Ethos Limited , a prominent player in the Indian luxury watch retail sector, has announced its financial results for the first half of FY26, showcasing robust growth and strategic expansions.

Strong Financial Performance

Ethos Limited reported impressive financial results for H1 FY26, with significant growth in revenue:

The company's EBITDA also saw an increase:

EBITDA margins stood at 10.4% for the period.

Retail Expansion and Performance

Ethos Limited has made significant strides in expanding its retail presence:

1. Opened 16 new boutiques during April-September 2025
2. Expanded from 73 to 86 boutiques across 26 cities
3. Achieved same-store sales growth (SSSG) of 16.5% compared to 15.5% in H1 FY25
4. Increased average selling price per watch to Rs 2.18 lakh

Brand Expansion and Diversification

The company has continued to diversify its brand portfolio:

1. Added 4 new exclusive brands
2. Opened its first Messika boutique
3. Launched the second Rimowa boutique
4. Experienced 25% year-on-year growth in billing from second movement watches

Challenges and Financial Impact

Despite overall growth, Ethos Limited faced some challenges:

1. Margin pressure due to INR depreciation against CHF
2. Exchange rate moved from 96.98 to 111.25
3. Estimated forex loss of Rs 10.70 crore

Ethos Limited's strong revenue growth, retail expansion, and brand diversification demonstrate the company's robust growth trajectory in the luxury watch retail sector. However, the company will need to navigate currency fluctuations carefully to maintain profitability.

Ethos Limited , a prominent player in India's luxury watch retail sector, has announced the opening of a new boutique in Pitampura, New Delhi, marking a significant expansion of its retail network. This strategic move brings the company's total store count to 86 boutiques across India, underlining its commitment to enhancing accessibility to luxury timepieces for discerning customers nationwide.

New Boutique Details

The latest addition to Ethos' retail portfolio is an Ethos Summit Boutique, located at:

• Address: G-27, Unity One, Netaji Subhash Place, MRTS Station Opposite Wazirpur District Centre, Pitampura, New Delhi, Delhi – 110034

This new outlet is positioned to cater to the growing demand for luxury watches in one of India's most prominent luxury retail markets.

Expansion Trajectory

Ethos has demonstrated growth in its retail presence:

This expansion represents an increase of 13 new boutiques, showcasing the company's growth strategy and confidence in the Indian luxury market.

Strategic Implications

The launch of the Pitampura boutique aligns with Ethos Limited's strategic vision to:

1. Strengthen its luxury brand portfolio
2. Consolidate its presence in key luxury retail markets
3. Make exclusive international brands more accessible to Indian consumers
4. Deliver luxury experiences to discerning customers

Shubham Kandhway, Company Secretary & Compliance Officer of Ethos Limited, emphasized the significance of this expansion in the official communication to the stock exchanges. The move is expected to reinforce Ethos' position as a leading luxury watch retailer in India.

As the company continues to expand its physical retail presence, it will be interesting to observe how this strategy impacts Ethos' market position and financial results in the coming quarters. The luxury watch market in India has been showing resilience and growth, and Ethos' expansion seems well-timed to capitalize on this trend.