Ethos Q1: consolidated PAT +51% YoY to ₹28.7 Cr as store-led revenue jumps 33%
PAT +50.7% YoY · revenue +33.3% · margins expanding
₹461.71 Cr
+33.3% YoY
₹28.66 Cr
+50.7% YoY
6.03%
+0.6pp YoY
₹10.51
Ethos delivered a strong Q1 FY27 (quarter ended 30 June 2026) on a consolidated basis — the primary read. Revenue from operations rose 33.3% YoY to ₹461.7 Cr (from ₹346.3 Cr) and net profit for the period grew 50.7% YoY to ₹28.7 Cr (owners' share ₹28.1 Cr, +48% YoY), with basic EPS at ₹10.51 versus ₹7.77 a year ago. Profit expanded well ahead of the topline, lifting net margin to 6.0% from 5.4% a year earlier. There were no exceptional items in the quarter, so the growth is clean and underlying. Sequentially, revenue was up 11.5% and PAT up 25.9% over a seasonally strong Q4 (wedding season) — supporting detail only; the YoY step-up is the story.
Q1 FY-2027 vs prior quarters
The margin bridge sits above the operating line and below it. Operating margin held around 13.3% — flat versus the year-ago 13.3% but up from 12.4% in Q4 — while the net-level expansion came from operating leverage (depreciation ₹24.7 Cr and finance costs ₹7.4 Cr grew slower than the 33% topline) and a proportionally smaller associate/JV drag (share of loss ₹1.63 Cr versus ₹1.11 Cr YoY, small on a much larger base). Growth was store-led: the company opened its 101st (Delhi Airport), 102nd (Vizag) and 103rd (Amritsar) watch boutiques in and just after the quarter. Consolidated PAT grew faster than standalone (+51% vs standalone's +38% to ₹27.99 Cr) as subsidiary and associate performance improved — a divergence worth flagging since the two numbers appear side by side.
The stock went into the print at ₹2,749.7, up 10% over the past month of trading.
Management gives no formal quarterly guidance and none is on record, so there is no prior-outlook bar to grade against; on the Street side no quarter-specific consensus was published for this small-cap (Emkay carried a ₹2,800 target, trimmed from ₹2,950, and annual consensus looked for ~34% net-income growth — the quarter's +51% PAT runs ahead of that pace), so vsStreet is left unknown rather than invented. Alongside the results the board noted the resignation of Independent Director Dilpreet Singh (effective 3 Aug 2026, citing professional commitments, no disagreement disclosed) and the earlier (30 Apr 2026) ₹20.3 Cr purchase lifting its stake in subsidiary Ethos Lifestyle to 77.42% from 75.05%. The print sets up Q2 on whether the store-addition pace sustains the topline and the 6% net margin holds.
W1
Store rollout pace — 3 boutiques added (to 103) around Q1; watch whether new-store additions sustain the +33% YoY topline into Q2
W2
Net margin durability — expanded to 6.0% this quarter; watch whether it holds above the 5.4% year-ago level as inventory swings and finance costs (₹7.4 Cr) normalise
W3
Subsidiary/associate contribution — consolidated PAT (+51%) outran standalone (+38%); watch whether the narrowing associate/JV loss (₹1.63 Cr) continues after the Ethos Lifestyle stake rise to 77.42%
Statement in ₹ Lakh, converted to ₹ Cr. Consolidated table's raw-text column order was transposed vs the rendered image; used the image (June 30 2026 = first column: rev ₹46,170.52 L, net ₹2,866.37 L), cross-checked against DB comparison which matches the March-31-2026 column (₹41,401.02 L / ₹2,276.16 L). Consolidated net profit incl NCI ₹0.53 Cr (owners' PAT ₹28.13 Cr); share of associate/JV loss ₹1.63 Cr. No exceptional items in the quarter (new Labour Codes impact nil this qtr; only FY26 full year), so raw YoY = adjusted YoY.