YOY 27.9% YOY (3 Watches and 1 Luxury Travel) 1 CPO, 2 Lifestyle) 03 04 Rs 78.3 Cr Rs 8
Slide 8: Financial Summary | Standalone Performance Snapshot | Without IND AS 116
I Financial Summary | Standalone Performance Snapshot | Without IND AS 116 7 All Figures in Rs. Crs. Revenue from operations EBITDA EBITDA Margins PBT* +32.1% +15.9% +10.0% 392.5 41.6 11.8% 34.7 35.9 10.3% 31.5 Q2FY26 297.1 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Revenue from operati
Slide 9: Financial Summary | Standalone Performance Snapshot | With IND AS 116
I Financial Summary | Standalone Performance Snapshot | With IND AS 116 8 All Figures in Rs. Crs. Revenue from operations EBITDA EBITDA Margins PAT +32.1% +21.6% +8.7% 392.5 58.4 15.8% 23.2 14.5% 21.3 Q2FY26 297.1 48.1 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Revenue from operations E
Slide 10: Financial Summary | Consolidated Performance Snapshot | Without IND AS 116
I Financial Summary | Consolidated Performance Snapshot | Without IND AS 116 9 All Figures in Rs. Crs. Revenue from operations EBITDA EBITDA Margins PBT* +29.0% +21.2% +12.2% 383.4 43.6 11.9% 35.5 11.0% 31.7 Q2FY26 297.1 36.0 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Revenue from opera
Slide 11: Financial Summary | Consolidated Performance Snapshot | With IND AS 116
I Financial Summary | Consolidated Performance Snapshot | With IND AS 116 10 All Figures in Rs. Crs. Revenue from operations EBITDA EBITDA Margins PAT after MI* +29.0% +25.5% +9.8% 383.4 60.5 15.9% 15.3% 23.3 21.2 Q2FY26 297.1 48.2 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Revenue from
Slide 12: Standalone Reported Profit & Loss Statement | Without IND AS 116
I Financial Summary | Standalone Reported Profit & Loss Statement | Without IND AS 116 11 Profit and Loss (in Rs. Crs) Q2FY26 Q2FY25 YoY Q1FY26 QoQ H1FY26 H1FY25 YoY FY25 Revenue from Operations 392.5 297.1 32.1% 346.3 13.3% 738.8 570.4 29.5% 1,251.6 Other Income 10.5 6.4 5.7 16.2 12.7 23.3 Total In
Slide 13: Standalone Reported Profit & Loss Statement | With IND AS 116
I Financial Summary | Standalone Reported Profit & Loss Statement | With IND AS 116 12 Profit and Loss (in Rs. Crs) Q2FY26 Q2FY25 YoY Q1FY26 QoQ H1FY26 H1FY25 YoY FY25 Revenue from Operations 392.5 297.1 32.1% 346.3 13.3% 738.8 570.4 29.5% 1,251.6 Other Income 10.5 6.4 5.7 16.2 12.7 24.9 Total Incom
Slide 14: Consolidated Reported Profit & Loss Statement | Without IND AS 116
I Financial Summary | Consolidated Reported Profit & Loss Statement | Without IND AS 116 13 Profit and Loss (in Rs. Crs) Q2FY26 Q2FY25 YoY Q1FY26 QoQ H1FY26 H1FY25 YoY FY25 Revenue from Operations 383.4 297.1 29.0% 346.3 10.7% 729.7 570.3 27.9% 1,251.6 Other Income 11.6 6.1 5.8 17.4 12.5 22.8 Total
Slide 15: Consolidated Reported Profit & Loss Statement | With IND AS 116
I Financial Summary | Consolidated Reported Profit & Loss Statement | With IND AS 116 14 Profit and Loss (in Rs. Crs) Q2FY26 Q2FY25 YoY Q1FY26 QoQ H1FY26 H1FY25 YoY FY25 Revenue from Operations 383.4 297.1 29.0% 346.3 10.7% 729.7 570.4 27.9% 1,251.6 Other Income 11.6 6.1 5.8 17.4 12.5 24.3 Total Inc
Slide 16: Consolidated Reported Balance Sheet
I Financial Summary | Consolidated Reported Balance Sheet 15 Equity & Liabilities (in Rs. Crs) Sep-25 Mar-25 Assets (in Rs. Crs) Sep-25 Mar-25 Total Equity 1,609.6 982.2 Non - Current Assets 571.1 519.1 Share Capital 26.8 24.5 Property Plant & Equipment's 157.8 128.3 Other Equity 1,407.3 957.7 Inves
Slide 17: Ethos is in unique position to leverage its large base of Luxury Customers
I Ethos is in unique position to leverage its large base of Luxury Customers 16 Creating engaging shopping experience over the years has enabled us to build a large Luxury Customer base Demand for our products is directly proportional to the number of HNIs Share of Luxury & High Average Selling Fact
Slide 18: Ethos Store Locations
I Ethos Store Locations 17 ETHOS WATCH BOUTIQUES Mohali Chandigarh Our Store Locations Ludhiana Dehradun • 86 boutiques in 26 cities, including our second New Delhi Haute Horology boutique in Mumbai and our Gurugram Noida Siliguri Jaipur Guwahati second exclusive Rimowa boutique in New Delhi Lucknow
Slide 19: Store Addition in Q3FY26 (Oct-Till Date)
Store Addition in Q3FY26 (Oct- Till Date) 2 Watch Boutiques 1 Rimowa Boutique
Slide 20: Ethos Summit: Unity One Mall, New Delhi
II Ethos Summit: Unity One Mall, New Delhi 19 G-27, Unity One, Netaji Subhash Place, MRTS Station Opposite Wazirpur District Centre, Pitampura
Slide 21: Ethos Haute Horology: 3rd Boutique in Jio World Plaza, Mumbai
II Ethos Haute Horology: 3rd Boutique in Jio World Plaza, Mumbai 20 Unit No. 1-2, 2nd Floor, Jio World Plaza Mall, G Block BKC, Bandra East, Mumbai, Maharashtra - 400055
Slide 22: RIMOWA: DLF Emporio, New Delhi
II RIMOWA: DLF Emporio, New Delhi 21 1/F, DLF Emporio, Nelson Mandela Marg, Vasant Kunj II, New Delhi, 110070
Slide 23: Store Addition in Q2FY26 (Jul-Sep'25)
Store Addition in Q2FY26 (Jul-Sep’25) 3 Watch Boutiques 1 Relocation of CPO Boutique
Slide 24: Ethos Watch Boutiques: 5th Boutique in Select City Walk, New Delhi
III Ethos Watch Boutiques: 5th Boutique in Select City Walk, New Delhi 23 Unit No.F-69A, 1st Floor, Nexus Select City Walk, A-3, Saket District Centre, New Delhi, Delhi - 110017
Slide 25: Ethos Watch Boutiques: 2nd Boutique at Hyderabad
III Ethos Watch Boutiques: 2nd Boutique at Hyderabad 24 Unit No. UG-41, Plot No.16, Nexus Mall, Kukatpally, Hyderabad, Telangana - 500072
Slide 26: Jacob & Co.: 2nd Boutique in Jio World Plaza, Mumbai
III Jacob & Co. : 2nd Boutique in Jio World Plaza, Mumbai 25 Unit No.1-18B, 1st Floor, Jio World Plaza Mall, G Block BKC, Bandra East, Mumbai, Maharashtra - 400055
Slide 27: CPO (Second Movement): Gurugram
III CPO (Second Movement): Gurugram 26 Unit No.1, Ground Floor, Global Gateway Towers, B, Mehrauli-Gurgaon Rd, Sikanderpur, Sector 26, Gurugram, Haryana 122002
Slide 28: Store Addition in Q1FY26
Store Addition in Q1FY26 11 Watch Boutiques 1 Messika Lifestyle Boutique
Slide 29: Boutiques Opened in Q1FY26
IV Boutiques Opened in Q1FY26 28 8 Exclusive Boutiques 3 Multi-Brand Boutiques Rolex Boutique Panerai Boutique in Bengaluru in New Delhi Emaar Capital Tower 2, Near Guru Dronacharya Metro Station, Sector 26, City Of Time, Gurugram Jaeger-LeCoultre Ethos Summit in New Delhi in Noida
Slide 30: Messika: 1st Boutique in India and 3rd Boutique at The Chanakya Mall
IV Messika: 1st Boutique in India and 3rd Boutique at The Chanakya Mall, New Delhi 29 Yashwant place, Community Centre, Unit-108A, First Floor, The Chanakya, Chanakyapuri, New Delhi, Delhi - 110021
Slide 31: Brand Addition in H1FY26 (Apr-Sep'25)
Brand Addition in H1FY26 (Apr-Sep’25) 4 New Brands Added
Slide 32: Brand additions in H1FY26
V Brand additions in H1FY26 31 Fabergé is a legendary luxury brand best D1 Milano is an Italian watch brand founded known for its exquisitely crafted jewelled in 2013, known for its sleek, fashion-forward eggs created for the Russian imperial family designs. in the late 19th and early 20th centuries
Slide 33: Ethos Holding & Subsidiary Structure
Ethos Holding & Subsidiary Structure VI 32 KDDL (Holding Company : 50.12%*) (Manufacturer of watch components) ETHOS LIMITED (Premium & Luxury Retail) Cognition Ethos Lifestyle Micron Watch Ficus Silvercity Favre Leuba Pasadena Digital LLP Pvt. Ltd. Service Pvt. Ltd. Trading LLC Brands AG GMBH Retai
Slide 34: For further information, please contact
For further information, please contact: Company : Investor Relation Advisors Ethos Ltd. Strategic Growth Advisors Pvt. Ltd. CIN : L52300HP2007PLC030800 CIN : U74140MH2010PTC204285 Mr. Munish Gupta – Chief Financial Officer Mr. Mandar Chavan / Mr. Shogun Jain munish.gupta@ethoswatches.com +91 96993