ETERNAL · Consumer Services
Eternal Ltd. reported revenue of ₹24,138 cr for July to September 2026, +77.6% on the year and +19.4% on the quarter. That is slower than this quarter has grown in recent years (+125.8% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹77,956 cr, +143.7% on the four before.
Operating profit (EBITDA) was ₹752 cr, a margin of 3.1%, +136 bps on the year and +18 bps on the quarter. It is the widest margin of the last 8 quarters (range 1.2% to 3.1%). Operating costs grew +75.2% against revenue growth of +77.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹125 cr, +92.3% on the year and +35.9% on the quarter, with earnings per share of ₹0.13. The tax rate was 61% against an average of 38% over the previous 5 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹493 cr, +162.2% on the four before.
Of the 20 companies in Consumer Services that have reported Q2 FY27 so far, Eternal Ltd. ranks 1st on revenue growth; the sector median is +19.7%. Its margin moved +136 bps on the year against a sector median of +55 bps.
Eternal Ltd. is a Nifty 50 company. Of the 47 Nifty 50 companies reported so far, the median profit growth is +21.2%; Eternal Ltd.'s +92.3% puts it above that.
On earnings per share of ₹0.52 over the last four quarters, the stock at ₹363.45 trades at 698.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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?
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹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 | ₹24,138 cr |
| YoY | — | — | +74% | +69% | +64% | +64% | +70% | +183% | +202% | +196% | +182% | +78% |
| EBITDA margin | 1.6% | 2.4% | 4.2% | 4.7% | 3.0% | 1.2% | 1.6% | 1.8% | 2.3% | 2.8% | 2.9% | 3.1% |
| Other income, % of PBT | 177% | 146% | 99% | 93% | 203% | 379% | 402% | 273% | 205% | 150% | 138% | 109% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | −11% | −9% | −6% | 26% | 52% | 60% | 72% | 50% | 40% | 24% | 66% | 61% |
| Net profit | ₹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 | ₹125 cr |
| YoY | — | — | +12,550% | +389% | −57% | −78% | −90% | −63% | +73% | +346% | +268% | +92% |
| Core profit YoY | — | — | — | — | — | — | −8,967% | −1,494% | — | — | — | — |
| EPS | ₹0.16 | ₹0.20 | ₹0.29 | ₹0.20 | ₹0.06 | ₹0.04 | ₹0.03 | ₹0.07 | ₹0.11 | ₹0.18 | ₹0.10 | ₹0.13 |
| Flags | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 2 | 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 ₹24,138 cr (+77.6% on the year) and net profit of ₹125 cr (+92.3% on the year) for July to September 2026.
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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