Ethos Limited (ETHOSLTD) - Net Assets
Based on the latest financial reports, Ethos Limited (ETHOSLTD) has net assets worth Rs16.10 Billion INR (≈ $174.08 Million USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Rs21.40 Billion ≈ $231.48 Million USD) and total liabilities (Rs5.31 Billion ≈ $57.41 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check asset resilience ratio of Ethos Limited to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | Rs16.10 Billion |
| % of Total Assets | 75.2% |
| Annual Growth Rate | 34.28% |
| 5-Year Change | 531.18% |
| 10-Year Change | 1619.01% |
| Growth Volatility | 46.9 |
Ethos Limited - Net Assets Trend (2015–2025)
This chart illustrates how Ethos Limited's net assets have evolved over time, based on quarterly financial data. Also explore Ethos Limited (ETHOSLTD) total assets for the complete picture of this company's asset base.
Annual Net Assets for Ethos Limited (2015–2025)
The table below shows the annual net assets of Ethos Limited from 2015 to 2025. For live valuation and market cap data, see Ethos Limited market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-03-31 | Rs9.82 Billion ≈ $106.22 Million |
+11.11% |
| 2024-03-31 | Rs8.84 Billion ≈ $95.60 Million |
+39.98% |
| 2023-03-31 | Rs6.31 Billion ≈ $68.29 Million |
+172.57% |
| 2022-03-31 | Rs2.32 Billion ≈ $25.06 Million |
+48.88% |
| 2021-03-31 | Rs1.56 Billion ≈ $16.83 Million |
+3.83% |
| 2020-03-31 | Rs1.50 Billion ≈ $16.21 Million |
+14.93% |
| 2019-03-31 | Rs1.30 Billion ≈ $14.10 Million |
+42.35% |
| 2018-03-31 | Rs916.07 Million ≈ $9.91 Million |
+41.68% |
| 2017-03-31 | Rs646.56 Million ≈ $6.99 Million |
+13.16% |
| 2016-03-31 | Rs571.37 Million ≈ $6.18 Million |
+10.91% |
| 2015-03-31 | Rs515.18 Million ≈ $5.57 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Ethos Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 88303.4% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (March 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | Rs2.71 Billion | 27.64% |
| Common Stock | Rs244.80 Million | 2.49% |
| Other Comprehensive Income | Rs22.87 Million | 0.23% |
| Other Components | Rs6.84 Billion | 69.63% |
| Total Equity | Rs9.82 Billion | 100.00% |
Ethos Limited Competitors by Market Cap
The table below lists competitors of Ethos Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Double Bond Chemical Ind Co Ltd
TW:4764
|
$695.32 Million |
|
Catapult Group International Ltd
AU:CAT
|
$695.34 Million |
|
ZJAMP Group Co Ltd
SHE:002758
|
$695.40 Million |
|
Zhejiang Yankon Group Co Ltd
SHG:600261
|
$695.48 Million |
|
Shandong Shuangyi Technology Co Ltd
SHE:300690
|
$694.18 Million |
|
Slate Grocery REIT
TO:SGR-UN
|
$694.00 Million |
|
Zhuhai Comleader Information Science & Technology Co. Ltd. A
SHG:688175
|
$693.91 Million |
|
Pilkington Deutschland AG
HM:FDD
|
$693.86 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Ethos Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 8,839,669,000 to 9,821,969,000, a change of 982,300,000 (11.1%).
- Net income of 962,879,000 contributed positively to equity growth.
- Other comprehensive income increased equity by 20,797,999.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | Rs962.88 Million | +9.8% |
| Other Comprehensive Income | Rs20.80 Million | +0.21% |
| Other Changes | Rs-1.38 Million | -0.01% |
| Total Change | Rs- | 11.11% |
Book Value vs Market Value Analysis
This analysis compares Ethos Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 5.99x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 53.66x to 5.99x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2015-03-31 | Rs44.76 | Rs2401.80 | x |
| 2016-03-31 | Rs48.08 | Rs2401.80 | x |
| 2017-03-31 | Rs50.81 | Rs2401.80 | x |
| 2018-03-31 | Rs65.10 | Rs2401.80 | x |
| 2019-03-31 | Rs55.85 | Rs2401.80 | x |
| 2020-03-31 | Rs84.66 | Rs2401.80 | x |
| 2021-03-31 | Rs84.83 | Rs2401.80 | x |
| 2022-03-31 | Rs125.67 | Rs2401.80 | x |
| 2023-03-31 | Rs278.12 | Rs2401.80 | x |
| 2024-03-31 | Rs371.19 | Rs2401.80 | x |
| 2025-03-31 | Rs401.19 | Rs2401.80 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Ethos Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 9.80%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 7.69%
- • Asset Turnover: 0.89x
- • Equity Multiplier: 1.44x
- Recent ROE (9.80%) is above the historical average (1.78%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2015 | 0.29% | 0.05% | 1.48x | 3.67x | Rs-50.00 Million |
| 2016 | -15.68% | -2.74% | 1.57x | 3.64x | Rs-146.72 Million |
| 2017 | -16.64% | -3.30% | 1.54x | 3.27x | Rs-172.22 Million |
| 2018 | 2.97% | 0.77% | 1.43x | 2.73x | Rs-64.37 Million |
| 2019 | 7.58% | 2.23% | 1.20x | 2.83x | Rs-31.52 Million |
| 2020 | -0.89% | -0.29% | 1.09x | 2.82x | Rs-163.21 Million |
| 2021 | 3.06% | 1.23% | 0.99x | 2.52x | Rs-108.04 Million |
| 2022 | 10.09% | 4.05% | 1.14x | 2.18x | Rs2.20 Million |
| 2023 | 9.55% | 7.65% | 0.90x | 1.39x | Rs-28.51 Million |
| 2024 | 9.42% | 8.34% | 0.85x | 1.32x | Rs-51.02 Million |
| 2025 | 9.80% | 7.69% | 0.89x | 1.44x | Rs-19.32 Million |
Industry Comparison
This section compares Ethos Limited's net assets metrics with peer companies in the Luxury Goods industry.
Industry Context
- Industry: Luxury Goods
- Average net assets among peers: $4,087,280,599
- Average return on equity (ROE) among peers: 4.18%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Ethos Limited (ETHOSLTD) | Rs16.10 Billion | 0.29% | 0.33x | $695.02 Million |
| D. P. Abhushan Limited (DPABHUSHAN) | $410.79 Million | 19.83% | 3.74x | $255.64 Million |
| Goenka Diamond and Jewels Limited (GOENKA) | $3.27 Billion | 14.53% | 1.08x | $2.81 Million |
| Goldiam International Limited (GOLDIAM) | $3.68 Billion | 5.48% | 0.31x | $460.50 Million |
| Kalyan Jewellers India Limited (KALYANKJIL) | $20.01 Billion | -0.18% | 3.03x | $4.61 Billion |
| Laxmi Goldorna House Ltd (LGHL) | $313.29 Million | 0.39% | 0.86x | $139.82 Million |
| Lypsa Gems & Jewellery Limited (LYPSAGEMS) | $997.24 Million | -25.99% | 1.88x | $1.69 Million |
| Moksh Ornaments Limited (MOKSH) | $5.33 Million | 6.16% | 25.22x | $12.34 Million |
| Motisons Jewellers Ltd (MOTISONS) | $915.14 Million | 3.46% | 1.92x | $146.04 Million |
| Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL) | $7.19 Billion | 13.97% | 1.08x | $91.62 Million |
About Ethos Limited
Ethos Limited operates a chain of luxury watch boutiques in India. The company offers luxury and premium watches; pre-owned watches; jewellery and jewellery boxes; watch straps, stands, and winders; clocks; collector boxes; and luggage products. It also provides product repair and services, including movement overhauling, battery replacement, ultrasonic cleaning, polishing, performance tests, and… Read more