Ethos Ltd

Ethos Ltd has received an order from the Commissioner (Appeals-III), CGST & Central Excise, Mumbai, dismissing its appeals and upholding penalties totaling ₹2,15,78,391. These penalties were imposed under Section 122(1)(ii) of the Central Goods and Services Tax Act, 2017. The company is currently evaluating the order and exploring available legal remedies, including a further appeal. Ethos Ltd believes it has strong grounds to contest the matter and states that the order does not have a material impact on its operations. The company is reviewing the order with legal advisors.

Ethos Limited has inaugurated a new watch boutique at Terminal 2 of Indira Gandhi International Airport, Delhi. This marks the company's 101st boutique nationwide. The expansion aims to strengthen its luxury brand portfolio and enhance accessibility for discerning customers in a key retail market, aligning with the company's strategic vision for luxury experiences.

Ethos Limited's Board of Directors approved the audited financial results (standalone and consolidated) for the quarter and financial year ended March 31, 2026. The board also appointed Mr. Munish Gupta as an Additional Director (Executive Director), subject to shareholder approval. The auditor's report confirms an unmodified opinion on the financial results.

Ethos Limited, India's luxury watch retailer, announced the opening of its 100th boutique in Indore on May 15, 2026. This milestone marks Ethos' commitment to delivering luxury timepieces and service across India. The new boutique features a range of international watch brands. Ethos has expanded its retail experience through mono boutiques, Summits, and Haute Horology boutiques, including City of Time in Gurugram.

Ethos Ltd has inaugurated a new Ethos Watch Boutique in Indore, located at Treasure Island Mall. This opening marks a significant step in strengthening the company's luxury brand portfolio and expanding its presence in India's luxury retail market. With this new location, Ethos now operates 100 boutiques across India, aiming to make exclusive brands more accessible to Indian customers.

Ethos Limited has inaugurated a new Exclusive Brand Boutique at Phoenix Mall of Asia, Bengaluru. This opening strengthens Ethos's luxury brand portfolio and expands its presence in India's luxury retail market. With this launch, Ethos now operates 99 boutiques across India, aiming to make exclusive brands more accessible to Indian customers.

Ethos Ltd has released the Monitoring Agency Report by CRISIL Ratings Limited regarding the utilization of proceeds from its Rights Issue for the quarter ended March 31, 2026. The report, in compliance with SEBI regulations, confirms that the proceeds were utilized towards General Corporate Purposes (GCP) as disclosed in the Offer Document dated June 06, 2025. The Monitoring Agency declares an objective view based on provided information, without performing an audit or independent verification. No deviations from the stated objectives were noted.

Ethos Ltd reports no deviations or variations in the utilization of proceeds from its Rights Issue for the quarter ended March 31, 2026. The funds raised, up to ₹40,990.50 lakh, were intended for funding working capital, general corporate purposes, and issue-related expenses. CRISIL Ratings Limited is the monitoring agency. The company confirms that no proceeds were utilized towards the stated objects during the reported quarter.

Ethos Ltd has appointed Mr. Munish Gupta as an Additional Director in the category of Executive Director, effective May 12, 2026. The appointment, based on the Nomination & Remuneration Committee's recommendation, is subject to shareholder approval. Mr. Gupta, a Chartered Accountant with an MBA from IIM Ahmedabad and a Diploma in IFRS, brings over 20 years of experience in finance, business operations, M&A, and strategic management across various sectors. He is not related to any existing directors.

Ethos Ltd has appointed Mr. Munish Gupta as an Additional Director in the category of Executive Director, effective May 12, 2026. The appointment, based on the recommendation of the Nomination & Remuneration Committee, is subject to shareholder approval. Mr. Gupta, a qualified Chartered Accountant with an Executive MBA from IIM Ahmedabad, brings over 20 years of experience in finance, business operations, M&A, and strategic management across various sectors.