Ethos Limited has commenced FY27 with strong performance, reporting a 33.3% YoY growth in consolidated revenue to ₹461.7 crore for Q1 FY27. This performance is attributed to resilient luxury demand and the company’s expanding boutique network, which grew to 103 boutiques across 34 cities. The company also added 9 new boutiques during the quarter, including entry into new markets.
Ethos Limited Reports Strong Q1 FY27 Performance
Ethos Limited has announced its financial results for the first quarter of Fiscal Year 2027 (Q1 FY27), ending June 30, 2026. The company demonstrated robust growth, with consolidated revenue reaching ₹461.7 crore, representing a significant 33.3% increase year-over-year. This performance highlights the continued resilience of the luxury demand in India, supported by Ethos’s strong brand portfolio and disciplined execution.
Retail Network Expansion Continues
A key driver for this growth has been the company’s strategic expansion momentum. Ethos Limited’s boutique network has expanded from 94 boutiques across 30 cities at the end of FY26 to 103 boutiques in 34 cities as of the reporting date. During Q1 FY27, the company opened 9 new boutiques, marking a significant milestone and entering four new markets: Agra, Faridabad, Amritsar, and Visakhapatnam. This expansion further strengthens Ethos’s presence in high-potential markets.
Key Financial Highlights (Q1 FY27 vs Q1 FY26)
The company’s financial performance shows:
- Revenue from Operations: Increased by 33.3% YoY to ₹461.7 crore.
- EBITDA: Grew by 45.0% YoY to ₹53.1 crore.
- PBT: Saw a substantial increase of 44.9% YoY to ₹42.2 crore.
Additionally, the Average Selling Price (ASP) per watch stood at ₹2.26 Lakhs, and Same Store Sales Growth (SSSG) was recorded at 13.2%.
Brand Portfolio and Global Presence
Ethos Limited continues to focus on selectively onboarding global brands that complement its existing portfolio and enhance its position as a leading luxury retailer in India. The company also noted the strong performance of Silvercity Brands AG in global markets, which made its debut at Watches and Wonders Geneva in April 2026, a significant external validation of its brand positioning.
Outlook and Strategy
Looking ahead, Ethos Limited remains focused on disciplined execution, continued expansion, and deepening its presence in existing markets. The company is also developing new concepts and intellectual property, expressing confidence in the long-term opportunities within the luxury retail space.
Source: BSE
