01
Is it like-for-like?
Did the company change how it records revenue, buy a business or demerge one? Eternal reported adjusted revenue up 173% in Q1 FY27, but said like-for-like growth was 66% because of Blinkit's move to an inventory-led model.
The analysis notebook · Day 15
Revenue growth.
Is it good growth?
A company says revenue grew 100%. Is that good? It depends on where the growth came from and what it cost to get it.
The simple answer: look at the quality of growth. Same-basis growth, repeatable growth and profitable growth are worth more than a big headline.
01 / The checklist
Five questions I now ask.
02
Is it adjusted for changes?
Reliance Retail's gross revenue grew 7.4% in the quarter, but 11.6% when adjusted for the demerger of its Consumer Brands business. The headline can understate or overstate.
03
Is it price, volume or mix?
Jio said revenue growth came from subscriber gains, organic ARPU growth and digital services. Each is a different kind of growth with different durability.
04
Is it one-off?
HDFC Bank's June 2025 quarter included a ₹9,130 crore gain from a stake sale, so comparing against it can mislead.
02 / Growth with and without profit
Revenue is the start of the story.
Eternal adjusted revenue+173%Like-for-like: +66% (Q1 FY27)
Reliance Retail gross revenue+7.4%+11.6% adjusted for demerger
Jio Platforms revenue+12.0%Gross revenue; operating revenue +11.8%
Growth also has to come with a path to profit. Swiggy's revenue grew 34.0% in Q1 FY27 to ₹7,112 crore, while it still reported a net loss. Quick commerce reached contribution break-even in May 2026, which is the kind of milestone that shows growth is becoming healthier.
Sources are in the notes below.
03 / A simple test
Growth quality in one line.
Good growth: repeatable, like-for-like, supported by customers staying, improving margins and positive cash flow. Weak growth: one-off, bought with heavy discounts, or driven by accounting changes.
04 / What I learned
Do not stop at the headline.
My biggest lesson: the percentage is the beginning of the analysis. Before I trust a growth number I ask what changed in the base, what drove it, and whether it can repeat.
This will help me read every result: look for the "like-for-like" or "adjusted" line first.
A commerce student's learning notebook. Not investment advice or a recommendation to buy or sell any share.
Source notes
The receipts behind the numbers.
- Eternal: Q1FY27 shareholders' letter and results · Adjusted revenue growth and like-for-like growth.
- Reliance Industries: Q1 FY27 media release · Reliance Retail and Jio Platforms revenue growth, demerger adjustment.
- HDFC Bank: Q1 FY27 official press release · One-off gain in the base quarter (see the HDFC Bank notebook).
- Swiggy: Q1 FY27 press release · Revenue growth, quick commerce contribution break-even.