Ethos Shares Can Rally 48% Says Yes Securities Post Stellar Q1 Results — Check Target Price 

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Yes Securities Report

We remain confident on Ethos Ltd. and continue to value the company at P/E(x) of 60x on FY27E EPS of Rs 63 (revised downwards by 6%), arriving at target price of Rs 3,722. Hence, we retain our Buy rating on the stock.

We reckon, Ethos is on a strong growth trajectory and the momentum should sustain for coming fiscal on the back of higher demand for luxury watches, new store opening and onboarding of newer brands.

In coming 9M FY26, Ethos is on-track to open 20-new stores, which should accelerate growth. With major volatility in CHF/INR movement behind and brands taking price hikes to mitigate the risk, margins are expected to improve from coming quarter.

Moreover, with SWISS FTA nearing finalization stage, we expect more brands to enter Indian markets and Ethos will be an ideal retailer for the brands.

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