Annual Report for the financial year 2025-26

Ref. No.: Ethos/Secretarial/2026-27/45 Dated: August 20, 2026 Corporate Service Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra, Mumbai – 400001 Mumbai - 400051 Scrip Code: 543532 Trading Symbol: ETHOSLTD ISIN: INE04TZ01018 Subject: Annual Report under Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’) Dear Sir/Madam, Pursuant to Regulations 34(1) of the SEBI Listing Regulations, please find enclosed the Annual Report of the Company along with the Notice of the 19th AGM and other Statutory Reports for the Financial Year 2025-26. The same is being sent through electronic mode to those Members whose email addresses are registered with the Company/its Registrar and Transfer Agent (RTA)/Depositories. Further, pursuant to Regulation 36(1)(b) of the SEBI Listing Regulations, the Company has initiated sending a letter to the shareholders whose e-mail addresses are not registered with the Company/RTA/Depositories, providing a web-link for accessing the Annual Report of the Company. The Annual Report is also available on the website of the Company at www.ethoswatches.com This is for your information and records. For Ethos Limited Priya Grover Company Secretary & Compliance Officer Encl: as below Ethos Limited | Annual Report 2025-26 It is often said that the true measure of an organisation lies in its ability to stand the test of time — to endure, evolve and remain relevant. Today’s dynamic operating landscape demands agility, foresight and an enduring attention to detail; it requires the ability to anticipate changing aspirations, adapt to shifting landscapes and move ahead with purpose and precision. The appeal of luxury timepieces remains with the opening of Messika’s flagship unmistakable. Watches have transcended boutique in India. Our partnership with their functional purpose; and have RIMOWA, the iconic luxury luggage become expressions of individuality, brand, further broadened our presence craftsmanship and personal legacy. within the global luxury lifestyle space A finely crafted timepiece carries a through the launch of its second timeless allure — one that continues to boutique in India. resonate across generations. Ethos is not merely keeping pace Driven by this enduring appreciation for with change — we are accelerating fine watchmaking, we at Ethos deepened with time. We believe the road ahead our commitment to luxury by bringing will be shaped by rising demand some of the world’s most respected across our portfolio and the growing craftsmanship to Indian connoisseurs. premiumisation within the luxury From expanding our retail footprint to timepiece and lifestyle segments. Our entering new luxury lifestyle categories, strategy remains focused on expanding every milestone reflected our vision of our network, enhancing productivity redefining how luxury is experienced in and building deeper partnerships with India. globally renowned brands, enabling us to create more immersive and elevated We expanded our presence across the luxury experiences. nation and elevated our luxury portfolio with the launch of City of Time — India’s premier destination for luxury watches. We also marked a significant milestone in our luxury lifestyle journey We remain committed to shaping new benchmarks, curating timeless experiences and advancing towards new horizons. Across the Pages 01 CORPORATE OVERVIEW Shaping a Legacy of Timeless Excellence 04 A Journey Shaped by the Pursuit of Perfection 06 A Year Defined by Momentum 08 A Robust Financial Engine Behind Our Growth 09 Chairman’s Message 10 Managing Director & CEO’s Message 12 Understanding the Values that Define Ethos 14 Bringing the Finest Craftsmanship to Watch Connoisseurs 15 Crafting a Legacy Rooted in Vision, Value and Virtue 16 Accelerating with Time through a Distinguished Portfolio 18 The Art of Timeless Expression 20 Where Experiences Meet Exclusivity 22 Mapping New Frontiers of Growth 24 Opening Doors to Elevated Luxury Experiences 25 Forging Partnerships that Set New Benchmarks 31 Accelerating with Time through Elevated Experiences 32 Second Movement – Orchestrating the Next Phase of Growth 34 Where Intelligence Elevates Experience 36 Shaping Market Influence Through Strategic Initiatives 37 Building Trust Through Impactful Engagement 40 Accelerating with Time through Responsible Practices 44 Striding Towards a Greener Future 46 Celebrating the Strength Behind Our Progress 48 Empowering Communities for a Better Tomorrow 52 A Framework Built on Trust and Accountability 53 Leadership that Translates Vision into Action 54 Team Leadership 55 Corporate Information 56 02 STATUTORY REPORTS Notice to Members 57 Board’s Report 65 Report on Corporate Governance 73 Management Discussion and Analysis 94 Business Responsibility and Sustainability Report 103 03 FINANCIAL STATEMENTS Standalone Financial Statements 143 Consolidated Financial Statements 209 FORWARD-LOOKING STATEMENTS Some information in this report may contain forward-looking statements which include statements regarding Company’s expected financial position and results of operations, business plans and prospects etc. and are generally identified by forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “will” or other similar words. Forward-looking statements are dependent on assumptions or basis underlying such statements. We have chosen these assumptions or basis in good faith, and we believe that they are reasonable in all material respects. However, we caution that actual results, Website To view the report online, log on to performances or achievements could differ materially from those expressed or implied in such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. www.ethoswatches.com www.ethoswatches.com/investors-information/financial Statutory Reports Ethos Limited Corporate Overview Financial Statements Annual Report 2025-26 SHAPING A LEGACY OF TIMELESS EXCELLENCE Shaping a Legacy of Timeless Excellence We have established our presence as India’s largest and most prominent luxury watch retailer, driven by an unwavering commitment to horological excellence, authenticity and the enduring trust of our discerning patrons. Vision Mission Over the years, we have built an organisation dedicated to helping customers discover timepieces that reflect their individuality and celebrate meaningful moments with their loved ones. Guided by a meticulously curated portfolio of the world’s most prestigious luxury watch maisons and an expanding footprint, we continue to shape experiences defined by refinement, exclusivity and timeless sophistication. To be the largest and As aspirations within the luxury segment evolve, we remain focused on seamlessly blending timeless elegance with contemporary sensibilities through an immersive omnichannel presence and a thoughtfully orchestrated expansion strategy. With one of the largest selections in every finest retailer in the world, Integrity and Passion and Commitment and brand, we ensure every watch we sell comes with the Ethos seal of assurance. Backed by a dedicated team and state-of-the-art facilities across with exemplary customer Transparency Intensity Ownership multiple cities, we strive to make every watch-buying experience truly memorable. service and ethical standards. Respect for Customer Excellence People First Key Highlights 100* 34 1,000+ The Foundation Behind Our Strength Watch Boutiques Cities all over Employees India HOLDING COMPANY 103* 80+ 64* Entity Relationship Core Business Activity Boutiques Premium & Luxury Exclusive watch brands Brands Holding Company – 50.11% Manufacturer of watch KDDL Limited stake in ETHOS Limi [Showing first 8,000 characters — download PDF for full document]