Ethos ends higher after Q1 PAT clmbs 48% YoY to Rs 28 cr
Operating performance remained strong, with EBITDA rising 44.1% YoY to Rs 74.8 crore from Rs 52 crore in Q1 FY26. EBITDA margin expanded to 15.7% from 14.8%
Operational metrics also remained encouraging. The average selling price (ASP) per watch increased 6.1% YoY to Rs 2.26 lakh, reflecting sustained demand for higher-value timepieces. Meanwhile, luxury and high-luxury watches continued to account for 71% of total sales, unchanged from the year-ago quarter, highlighting the resilience of the premium segment.
During the quarter, Ethos strengthened its portfolio by adding six new watch brands and eight new boutiques.
Commenting on the results, Pranav Saboo ? MD & CEO, said, ?We have commenced FY27 on a strong note, delivering consolidated revenue of Rs 461.7 crore in Q1 FY27, growing 33.3% YoY. This performance underscores the continued resilience of luxury demand in India, anchored by the strength of our brand portfolio, disciplined execution, and our consistent focus on elevating the customer experience across formats. We are satisfied with this performance, delivered in the midst of an ongoing investment cycle that we intend to continue as we build for the long term.
Our expansion momentum remained a key growth driver during the quarter, further consolidating our leadership in India?s luxury retail landscape. Our boutique network grew from 94 boutiques across 30 cities at the end of FY26 to 103 boutiques across 34 cities as on date, crossing the 100-boutique milestone ? with four new market entries during the quarter: Agra, Faridabad, Amritsar and Visakhapatnam, further strengthening our presence in high-potential markets. Going forward, our focus remains on continued expansion while strengthening the base we have built, deepening our presence in existing markets even as we enter new ones.?
Ethos is an Indian retailer of luxury and premium watches. The company offers a wide range of premium, bridge luxury, luxury and high-luxury watches and provides an omnichannel experience through its websites and social media platforms.
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