Ethos Limited has inaugurated its 100th boutique at Treasure Island Mall in Indore, marking a defining milestone in the company's journey as India's largest luxury watch retailer. The announcement was made through a regulatory filing under Regulation 30, communicated to both BSE Limited and the National Stock Exchange of India Limited, and accompanied by a press release for general dissemination.

New Boutique in Indore

The newly launched boutique is located at G-12A, Ground Floor, Treasure Island Mall, 11 Tukoganj Main Road, Indore. The boutique offers an exceptional range of prestigious international watch brands spanning luxury, premium, and sports segments. This opening follows the recent inauguration of a boutique at Phoenix Mall of Asia in Bengaluru, and brings the company's total network to 100 boutiques spread across 32 cities pan India.

Key details of the latest boutique opening are summarised below:

A Journey of Over Two Decades

This 100-boutique milestone is the result of over two decades of growth, with Ethos expanding from a single boutique to a pan-India network. The company has steadily evolved its retail experience through mono boutiques, Summits, and Haute Horology boutiques. Most notably, Ethos created City of Time in Gurugram — India's first and only 22,000 sq. ft. luxury watch lifestyle destination, featuring a dedicated watchmaking zone, a cigar and private viewing lounge, and an in-house bar, among other offerings.

Leadership Speaks on the Milestone

On this occasion, Pranav Saboo, Managing Director & Chief Executive Officer, Ethos Limited, expressed, "Reaching 100 boutiques is a moment of immense pride for everyone at Ethos — our teams, our brand partners, and above all, our loyal customers who have been part of this journey. Each boutique we have opened is a testament to the trust that watch enthusiasts across India have placed in us. This milestone is not just a number; it is a reflection of a family that has grown together; bound by a shared love for horology and a relentless pursuit of excellence. As we celebrate this landmark, we remain deeply committed to bringing the very best of global watchmaking closer to our customers, wherever they are."

Yashovardhan Saboo, Chairman, Ethos Limited, stated, "Reaching 100 boutiques is a wonderful feeling and an absolutely amazing achievement for the entire Ethos team. What began with a passion for watches and the belief that India was ready for luxury Swiss watches sold in an international and professional way has today become a defining journey for the brand. Over the years, Ethos has always believed in anticipating the future of luxury retail, whether it was opening stores in malls, domestic airports, larger format boutiques or embracing independent brands much before time. More than the number itself, this milestone represents the incredible efforts, dedication and trust of everyone who has been part of the journey. At the core of Ethos' success has been a constant vision backed by strong values, especially respect for our brand partners, customers and above all, our team. As Ethos enters its next chapter, I hope the journey ahead continues to be just as exciting and inspiring."

About Ethos Limited

Ethos Limited is one of India's largest luxury and premium watch retailers, founded in 2003 and publicly listed on BSE Limited and the National Stock Exchange of India Limited since May 30, 2022. Its current portfolio comprises 75+ premium luxury watch brands. Ethos has also marked its foray into jewellery with Messika and became the retailer of German luxury luggage manufacturer RIMOWA in India. The regulatory disclosure was signed by Munish Gupta, Chief Financial Officer of Ethos Limited, on May 15, 2026.

Source: None/Company/INE04TZ01018/618eb2123bfd4110.pdf

Ethos Limited 's Board of Directors approved the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026, at its meeting held on May 12, 2026, convened pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory auditor, Walker Chandiok & Co LLP, issued an unmodified opinion on both standalone and consolidated results. The financial results were subsequently published in The Financial Express and Himachal Times on May 13, 2026, signed by Munish Gupta in his capacity as Executive Director and Chief Financial Officer.

Q4 Operational Highlights

For Q4, Ethos reported EBITDA of 471M rupees, compared to 489M rupees in the same quarter of the previous year, reflecting a year-on-year contraction. The EBITDA margin narrowed to 11.70% from 15.70% in Q4 of the prior year. On a standalone basis, Q4 net profit stood at ₹2,078.24 lakhs versus ₹2,420.55 lakhs in the corresponding quarter of the previous year. Q4 revenue came in at ₹40,292.22 lakhs, up from ₹31,131.76 lakhs year-on-year.

Standalone Financial Performance

On a standalone basis, Ethos Limited reported revenue from operations of ₹1,61,259.61 lakhs for the year ended March 31, 2026, compared to ₹1,25,162.71 lakhs in the previous year. Total income, including other income of ₹4,052.36 lakhs, stood at ₹1,65,311.97 lakhs for FY26 versus ₹1,27,651.39 lakhs in FY25. Net profit for the year was ₹9,492.23 lakhs against ₹9,825.41 lakhs in the prior year. Total comprehensive income for FY26 was ₹9,516.32 lakhs compared to ₹9,812.02 lakhs in FY25.

The following table summarises the key standalone financial metrics:

Standalone total assets as at March 31, 2026 stood at ₹1,99,649.49 lakhs compared to ₹1,39,610.54 lakhs as at March 31, 2025. Total equity increased to ₹1,48,146.81 lakhs from ₹98,008.47 lakhs in the previous year. Cash and cash equivalents at the end of the year were ₹8,423.55 lakhs, up from ₹2,491.14 lakhs at the beginning of the year, with net cash generated from operating activities at ₹10,247.66 lakhs for FY26.

Consolidated Financial Performance

On a consolidated basis, revenue from operations for the year ended March 31, 2026 was ₹1,61,224.00 lakhs, compared to ₹1,25,162.71 lakhs in FY25. Total consolidated income stood at ₹1,65,840.54 lakhs versus ₹1,27,592.69 lakhs in the prior year. Net profit for the year was ₹9,613.88 lakhs against ₹9,628.79 lakhs in FY25. Total comprehensive income for FY26 was ₹10,087.49 lakhs compared to ₹9,823.00 lakhs in FY25.

Consolidated total assets as at March 31, 2026 stood at ₹2,19,719.32 lakhs compared to ₹1,40,964.50 lakhs as at March 31, 2025. Total equity rose to ₹1,66,438.38 lakhs from ₹98,219.69 lakhs in the previous year, with non-controlling interest of ₹17,646.55 lakhs recorded as at March 31, 2026. Consolidated cash and cash equivalents at the end of the year were ₹14,407.94 lakhs, up from ₹2,848.01 lakhs at the start of the year.

Director Appointment

Pursuant to Regulation 30 of the SEBI Listing Regulations, the Board approved the appointment of Mr. Munish Gupta (DIN: 09350096) as Additional Director in the category of Executive Director, effective May 12, 2026, subject to shareholder approval. The appointment was made based on the recommendation of the Nomination & Remuneration Committee. The Board confirmed that Mr. Munish Gupta has not been debarred from holding the office of Director by virtue of any order passed by SEBI or any other authority.

Corporate Developments

During the year, Ethos Limited undertook several significant corporate actions:

• Rights Issue: During the quarter ended September 30, 2025, the Company completed a Rights Issue of 22,77,250 equity shares of face value of INR 10 each at an issue price of INR 1,800 per share (including securities premium of INR 1,790 per share), aggregating to INR 40,990.50 lakhs. As on March 31, 2026, unutilised proceeds stood at INR 30,011.53 lakhs, temporarily invested in deposits with scheduled banks.
• Subsidiary – Ficus Trading LLC: The Company incorporated Ficus Trading LLC in Dubai, United Arab Emirates on April 16, 2025, with an initial paid-up capital infusion of INR 69.87 (AED 300,000). The entity will engage in trading of watches, clocks, and their spare parts.
• Subsidiary – Micron Watch Services Private Limited: The Company incorporated Micron Watch Services Private Limited on August 22, 2025, with CIN U95294HR2025PTC135383, focusing on watch service and repair in select Indian cities. Ethos Limited holds 50,100 shares of Rs. 10 each out of a total share capital of 1,00,000 shares of Rs. 10 each.
• Ethos Lifestyle Private Limited: Following a preferential issue on July 16, 2025, Ethos Lifestyle Private Limited (formerly RF Brands Private Limited) ceased to be a wholly owned subsidiary, with the Company's shareholding diluting from 100% to 95%. Subsequently, on August 13, 2025, following a fund raising of INR 17,950 lakhs by way of preferential issue to identified investors, the Company's shareholding was further diluted from 95.00% to 75.05%. Ethos Lifestyle Private Limited continues to be a subsidiary of the Company.
• Labour Codes Impact: The Government of India notified four Labour Codes on November 21, 2025. The consolidated incremental impact was assessed at Rs 182.13 Lacs towards gratuity, presented as an exceptional item for the period ended March 31, 2026.

Segment and Audit Details

The management considers retail trading of premium and luxury watches, accessories, and other luxury items, including related after-sale services, as a single operating segment under Ind AS 108. The consolidated statement includes subsidiaries Cognition Digital LLP, Ethos Lifestyle Private Limited, Ficus Trading LLC, and Micron Watch Services Private Limited, along with joint venture Pasadena Retail Private Limited and associates Silvercity Brands AG and Favre Leuba GmbH. The statutory auditor's consolidated report noted that three subsidiaries with total assets of ₹981.14 lakhs, total revenues of ₹808.52 lakhs, and net profit after tax of ₹90.58 lakhs were audited by other auditors. The Group's share of net loss after tax from an associate and joint venture was ₹418.20 lakhs for the year ended March 31, 2026.