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>Ethos Ltd hosted an exhibition showcasing some of the world’s finest timepieces nominated by the Grand Prix d’Horlogerie de Genève (GPHG) Academy, in the presence of Mr. Raymond Loretan, President, GPHG Foundation.</li><li>The event was followed by an interaction with the management, which outlined its long-term growth strategy and expansion plans.</li><li>The discussions reinforced Ethos’ confidence in the structural growth opportunity for luxury watches and accessories in India. </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.

Ethos Ltd hosted an exhibition showcasing some of the world’s finest timepieces nominated by the Grand Prix d’Horlogerie de Genève (GPHG) Academy, in the presence of Mr. Raymond Loretan, President, GPHG Foundation.The event was followed by an interaction with the management, which outlined its long-term growth strategy and expansion plans.The discussions reinforced Ethos’ confidence in the structural growth opportunity for luxury watches and accessories in India. 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 - GPHG Exhibition Reinforces India’s Luxury Watch Opportunity

<ul><li>Ethos, established in 2003, is one of India’s leading luxury watch retailers, offering a wide portfolio of premium and luxury international brands.</li><li>Its growth is driven by premiumisation, exclusive brand partnerships, store expansion and the fast-growing CPO segment.</li><li>Ethos reported 33.3% YoY revenue growth in Q1FY27, with 13.2% SSSG, indicating that growth remains healthy even across the existing store base.</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.

Ethos, established in 2003, is one of India’s leading luxury watch retailers, offering a wide portfolio of premium and luxury international brands.Its growth is driven by premiumisation, exclusive brand partnerships, store expansion and the fast-growing CPO segment.Ethos reported 33.3% YoY revenue growth in Q1FY27, with 13.2% SSSG, indicating that growth remains healthy even across the existing store base.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.

Pick of the Week: Ethos Ltd - 22nd August, 2026

<ul><li>Strong Revenue Momentum: Ethos delivered a robust 33.3% YoY revenue growth in Q1FY27, driven primarily by continued store expansion and healthy underlying demand.</li><li>Same-store sales growth (SSSG) remained strong at 13.2%, while the average selling price (ASP) stood at a healthy Rs 2.26 Lc, reflecting a favourable premium product mix.</li><li>During the quarter, the company added eight new boutiques, taking its retail network to 103 boutiques across 34 cities. n due to higher employee and other expenses related to aggressive store expansion</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.

Strong Revenue Momentum: Ethos delivered a robust 33.3% YoY revenue growth in Q1FY27, driven primarily by continued store expansion and healthy underlying demand.Same-store sales growth (SSSG) remained strong at 13.2%, while the average selling price (ASP) stood at a healthy Rs 2.26 Lc, reflecting a favourable premium product mix.During the quarter, the company added eight new boutiques, taking its retail network to 103 boutiques across 34 cities. n due to higher employee and other expenses related to aggressive store expansionContent 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 Momentum Continues; Maintain BUY

<ul><li>Strong Revenue Momentum: Ethos reported robust revenue growth of ~33% YoY in Q4FY26, supported by sustained demand for its luxury portfolio, rising customer engagement, and growing luxury consumption trends in India.</li><li>Same-store sales growth stood at 14.2%, while average selling price remained healthy at ~Rs 2.1 Lc.</li><li>The company expanded its footprint with four exclusive brand outlets, including three watch boutiques and one luggage boutique.</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.

Strong Revenue Momentum: Ethos reported robust revenue growth of ~33% YoY in Q4FY26, supported by sustained demand for its luxury portfolio, rising customer engagement, and growing luxury consumption trends in India.Same-store sales growth stood at 14.2%, while average selling price remained healthy at ~Rs 2.1 Lc.The company expanded its footprint with four exclusive brand outlets, including three watch boutiques and one luggage boutique.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

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

India

Ethos is a leading luxury and premium watch retailer in India, operating a chain of boutiques and an omnichannel platform. The company offers a wide range of luxury and premium watches, certified pre-owned watches, jewelry, and watch accessories, alongside providing repair and maintenance services. Ethos was founded in 2003 and is headquartered in Gurugram, India.

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Ethos (ETHOSLTD IN)

Ethos Ltd - GPHG Exhibition Reinforces India’s Luxury Watch Opportunity

The event was followed by an interaction with the management, which outlined its long-term growth strategy and expansion plans.

Axis Direct

Pick of the Week: Ethos Ltd - 22nd August, 2026

Ethos, established in 2003, is one of India’s leading luxury watch retailers, offering a wide portfolio of premium and luxury international brands.

Axis Direct

Ethos Ltd - Growth Momentum Continues; Maintain BUY

Ethos delivered a robust 33.3% YoY revenue growth in Q1FY27, driven primarily by continued store expansion and healthy underlying demand.

Axis Direct

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

Ethos reported robust revenue growth of ~33% YoY in Q4FY26, supported by sustained demand for its luxury portfolio, rising customer engagement...

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

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