Equirus initiates Ethos at 'Long' with Rs 3,117 target, 27% upside on luxury watch tailwinds
India's largest organised luxury watch retailer wins fresh brokerage backing. Equirus cites 91 boutiques across 32 cities, 80 brand partnerships, and 70 new boutiques planned. TEPA and GST 2.0 reforms seen powering 27% revenue CAGR through FY29.
Equirus initiates 'Long' on Ethos with Rs 3,117 target (27% upside), citing India's largest organised luxury watch retailer status, 91 boutiques across 32 cities, 80 brand partnerships, and TEPA/GST 2.0 tailwinds driving projected 27% revenue CAGR through FY29.
Why this matters
Equirus backing reinforces Ethos's aggressive expansion thesis, following the retailer's stated plan to double its store network to 200 boutiques within 3-4 years as smartwatch competition concerns recede.
Retail-brand signals steady at 1,999 over 90 days, reflecting consistent sector activity.