Ethos Limited announced its Q3 and 9M FY26 results, showcasing strong revenue growth. Revenue for the 9-month period increased by 27.4% year-on-year to Rs 1,198.2 crore. The company expanded its boutique network to 89 stores across 27 cities. However, foreign exchange volatility and the implementation of new labor codes impacted margins.
Financial Performance
Ethos Limited reported a revenue of Rs 1,198.2 crore for the nine months ended December 31, 2025, representing a 27.4% year-on-year growth. The company’s EBITDA stood at Rs 137.6 crore, and PBT reached Rs 111.7 crore for the same period.
Store Expansion
During the period, Ethos expanded its retail presence from 73 boutiques to 89 boutiques, including entry into Ranchi. The company’s footprint now extends to 27 cities across 19 states, bolstering its nationwide reach.
Impact on Margins
Foreign exchange volatility, particularly involving the Swiss Franc, impacted margins. The estimated adverse forex-related gross margin impact was Rs 14.3 crore. Additionally, the government’s notification of the Labour Code necessitated a restatement of gratuity, resulting in a one-time impact of approximately Rs 1.8 crore.
Key Highlights for 9M FY26
- Exclusive Brands increased by +4
- Billing Pre-Owned (CPO) grew by 26% YoY
- Same Store Sales Growth (SSSG) reached 14.1%
- Opened 21 Boutiques
Additional Boutique Details
Ethos Limited added one watch boutique in Q4FY26 (Jan-Till Date) and opened four watch boutiques and one Rimowa boutique in Q3FY26 (Oct-Dec). They added three watch boutiques and relocated one CPO boutique in Q2FY26 (Jul-Sep’25) and added eleven watch boutiques and one Messika Lifestyle Boutique in Q1FY26.
Brand Additions
In 9M FY26 (Apr-Dec’25), Ethos Limited added four new brands to its portfolio: Fabergé, D1 Milano, Unimatic, and FPM Milano.
Source: BSE
