ETERNAL · Consumer Services
Eternal Ltd. reported revenue of ₹7,167 cr for April to June 2025, +70.4% on the year and +22.9% on the quarter. It is the highest quarterly revenue in the last 9 quarters on record. Over the last four quarters revenue comes to ₹23,204 cr, +66.9% on the four before.
Operating profit (EBITDA) was ₹115 cr, a margin of 1.6%, −260 bps on the year and +37 bps on the quarter. Over the last 8 quarters the margin has ranged from −1.7% to 4.7%, averaging 2.1%. Operating costs grew +75.0%, faster than revenue at +70.4%, so operating profit grew less than sales.
Net profit was ₹25.0 cr, −90.1% on the year and −35.9% on the quarter, with earnings per share of ₹0.03. Profit before other income, one-offs and tax fell 8,966.7%, so 8,877 points of the headline growth came from outside the core business. Profit over the last four quarters totals ₹299 cr, −50.3% on the four before.
On earnings per share of ₹0.33 over the last four quarters, the stock at ₹324.90 trades at 984.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 402% of profit before tax, against 99% a year earlier.
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹67.0 cr, +168.0% on the year; 58% of EBITDA.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 1.6%, −260 bps on the year (+37 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,848 cr | ₹3,288 cr | ₹3,562 cr | ₹4,206 cr | ₹4,799 cr | ₹5,405 cr | ₹5,833 cr | ₹7,167 cr | ₹13,590 cr | ₹16,315 cr | ₹17,292 cr | ₹20,211 cr |
| YoY | — | — | — | +74% | +69% | +64% | +64% | +70% | +183% | +202% | +196% | +182% |
| EBITDA margin | −1.7% | 1.6% | 2.4% | 4.2% | 4.7% | 3.0% | 1.2% | 1.6% | 1.8% | 2.3% | 2.8% | 2.9% |
| Other income, % of PBT | 1,010% | 177% | 146% | 99% | 93% | 203% | 379% | 402% | 273% | 205% | 150% | 138% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | −11% | −9% | −6% | 26% | 52% | 60% | 72% | 50% | 40% | 24% | 66% |
| Net profit | ₹36.0 cr | ₹138 cr | ₹175 cr | ₹253 cr | ₹176 cr | ₹59.0 cr | ₹39.0 cr | ₹25.0 cr | ₹65.0 cr | ₹102 cr | ₹174 cr | ₹92.0 cr |
| YoY | — | — | — | +12,550% | +389% | −57% | −78% | −90% | −63% | +73% | +346% | +268% |
| Core profit YoY | — | — | — | — | — | — | — | −8,967% | −1,494% | — | — | — |
| EPS | ₹0.04 | ₹0.16 | ₹0.20 | ₹0.29 | ₹0.20 | ₹0.06 | ₹0.04 | ₹0.03 | ₹0.07 | ₹0.11 | ₹0.18 | ₹0.10 |
| Flags | 2 | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Eternal Ltd. reported revenue of ₹7,167 cr (+70.4% on the year) and net profit of ₹25.0 cr (−90.1% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −8,966.7% on the year, against −90.1% for reported profit.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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