Ethos Q4 Results: Revenue, EBITDA grow from last year; store openings outlook in focus

Ethos Ltd, one of India’s leading retailers of luxury and premium watches, reported its Q4 FY25 earnings on May 5, posting strong year-on-year growth in both revenue and EBITDA. However, net profit growth was modest, impacted by a steep rise in depreciation costs.

Revenue rose 23.3% year-on-year to ₹311.31 crore, compared to ₹252.52 crore in Q4 FY24. EBITDA grew 32.3% to ₹47.59 crore from ₹36 crore, while operating margin improved to 15.3% from 14.2% in the same period last year.

Net profit increased 8.1% to ₹22.74 crore, held back by a 33.1% surge in depreciation expense to ₹16.9 crore.

Total expenses rose 22.52% to ₹285.84 crore, with purchase of stock-in-trade at ₹216.12 crore (up 15.27%), employee costs at ₹21.32 crore (up 9.95%), and finance costs climbing 28.71% to ₹5.20 crore.

Shares of Ethos fell nearly 4% intraday to ₹2,441.75 on the BSE post-results, before settling 3.93% lower.

Also read: Bajaj Consumer Q4 Results: Net profit down 13% to ₹31 crore; margin shrinks

Sequentially, revenue fell 15.84% and profit dropped 22.86% from the previous quarter, triggering a negative reaction in the market.

Beyond the headline numbers, key metrics to watch from the company’s presentation include the average selling price (ASP) of watches, progress on store expansion, and early traction in non-watch segments such as jewellery and luggage.