Ethos Limited has submitted a statement of deviation or variation in the use of Rights Issue proceeds for the quarter ended March 31, 2026, pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Circular CIR/CFD/CMD1/162/2019 dated December 24, 2019. The company has confirmed that there are no deviations or variations in the utilisation of funds raised through the Rights Issue.

Rights Issue Overview

Ethos Limited raised up to Rs 40,990.50 lakh through a Rights Issue, with the date of raising funds recorded as July 04, 2025. CRISIL Ratings Limited has been appointed as the Monitoring Agency for overseeing the utilisation of these proceeds. The statement was signed by Munish Gupta, Chief Financial Officer, on May 12, 2026.

The key details of the Rights Issue are summarised below:

Fund Utilisation Details

The proceeds from the Rights Issue were earmarked across three objects: funding working capital requirements of the company, general corporate purposes (GCP), and issue-related expenses. No deviation from any of these stated objects has been reported. The table below presents the allocation and utilisation status as of the reporting date (amounts in Rs. Lacs):

Compliance and Disclosure

The statement has been filed with both BSE Limited and National Stock Exchange of India Limited in accordance with applicable regulatory requirements. The company has also made the aforesaid statement available on its website. The Audit Committee and auditors have offered no adverse comments on the fund utilisation for the quarter ended March 31, 2026.

The filing confirms that no proceeds were utilised towards any of the stated objects during the reported quarter, and the overall utilisation remains consistent with the original disclosures made in the placement document filed with the stock exchanges and the Registrar of Companies, Himachal Pradesh.

Ethos Limited has inaugurated its 98th watch boutique in India with the opening of a new store at Phoenix Market City, Pune on May 01, 2026. The announcement was made through a regulatory filing under Regulation 30 to the stock exchanges.

Store Location and Details

The new boutique is strategically located at Phoenix Market City, one of Pune's premier shopping destinations. The store details are as follows:

Strategic Expansion

The company highlighted that this boutique opening marks a significant milestone in strengthening its luxury brand portfolio. Ethos emphasized that the new store further consolidates its presence in one of India's most prominent luxury retail markets.

According to the company's statement, the launch aligns with its strategic vision of delivering unparalleled luxury experiences to customers. The boutique aims to make the world's most exclusive watch brands more accessible to discerning customers in India.

Company's Retail Network

With the addition of the Pune boutique, Ethos now operates 98 boutiques across India, demonstrating the company's continued expansion in the luxury watch retail segment. The company continues to focus on establishing presence in key metropolitan markets to serve its target customer base.

The announcement was signed by Munish Gupta, Chief Financial Officer of Ethos Limited, and communicated to both BSE Limited and National Stock Exchange of India Limited as part of the company's regulatory disclosure requirements.