Ethos : Time to Shine

India’s luxury market is expanding beyond the ultra-rich, and Ethos is emerging as one of the strongest beneficiaries of this premium consumption boom. The Indian luxury goods market, estimated at USD 10.6 billion in 2025, is expected to reach nearly USD 18.8 billion by 2034. Watches and jewellery together contribute almost 64% of this market, with rising demand now coming from upper-middle-class and aspirational consumers. Founded in 2003, Ethos is India’s leading luxury and premium watch retailer with 94 stores and an omnichannel presence. The company sells more than 70 global luxury brands including Rolex, Omega and Longines. It has also expanded into jewellery and lifestyle accessories through partnerships with brands like Messika and Wolf. The company has been aggressively expanding its footprint. Over the last year, Ethos opened boutiques in Srinagar, Mumbai and New Delhi. It also strengthened its Middle East presence by acquiring Dubai-based Ficus Trading Limited. Financial performance has remained strong. In Q3 FY26, Ethos reported revenue of Rs 469 crore, up Rs 99 crore year-on-year, while net profit rose to Rs 31 crore. For the first nine months of FY26, consolidated revenue stood at Rs 1,198 crore, reflecting 27.4% growth. Around 71% of total revenue came from luxury and ultra-luxury watches. The pre-owned luxury watch business also grew 26% year-on-year, while same-store sales rose 14.1%. Average selling price increased to Rs 2.08 lakh. Over five years, sales jumped from Rs 387 crore in FY21 to Rs 1,252 crore in FY25, while net profit surged from Rs 5 crore to Rs 96 crore. Despite strong business growth, the stock has corrected more than 20% in 2026 so far, making Ethos a closely watched luxury consumption play amid India’s wealth boom