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Back-to-back strong quarters have reset expectations for the beauty and personal care company. Has the Mamaearth parent truly left its troubled past behind?

Surprisingly strong metrics alongside aggressive expansion mask a lurking balance-sheet risk. Moreover, competition is not going to be kind to the retail giant any time soon.
The hydration and energy supplements brand has cracked a niche and scaled fast. The harder task now is sustaining growth as the market matures.
Slowing growth, weakening store metrics and a puzzling fundraise point to the retailer losing some of its post-Zudio sheen.