External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Robust Results: Ethos delivered strong topline growth of ~32% YoY in Q3FY25, with 9MFY25 growth at 26%. SSG improved by 400bps to 23.1% in Q3FY25.</li><li>The share of its exclusive brand portfolio stood at 29.7% in Q3. Management highlighted that the share of luxury and high-luxury watches increased from 68% to 71% over 9MFY25, while ASP for 9MFY25 rose by 11.2% YoY to Rs 2,07,513.</li><li>Margins pressure: EBITDA grew by 28% YoY to 57%, with EBITDA margins at 15.4%, down 42bps YoY, due to gross margin contraction and higher costs related to increased manpower for new store additions and rent for newly opened stores that are still in the nascent stages of sales.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Robust Results: Ethos delivered strong topline growth of ~32% YoY in Q3FY25, with 9MFY25 growth at 26%. SSG improved by 400bps to 23.1% in Q3FY25.The share of its exclusive brand portfolio stood at 29.7% in Q3. Management highlighted that the share of luxury and high-luxury watches increased from 68% to 71% over 9MFY25, while ASP for 9MFY25 rose by 11.2% YoY to Rs 2,07,513.Margins pressure: EBITDA grew by 28% YoY to 57%, with EBITDA margins at 15.4%, down 42bps YoY, due to gross margin contraction and higher costs related to increased manpower for new store additions and rent for newly opened stores that are still in the nascent stages of sales.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

<ul><li>Robust topline growth: Ethos posted a healthy Q1FY26 performance with revenue up ~27% YoY, supported by strong demand for premium watches.</li><li>SSSG improved to 17.6% (vs. 12.3% in Q1FY25), while the luxury and high-luxury mix rose to 71%, driving ASP higher to Rs 2.13 Lc.</li><li>Billing from CPO grew 42% YoY, further strengthening the portfolio. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Robust topline growth: Ethos posted a healthy Q1FY26 performance with revenue up ~27% YoY, supported by strong demand for premium watches.SSSG improved to 17.6% (vs. 12.3% in Q1FY25), while the luxury and high-luxury mix rose to 71%, driving ASP higher to Rs 2.13 Lc.Billing from CPO grew 42% YoY, further strengthening the portfolio. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thematic (Sector/Industry)

<ul><li>Consumer demand remains tepid: Discretionary demand remains subdued, with a more pronounced impact on footwear.</li><li>While QSR saw some signs of recovery in SSSG. Value retailers like V-Mart/ D-Mart performed relatively better and remain optimistic about future growth.</li><li>Premium vs. value segment: While the premium, luxury, and value segments remain strong, some pockets of urban consumption and footwear continue to face pressure.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer demand remains tepid: Discretionary demand remains subdued, with a more pronounced impact on footwear.While QSR saw some signs of recovery in SSSG. Value retailers like V-Mart/ D-Mart performed relatively better and remain optimistic about future growth.Premium vs. value segment: While the premium, luxury, and value segments remain strong, some pockets of urban consumption and footwear continue to face pressure.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Top Conviction Ideas - “Retail” - Discretionary Witnessed Mixed Bag Performance

<ul><li>Consumer demand remains tepid: Discretionary demand remains subdued, with a more pronounced impact on QSR and footwear.</li><li>However, value retailer V-Mart performed relatively better and remains optimistic about future growth.</li><li>Premium vs. value segment: While the premium, luxury, and value segments remain strong, urban consumption, footwear, and QSR continue to face pressure.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer demand remains tepid: Discretionary demand remains subdued, with a more pronounced impact on QSR and footwear.However, value retailer V-Mart performed relatively better and remains optimistic about future growth.Premium vs. value segment: While the premium, luxury, and value segments remain strong, urban consumption, footwear, and QSR continue to face pressure.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The Q3FY25 earnings season was marked by a) Festival demand, 2) Sequential improvement in government spending, 3) Moderation in Urban consumption, 4) Some uptick in rural consumption, 5) Rising bond yields and 6) Currency tailwinds.</li><li>H1FY25 was challenging in terms of an overall reduction in government spending, credit tightening in unsecured lending, consumption slowdown especially in the urban area, extended monsoon, and inflation.</li><li>Collectively these factors have contributed to the slowdown in the corporate earnings during H1FY25. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Q3FY25 earnings season was marked by a) Festival demand, 2) Sequential improvement in government spending, 3) Moderation in Urban consumption, 4) Some uptick in rural consumption, 5) Rising bond yields and 6) Currency tailwinds.H1FY25 was challenging in terms of an overall reduction in government spending, credit tightening in unsecured lending, consumption slowdown especially in the urban area, extended monsoon, and inflation.Collectively these factors have contributed to the slowdown in the corporate earnings during H1FY25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Ethos Limited operates a chain of luxury watch boutiques. The Company retails new and used watches for men and women, as well as accessories such as bags, cufflinks, jewellery, wallets, and wolf watch boxes. Ethos serves customers in India.

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Ethos (ETHOSLTD IN)

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

Ethos delivered strong topline growth of ~32% YoY in Q3FY25, with 9MFY25 growth at 26%. SSG improved by 400bps to 23.1% in Q3FY25.

Axis Direct

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

Robust topline growth: Ethos posted a healthy Q1FY26 performance with revenue up ~27% YoY, supported by strong demand for premium watches.

Axis Direct

Top Conviction Ideas - “Retail” - Discretionary Witnessed Mixed Bag Performance

Premium vs. value segment: While the premium, luxury, and value segments remain strong, some pockets of urban consumption and footwear continue to...

Axis Direct

Retail Sector: Q3FY25 Review

onsumer demand remains tepid: Discretionary demand remains subdued, with a more pronounced impact on QSR and footwear. However, value retailer V...

Axis Direct

Q3FY25 - Consolidated Earnings Preview

The Q3FY25 earnings season was marked by a) Festival demand, 2) Sequential improvement in government spending, 3) Moderation in Urban consumption

Axis Direct

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