Ethos Limited (NSE:ETHOSLTD) submitted its Business Responsibility and Sustainability Report for FY2025-26 to BSE and NSE on 20 August 2026, pursuant to Regulation 34(2)(f) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The report disclosed a standalone turnover of Rs 1,61,259.61 lakh and net worth of Rs 1,48,146.81 lakh for the year ended 31 March 2026.
Key Highlights
- The BRSR is filed on a standalone basis for Ethos Limited and covers the financial year from 1 April 2025 to 31 March 2026.
- Standalone turnover for FY2025-26 stood at Rs 1,61,259.61 lakh, with net worth reported at Rs 1,48,146.81 lakh as at 31 March 2026.
- The company reported 1,109 total employees as at 31 March 2026, of whom 20.65% are women, across 94 retail stores in 30 cities.
- Total employee turnover rate for permanent staff improved to 24.90% in FY2025-26 from 27.60% in FY2024-25 and 29.70% in FY2023-24.
About the Company
Ethos Limited (NSE:ETHOSLTD), incorporated in November 2007 and registered in Parwanoo, Himachal Pradesh, is India's largest luxury and premium watch retail chain. The company operates 94 retail stores, 8 service centres, and 8 back-end offices across 30 cities, with its corporate office in Chandigarh. Watches and watch accessories account for 100% of the company's standalone turnover. KDDL Limited holds a majority stake as the promoter entity.
Announcement in Detail
The BRSR, signed by Company Secretary and Compliance Officer Priya Grover, confirms that retail trading of watches and watch accessories under NIC Code 47732 constitutes 100% of the entity's turnover. As at 31 March 2026, the company operated 121 national establishments and 2 international establishments. The company does not export any goods, and all revenues are derived from domestic retail sales in India.
The report also discloses the company's corporate group structure as at 31 March 2026. Holding company KDDL Limited holds 43.07% directly and 7.52% indirectly in Ethos Limited. The company's wholly owned subsidiaries include Cognition Digital LLP and Ficus Trading LLC, while Ethos Lifestyle Private Limited is a 75.05% subsidiary. Micron Watch Service Private Limited and Pasadena Retail Private Limited are joint ventures, with Silvercity Brands AG as a 33.88% associate. No third-party assurance was obtained for the BRSR indicators.
Impact on Investors
Investors will note that the BRSR is a mandatory regulatory disclosure under SEBI's listing regulations and does not alter the company's capital structure, dividend policy, or borrowing profile. The filing shows a paid-up capital of Rs 26.76 crore and a net worth of Rs 1,48,146.81 lakh as at 31 March 2026, which are consistent with the standalone reporting boundary disclosed. Shareholders will observe that the report has not been externally assured, which the company has noted as not applicable for the current year.
The filing also shows customer complaints rose to 453 in FY2025-26 from 356 in FY2024-25, with 18 complaints pending resolution at the close of each year. Investors will note that the company's grievance redress policy is available on its investor relations web page. The disclosed trends in employee attrition and customer complaints are factual data points from the BRSR that form part of the company's broader governance disclosures.
Sector / Market Context
India's organised luxury and premium watch retail segment has seen steady formalisation over the past decade, with branded multi-watch retail chains gaining share from unorganised traders. SEBI introduced mandatory BRSR disclosure requirements for the top 1,000 listed companies by market capitalisation from FY2022-23 onwards, making sustainability reporting a compliance baseline rather than a voluntary initiative for companies such as Ethos Limited. The Indian retail sector, as tracked by industry bodies including the Retailers Association of India, continues to see structured ESG disclosures become a standard feature of listed company annual reports.