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Last Updated: April 2, 2026, 4:34 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 543532 | NSE: ETHOSLTD

Ethos Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2,797.46Undervalued by 25.17%vs CMP ₹2,235.00

P/E (61.5) × ROE (10.4%) × BV (₹536.00) × DY (2.00%)

₹1,248.57Overvalued by 44.14%vs CMP ₹2,235.00
MoS: -79% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹3,531.1823%Under (+58%)
Graham NumberEarnings₹657.6317%Over (-70.6%)
Earnings PowerEarnings₹135.9611%Over (-93.9%)
DCFCash Flow₹762.9211%Over (-65.9%)
Net Asset ValueAssets₹535.957%Over (-76%)
EV/EBITDAEnterprise₹854.389%Over (-61.8%)
Earnings YieldEarnings₹358.607%Over (-84%)
ROCE CapitalReturns₹523.197%Over (-76.6%)
Revenue MultipleRevenue₹467.936%Over (-79.1%)
Consensus (9 models)₹1,248.57100%Overvalued
Key Drivers: EPS CAGR 26.2% lifts DCF — verify sustainability. | Wide model spread (₹136–₹3,531) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 26.2%

*Investments are subject to market risks

Investment Snapshot

67
Ethos Ltd scores 67/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health71/100 · Strong
ROCE 13.8% GoodROE 10.4% AverageD/E 0.33 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money75/100 · Strong
FII holding up 0.03% (6mo) Slight increaseDII holding up 3.40% MF buyingPromoter holding at 50.6% Stable
Earnings Quality55/100 · Moderate
OPM expanding (14% → 16%) ImprovingWorking capital: 143 days Capital intensive
Quarterly Momentum78/100 · Strong
Revenue (4Q): +26% YoY AcceleratingProfit (4Q): +3% YoY Positive
Industry Rank60/100 · Moderate
P/E 61.5 vs industry 46.6 In-lineROCE 13.8% vs industry 14.0% Average3Y sales CAGR: 29% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:34 am

Market Cap 5,980 Cr.
Current Price 2,235
Intrinsic Value₹1,248.57
High / Low 3,246/1,897
Stock P/E61.5
Book Value 536
Dividend Yield0.00 %
ROCE13.8 %
ROE10.4 %
Face Value 10.0
PEG Ratio2.34

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Ethos Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Ethos Ltd 5,980 Cr. 2,235 3,246/1,89761.5 5360.00 %13.8 %10.4 % 10.0
KDDL Ltd 2,659 Cr. 2,162 3,200/1,97631.6 8510.69 %14.1 %11.5 % 10.0
Industry Average4,319.50 Cr2,198.5046.55693.500.35%13.95%10.95%10.00

All Competitor Stocks of Ethos Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 230208230235281253273297370311346383469
Expenses 194182196198237217230255313265301336408
Operating Profit 36263437453643425746454861
OPM % 16%12%15%16%16%14%16%14%15%15%13%12%13%
Other Income 455469666661214
Interest 3344445555678
Depreciation 991113131314151717192125
Profit before tax 28182425342831294130263242
Tax % 25%25%25%25%26%24%26%26%27%25%27%25%27%
Net Profit 21131819262123212923192431
EPS in Rs 8.105.217.127.299.527.858.517.9311.008.497.118.8911.37

Last Updated: March 3, 2026, 10:00 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 5:00 am

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 4444583875777899991,2521,510
Expenses 4074023445056688411,0551,310
Operating Profit 36564372120158197200
OPM % 8%12%11%12%15%16%16%13%
Other Income 22171315242437
Interest 1124202120222725
Depreciation 533333235496382
Profit before tax 22273281111130130
Tax % 39%168%29%26%25%25%26%
Net Profit 13-152360839696
EPS in Rs 7.23-0.672.3911.1923.6531.0835.9335.86
Dividend Payout % 0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-107.69%600.00%360.00%160.87%38.33%15.66%
Change in YoY Net Profit Growth (%)0.00%707.69%-240.00%-199.13%-122.54%-22.67%

Ethos Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 6 years from 2019-2020 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:22%
3 Years:29%
TTM:27%
Compounded Profit Growth
10 Years:%
5 Years:120%
3 Years:60%
TTM:5%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:36%
1 Year:-25%
Return on Equity
10 Years:%
5 Years:11%
3 Years:11%
Last Year:10%

Last Updated: September 5, 2025, 3:26 pm

Balance Sheet

Last Updated: December 4, 2025, 2:50 am

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 1718181923242427
Reserves 1171321392136088599581,407
Borrowings 69174140161121145289314
Other Liabilities 989896111127142139393
Total Liabilities 3014223945048801,1711,4102,140
Fixed Assets 22125113130197230401467
CWIP 5140493112
Investments 01122253638
Other Assets 2752962763736779079421,623
Total Assets 3014223945048801,1711,4102,140

Reserves and Borrowings Chart

Cash Flow

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -22366317-231-20
Cash from Investing Activity + -13-15-10-24-256-12347
Cash from Financing Activity + 35-20-4526249125-58
Net Cash Flow 02819-1033-32
Free Cash Flow -352354-7-58-1-94
CFO/OP -40%76%155%37%15%37%7%

Free Cash Flow

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-33.00-118.00-97.00-89.00-1.0013.00-92.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 77123365
Inventory Days 238242256222228230247
Days Payable 79809374655037
Cash Conversion Cycle 166170174151166185215
Working Capital Days 77728384121127143
ROCE %10%9%15%18%15%14%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 64.67%63.82%63.82%57.88%55.72%54.70%51.20%50.79%50.58%50.58%50.58%50.58%
FIIs 7.34%6.49%6.69%10.41%11.28%11.20%12.28%12.61%12.56%13.13%13.29%12.59%
DIIs 9.75%10.51%9.66%12.17%13.08%14.04%15.64%16.58%17.85%18.18%19.95%21.25%
Public 18.22%19.17%19.84%19.54%19.92%20.04%20.88%20.02%19.01%18.10%16.16%15.57%
No. of Shareholders 14,68515,95521,65727,06729,71532,33035,85839,75642,90041,46440,44740,326

Shareholding Pattern Chart

No. of Shareholders

Ethos Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
ICICI Prudential Flexicap Fund 2,036,070 2.42 495.312,032,9662026-02-23 01:09:000.15%
Invesco India Smallcap Fund 771,263 1.93 187.63377,5912026-03-23 21:43:34104.26%
Invesco India Midcap Fund 524,295 1.18 127.55N/AN/AN/A
Invesco India Large & Mid Cap Fund 455,674 1.18 110.85311,8942025-11-03 01:08:2146.1%
Bandhan Small Cap Fund 285,885 0.34 69.55289,0122025-12-15 00:06:16-1.08%
Bandhan Large & Mid Cap Fund 275,405 0.45 67N/AN/AN/A
Invesco India Multicap Fund 128,309 0.78 31.21N/AN/AN/A
Invesco India Flexi Cap Fund 122,543 0.64 29.8167,9232025-11-03 11:07:0280.41%
Tata India Consumer Fund 103,243 1.01 25.12103,0582026-02-23 01:32:460.18%
Quant Small Cap Fund 95,108 0.08 23.1487,8982025-12-15 00:06:168.2%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 39.3334.9826.5612.692.61
Diluted EPS (Rs.) 39.3334.9826.5612.692.59
Cash EPS (Rs.) 65.8353.6340.4430.1320.39
Book Value[Excl.RevalReserv]/Share (Rs.) 401.22361.09270.46126.7386.17
Book Value[Incl.RevalReserv]/Share (Rs.) 401.22361.09270.46126.7386.17
Revenue From Operations / Share (Rs.) 511.28408.08337.71316.96212.25
PBDIT / Share (Rs.) 87.5771.6255.2343.7530.82
PBIT / Share (Rs.) 61.8351.7440.4026.4512.97
PBT / Share (Rs.) 53.8945.1934.3417.303.62
Net Profit / Share (Rs.) 40.0933.7525.6112.832.54
NP After MI And SOA / Share (Rs.) 39.3334.0225.8212.842.61
PBDIT Margin (%) 17.1217.5516.3513.8014.52
PBIT Margin (%) 12.0912.6711.968.346.11
PBT Margin (%) 10.5411.0710.165.451.70
Net Profit Margin (%) 7.848.277.584.041.19
NP After MI And SOA Margin (%) 7.698.337.644.051.23
Return on Networth / Equity (%) 9.809.429.5410.133.03
Return on Capital Employeed (%) 12.3012.6612.9214.169.61
Return On Assets (%) 6.837.116.854.631.20
Long Term Debt / Equity (X) 0.000.000.010.110.10
Total Debt / Equity (X) 0.000.010.010.250.33
Asset Turnover Ratio (%) 0.970.971.141.290.94
Current Ratio (X) 4.965.064.272.051.73
Quick Ratio (X) 1.662.482.000.520.39
Inventory Turnover Ratio (X) 2.420.000.002.580.00
Interest Coverage Ratio (X) 11.0310.959.114.783.30
Interest Coverage Ratio (Post Tax) (X) 6.056.165.222.401.27
Enterprise Value (Cr.) 5852.105994.682024.500.000.00
EV / Net Operating Revenue (X) 4.686.002.570.000.00
EV / EBITDA (X) 27.3034.1915.700.000.00
MarketCap / Net Operating Revenue (X) 4.856.342.850.000.00
Price / BV (X) 6.187.163.560.000.00
Price / Net Operating Revenue (X) 4.856.342.850.000.00
EarningsYield 0.010.010.020.000.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Ethos Ltd. is a Public Limited Listed company incorporated on 05/11/2007 and has its registered office in the State of Himachal Pradesh, India. Company's Corporate Identification Number(CIN) is L52300HP2007PLC030800 and registration number is 030800. Currently Company is involved in the business activities of Retail sale of watches and clocks. Company's Total Operating Revenue is Rs. 1251.63 Cr. and Equity Capital is Rs. 24.48 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
WatchesPlot No. 3, Parwanoo Himachal Pradesh 173220Contact not found
Management
NamePosition Held
Mr. Yashovardhan SabooChairman & Managing Director
Mr. Pranav Shankar SabooManaging Director & CEO
Mr. Mukul Krishan KhannaExecutive Director & COO
Mr. Anil KhannaIndependent Director
Mr. Charu SharmaIndependent Director
Mr. Dilpreet SinghIndependent Director
Mrs. Munisha GandhiIndependent Woman Director
Mr. Sundeep KumarIndependent Director

FAQ

What is the intrinsic value of Ethos Ltd and is it undervalued?

As of 16 April 2026, Ethos Ltd's intrinsic value is ₹1248.57, which is 44.14% lower than the current market price of ₹2,235.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (10.4 %), book value (₹536), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Ethos Ltd?

Ethos Ltd is trading at ₹2,235.00 as of 16 April 2026, with a FY2026-2027 high of ₹3,246 and low of ₹1,897. The stock is currently in the middle of its 52-week range. Market cap stands at ₹5,980 Cr..

How does Ethos Ltd's P/E ratio compare to its industry?

Ethos Ltd has a P/E ratio of 61.5, which is above the industry average of 46.55. The premium over industry average may reflect growth expectations or speculative interest.

Is Ethos Ltd financially healthy?

Key indicators for Ethos Ltd: ROCE of 13.8 % is moderate. Dividend yield is 0.00 %.

Is Ethos Ltd profitable and how is the profit trend?

Ethos Ltd reported a net profit of ₹96 Cr in Mar 2025 on revenue of ₹1,252 Cr. Compared to ₹23 Cr in Mar 2022, the net profit shows an improving trend.

Does Ethos Ltd pay dividends?

Ethos Ltd has a dividend yield of 0.00 % at the current price of ₹2,235.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Ethos Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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