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Summary: Most stock screens chase the latest winner. This one asks a harder question: which companies grew more than 20 per cent for 16 straight quarters? Only five passed. Here is what their growth means, and what it doesn't.
Staying above 20 per cent revenue growth for 16 consecutive quarters is not a streak. It is a stress test.
One strong quarter is easy to explain. A low base from a bad prior year. A price hike. A one-off order. A temporary tailwind. But 16 in a row? That tends to suggest something structural: a large addressable market, rising market share, a business model scaling from a small base to a larger platform.
Out of the thousands of listed companies in India, only five passed this screen.
That does not make them automatic buys. Consistent revenue growth and business quality are not the same thing. Some of these companies were helped by acquisitions, accounting changes, or cycles that may not repeat. Some have not yet converted that growth into cash. The screen shows where growth has been persistent. The work of understanding why it happened, and whether it continues, is still ahead.
Growth that refused to slow down
Five companies that sustained above 20 per cent revenue growth across 16 consecutive quarters
| Company | 5Y revenue growth (%) | 5Y profit after tax growth (%) | Stock Rating (out of 5) |
|---|---|---|---|
| Eternal | 94 | 22 | 2 |
| FSN E-Commerce | 35 | 43 | 3 |
| KPI Green Energy | 92 | 85 | 4 |
| Sejal Glass | 109 | 40 | 3 |
| Tembo Global Industries | 57 | 86 | 3 |
Eternal
Eternal, formerly Zomato, now runs four businesses: food delivery, Blinkit's quick commerce, District's going-out platform and Hyperpure's business-to-business (B2B) restaurant supplies.
The real story is not just revenue. It is a structural shift from a cash-burning food-tech company to a consumer-internet platform that is beginning to generate real profits. In FY21, Eternal reported a loss before tax of Rs 815 crore and a negative operating cash flow of Rs 1,018 crore. By FY26, profit before tax (PAT) had turned positive at Rs 615 crore, with operating cash flow of Rs 632 crore.
Three things drove this. Food delivery matured, helped by better order density, platform fees and delivery economics. Hyperpure added a growing B2B revenue stream. And Blinkit completely changed the growth profile.
Read the headline numbers carefully, though. In Q4 FY26, Eternal reported 186 per cent consolidated adjusted revenue growth. Like-for-like growth was 64 per cent, because Blinkit's shift to an own-inventory model inflated reported revenue. Net order value, adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) and segment-level profitability tell a more accurate story.
Food delivery remains the cash engine. Blinkit determines the next leg. If dark-store utilisation improves and competition eases, growth gets more profitable. If not, PAT and cash flows stay volatile.
KPI Green Energy
KPI Green Energy operates across solar, wind, hybrid projects, captive power, independent power producer (IPP) projects and newer areas like battery storage and green hydrogen.
India's renewable-energy capex cycle has been strong, and KPI Green has benefited from project wins, land availability, execution capability and a rising order book. Renewable growth is not simply a case of selling more solar panels. Each project requires land, government approvals, funding, power evacuation infrastructure and offtake agreements — long-term contracts to sell the power generated. KPI Green's ability to assemble these pieces has driven both revenue and profit compounding.
But the quality of this growth needs scrutiny.
Renewable businesses are capital-intensive. KPI Green's debt and investments have both risen. In project businesses, a company borrows and invests first; cash flows arrive only after commissioning. That is not automatically a red flag, but it raises execution risk. If projects are delayed, if tariffs disappoint or if receivables stretch, interest costs can pile up before matching cash flows arrive. Operating cash flow has been negative in two of the last six years. Profit after tax alone does not tell the full story here.
Sejal Glass
Sejal Glass makes architectural glass for residential buildings, commercial properties, hospitals, data centres and high-security facilities.
One important caveat: Sejal was loss-making for years. Its FY22 profit was largely driven by a Rs 150 crore exceptional gain from an NCLT (National Company Law Tribunal) resolution, a court-supervised process to restructure a distressed company's finances. That was a balance-sheet reset, not operating performance. Its five-year profit-after-tax growth must be read with that in mind.
The operating turnaround since then is real. In FY26, consolidated income rose to Rs 401 crore, EBITDA grew 88 per cent to Rs 66 crore, and profit after tax rose 160 per cent to Rs 29 crore. Management attributes this to scale expansion, better capacity utilisation, integrated facilities, and a richer product mix — moving towards laminated, insulated glass (IG), fire-rated, and bullet-resistant products. Its UAE operations in Dubai and Ras Al Khaimah serve markets across the Gulf Cooperation Council (GCC), the Middle East, Africa and Europe.
Risks remain. Debt-to-equity stands at around 1.3 times. Receivables are high for the size of the business. Cash flow has been volatile, though FY26 showed improvement. This is a post-restructuring, acquisition-led turnaround. The test is whether it can convert better margins into steady cash flows across cycles.
What this screen actually tells you
Consistent growth is not one thing.
For Eternal, it reflects platform expansion and the rise of quick commerce. For KPI Green, it reflects India's renewable-energy build-out. For Sejal Glass, it reflects acquisitions, utilisation and construction demand.
The screen is useful because it filters out companies that only looked good in one or two quarters. But it is incomplete. It cannot tell you whether the growth is organic or acquired, whether it converts into cash, whether the balance sheet can carry the cost of sustaining it, or whether the cycle that drove it is still intact.
That is the work this screen is asking you to do.
Should you invest in any of the abovementioned companies?
Finding companies with consistent growth is the first step. Understanding whether that growth is durable, cash-backed and fairly priced is the harder part, and the part that determines whether you make money.
Value Research Stock Advisor does that work. Every stock recommendation comes with a full analysis of business quality, balance sheet health, valuation and risk. So you are not buying a streak. You are buying a reasoned case.
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Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
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