Ethos Limited

BSE

ETHOSLTD

Stock

Yield per half year: +14.57%
Dividend yield: 0%
Sector: Consumer Cyclical

Reporting Ethos Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Revenue, bln ₹	4.58	3.87	5.77	7.89	9.99	12.52	9.99	8.01	26.47
Net profit, bln ₹	-0.0133	0.0579	0.2339	0.603	0.8329	0.9629	0.8329	0.5381	75.46
EV, bln ₹	0.6591	0.3368	0.2174					0.4044	-30.91
EBIT, bln ₹	0.2138	0.0788	0.3758	0.8264			0.8264	0.3737	40.22
Book value, bln ₹	1.5	1.56	2.32	6.31	8.84	9.82	8.84	5.77	44.48
FCF, bln ₹	0.2272	0.5387	-0.0709	-0.5878	-0.0863	-0.9962	-0.0863	-0.2405	-213.08
Operating Cash Flow, bln ₹	0.3698	0.6345	0.1665	-0.0215	0.3081	-0.2029	0.3081	0.1769	-179.61
Operating profit, bln ₹	0.2553	0.119	0.354	0.7978	1.03	1.27	1.03	0.7142	60.57
Operating expenses, bln ₹	4.32	3.75	5.42	7.09	8.96	11.25	8.96	7.29	24.57
CAPEX, bln ₹	0.1426	0.096	0.2373	0.5664	0.3945	0.7933	0.3945	0.4175	52.56

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Revenue, bln ₹		2.3	2.08	2.3	2.35	2.81	2.53	2.73	2.97	3.7	3.11	3.01	4.21
Net profit, bln ₹		0.2066	0.1328	0.1816	0.1859	0.2552	0.2103	0.228	0.2125	0.2949	0.2275	0.2346	1.58
EBIT, bln ₹	0.1781	0.2706	0.1888	0.2319								0.2173	6.82
Book value, bln ₹	5.98		6.31		6.68		8.84		9.28		9.82	8.19	9.25
Operating profit, bln ₹		0.2706	0.1602	0.2319	0.2458	0.3202	0.324	0.2896	0.2715	0.4028	0.3067	0.3189	-1.09
Operating expenses, bln ₹		2.03	1.92	2.07	2.11	2.49	2.2	2.44	2.7	3.3	2.81	2.69	5.02

	Average for 5 quarters	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Cash, bln ₹	0.0984	0.1831	0.3768	0.2789	0.6058	0.2848	0.6058	0.3459	9.24
Short-Term Investments ₹	0.0131	0.0311	0.0063	2.16	2.78	2.03	2.78	1.40	130.65
Accounts Receivable ₹	0.2624	0.1218	0.0518	0.0618	0.1557	0.1826	0.1557	0.1147	8.44
Total Current Assets ₹	2.76	2.57	3.36	6.39	8.64	8.91	8.64	5.97	28.23
Net assets, bln ₹	1.25	1.16	1.29					1.23	1.06
Assets, bln ₹	4.22	3.92	5.04	8.8	11.71	14.1	11.71	8.71	29.18
Short-Term Debt ₹	0.5999	0.3491	0.3178	0.0087	0.0464	0.0183	0.0464	0.1481	-44.55
Long-Term Debt ₹	0.1576	0.1708	0.2764	0.0712	0.0206	0.0013	0.0206	0.1081	-62.30
Liabilities, bln ₹	2.72	2.36	2.73	2.48	2.87	4.27	2.87	2.94	12.59
Net debt, bln ₹	0.6591	0.3368	0.2174	-0.199	-0.5388	-0.2652	-0.5388	-0.0898	-195.33
Debt, bln ₹	0.7575	0.5199	0.5942	0.0799	0.067	0.0196	0.067	0.2561	-48.09
Interest Income ₹	0.0114	0.011	0.0203	0.1194				0.0405	79.90
Interest Expense, bln ₹	0.1963	0.169	0.1667	0.1416	0.1602	0.1944	0.1602	0.1664	2.84
Net interest income, bln ₹	-0.2265	-0.1875	-0.1667	-0.1416			0.1194	-0.1806	-11.08
Cost of production, bln ₹	3.29	2.82	4.11	5.44	6.98	8.77	6.98	5.62	25.47
Inventory ₹	2.25	2.02	2.54	3.58	4.4	5.93	4.4	3.69	24.03

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Cash, bln ₹	0.1281		0.2789		0.311		0.6058		2.36		0.2848	0.7681	0.42
Short-Term Investments ₹	2.63		2.16		1.64		2.78		0.5682		2.03	1.84	-1.23
Accounts Receivable ₹	0.0671		0.382		0.1469		0.1557		0.1761		0.1826	0.2087	-13.72
Total Current Assets ₹	6.39		6.39		6.56		8.64		9.1		8.91	7.92	6.87
Net assets, bln ₹	1.24											1.24	0.00
Assets, bln ₹	8.39		8.8		9.36		11.71		12.75		14.1	11.34	9.89
Short-Term Debt ₹	0.0208		0.0087		0.0038		0.0464		0.0532		0.0183	0.0261	16.03
Long-Term Debt ₹	0.0773		0.0712		0.0652		0.0206		0.0015		0.0013	0.0320	-55.10
Liabilities, bln ₹	2.42		2.48		2.68		2.87		3.47		4.27	3.15	11.48
Net debt, bln ₹			-0.199		-0.2421		-0.5388		-2.3		-0.2652	-0.7090	5.91
Debt, bln ₹			0.0799		0.069		0.067		0.0547		0.0196	0.0580	-24.50
Interest Expense, bln ₹		0.0311	0.0348	0.038	0.0414	0.0404	0.0401	0.0453	0.0455	0.0517	0.052	0.0469	5.33
Net interest income, bln ₹	-0.0334	-0.0311	-0.0348	-0.038	-0.0414	-0.0404						-0.0371	5.37
Cost of production, bln ₹		1.58	1.47	1.6	1.62	1.97	1.83	1.92	2.07	2.62	2.15	2.12	3.28
Inventory ₹	3.12		3.58		4.05		4.4		5.42		5.93	4.68	10.62

	Average for 5 quarters	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS	-0.5713	2.48	10.02	25.82	34.02	39.33	34.02	22.33	73.80
Share price			1017.05	2090.35	2941.2	2903.35	2903.35	2237.99	29.98
Number of shares, mln	23.35	23.35	23.35	23.35	24.48	24.48	24.48	23.80	0.95
FCF/share	9.73	23.07	-3.04	-25.18	-3.53	-40.69	-3.53	-9.8740	-212.02

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
EPS	6.56	5.81	8.85	5.69	7.78	7.96	10.84	8.59	8.68	9.29		9.07	3.14
Share price	784.96	973.66	972.12	991.81	1250.51	1582.07	1826.11			2460.85	2903.35	2004.58	18.35

	Average for 5 quarters	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %	-0.8901	3.72	12.08	13.97	10.99	10.32	10.99	23.66	10.22	22.64
ROA, %	-0.3161	1.48	5.22	8.71	8.12	7.46	8.12	15.68	6.20	38.20
ROS, %	-0.2914	1.5	4.05	7.65	8.34	8.34	8.34	16.24	5.98	40.93
ROCE, %	14.26	5.06	11.02	11.32		9.35	9.35	29.63	10.20	-8.10
EBIT margin	4.67	2.04	6.51	10.48		8.27	8.27	20.30	6.39	12.11
EBITDA margin						0	0	23.87
Net margin	-0.2914	1.5	4.05	7.65	8.34	7.69	8.34	16.24	5.85	38.67
Operational efficiency, %	5.58	3.08	6.13	10.12	10.31	10.31	10.31	20.72	7.99	27.33

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %	2.27		2.91		5.72		4.43		3.16		3.06			23.66	3.86	1.01
ROA, %	1.62		3.02		3.97		2		1.74		1.69			15.68	2.48	-10.96
ROS, %				7.89	7.9	9.07	8.33	8.35	7.15	7.97	7.31	8.34	8.34	16.24	7.82	3.13
ROCE, %	2.98		2.68									9.35	9.35	29.63	6.09	33.09
EBIT margin				10.08								8.27	8.27	20.30	8.87	-6.38
Net margin		8.99	6.4	7.89	7.9	9.07	8.33	8.35	7.15	7.97	7.31			16.24	7.82	-2.58
Operational efficiency, %				10.08	10.45	11.38	12.83	10.6	9.14	10.89	9.85	10.31	10.31	20.72	10.10	2.44

	Industry average	Average for 5 quarters	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E				37.23	77.77	63.04	77.77	54.93	59.35	19.19
P/BV				3.56	7.33	6.18	7.33	10.17	5.69	20.18
P/S				2.85	6.48	4.85	6.48	6.34	4.73	19.39
P/FCF				0	0	0	0	-33.48
E/P				0	0	0	0	0.02
EV/EBIT	3.08	4.28	0.5785		0	0	0	36.21	2.65	-42.73
EV/S	0.144	0.0871	0.0377	0	0	0	0	6.48	0.0896	-36.03
EV/FCF	2.9	0.6252	-3.07		0	0	0	-50.48	0.1517	-201.92
Debt/EBITDA				0	0	0	0	1.28
Netdebt/Ebitda				0	0	0	0	1.23
Debt/Ratio	0.1795	0.1326	0.1178	0.0091	0.0057	0.0057	0.0057	0.18	0.0542	-46.71
Debt/Equity	0.5054	0.3341	0.2565	0.0127	0.0076	0.3243	0.3243	0.73	0.1870	-0.59
Debt/Net Income	-56.78	8.99	2.54	0.1325	0.0804	0.0804	0.0804	3.96	2.36	-61.07
PEG						13.68	13.68	-31.20	13.68	0.00
Beta				0.8508	1.2	0.4691	0.4691	1.08	0.8400	-18.00
Altman Index				0	0.953	0.953	0.953	6.19	0.9530	0.00

	2022Q3	2023Q1	2023Q3	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E	168.75	83.64	128.89	118.96	136.35	71.82			54.93	107.93	-3.00
P/BV	3.83	3.56	6.15	7.33	9.08	6.18			10.17	6.46	11.66
P/S	12.87	5.83	9.28	9.04	10.58	5.48			6.34	8.04	-1.23
Debt/Ratio		0.0091	0.0074	0.0057	0.0043	0.0014	0.0057	0.0057	0.18	0.0046	0.00
Debt/Equity		0.0127	0.0103	0.0076	0.0059	0.002	0.3243	0.3243	0.73	0.1328	111.85
Debt/Net Income			0.3709	0.3185	0.2576	0.0862	0.0804	0.0804	3.96	0.1646	-24.07
PEG							13.68	13.68	-31.20	13.68	0.00
Beta						1.75	0.8632	0.4691	1.08	1.03	-35.52
Altman Index						0.953	0.953	0.953	6.19	0.9530	0.00

	Industry average	Average for 5 quarters	CAGR 5

Dividends

IFRS

Reporting Annual

	LTM	Industry average	Average for 5 years	CAGR 5
Dividend	0
Dividend yield, %	0	1.97

	Industry average	Average for 5 quarters	CAGR 5

	Industry average	Average for 5 quarters	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Revenue, %	3.12	2.48	4.11	7.18	3.95	6.34	3.95	20.65
Staff, people				536	536			0.00

	CAGR 5

	CAGR 5