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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?

As offline centres struggle to scale, the edtech firm leans back into its digital roots.
The department store chain’s only growth engine is powered by distribution, not stores—raising questions about sustainability and profitability.
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.