ETERNAL · Consumer Services
Eternal Ltd. reported revenue of ₹17,292 cr for January to March 2026, +196.5% on the year and +6.0% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹54,364 cr, +168.6% on the four before.
Operating profit (EBITDA) was ₹486 cr, a margin of 2.8%, +158 bps on the year and +55 bps on the quarter. Over the last 8 quarters the margin has ranged from 1.2% to 4.7%, averaging 2.7%. Operating costs grew +191.7% against revenue growth of +196.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹174 cr, +346.2% on the year and +70.6% on the quarter, with earnings per share of ₹0.18. The tax rate was 24% against an average of 42% over the previous 4 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹366 cr, −30.6% on the four before.
On earnings per share of ₹0.39 over the last four quarters, the stock at ₹324.90 trades at 833.1 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?
Other income was 150% of profit before tax, against 379% a year earlier.
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 24.0% against 55.5% over the previous quarters, worth about ₹71.8 cr of profit.
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹132 cr, +135.7% on the year; 27% of EBITDA.
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.
| 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 ₹17,292 cr (+196.5% on the year) and net profit of ₹174 cr (+346.2% on the year) for January to March 2026.
3 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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