New Delhi, April 28 -- Total expenses for the quarter rose 185% year-on-year to Rs.17,406 crore, almost keeping pace with revenue. In fact, without the Rs.342 crore in other income, the company would have reported a loss for the quarter. It's a small detail, but an important one, because it highlights how tight the underlying business still is despite the scale.

The full-year numbers make this contrast even clearer. For FY26, Eternal's profit declined 31% to Rs.366 crore, down from Rs.527 crore in the previous year. This comes at a time when revenue jumped 161% to Rs.54,364 crore. Expenses, however, grew faster at 167%, reaching Rs.55,145 crore. That gap between growth and profitability is where the real story sits. The company is expand...