Eternal Ltd
ETERNAL NSE
Eternal Ltd
Retail F&ONSE: ETERNAL BSE: 543320 Ecommerce
Key Fundamentals
LargecapEcommerceRetailMarket Cap
3.1L Cr
Volatility
Moderate
P/E Ratio
686.74
EBITDA
₹2,604 Cr
Return on Equity
1.18%
Debt to Equity
0.15
Book Value
₹32.14
EPS
₹0.68
52W High
₹368.45
52W Low
₹212.6
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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41 extracted metrics + investor summaries across FY18–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
2- Company is expected to give good quarter
- Company's working capital requirements have reduced from 36.3 days to 22.9 days
Weaknesses
4- Stock is trading at 9.91 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 0.88% over last 3 years.
- Earnings include an other income of Rs.1,417 Cr.
Growth Rate
Revenue Growth
161.54% ↗
Net Income Growth
-30.55% ↗
Cash Flow Change
105.19% ↗
ROE
-32.18% ↗
ROCE
9.13% ↘
EBITDA Margin (Avg.)
-41.92% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoAI opinion · based on fundamentals
Risk high
Eternal Ltd (formerly Zomato) commands a market cap of ₹3,13,299 Cr at a PE of 706.7x, reflecting massive growth expectations. The company has delivered 191% TTM sales growth driven by its food delivery, quick commerce (Blinkit), and going-out segments, but return on equity remains near zero at 0.88% over three years.
Bull Case 7
- Exceptional revenue growth with TTM compounded sales growth of 191%, indicating rapid scaling across business verticals
- 3-year compounded sales CAGR of 97% demonstrates sustained top-line momentum, not a one-time spike
- Working capital efficiency has improved significantly — days reduced from 36.3 to 22.9 days, freeing up cash for reinvestment
- Company is expected to deliver a good quarter, suggesting near-term operational momentum continues
- Compounded profit growth of 45% TTM shows the business is moving toward profitability at scale
- 3-year stock CAGR of 51% reflects market confidence in the long-term platform economics
- 5-year compounded profit growth of 17% indicates a structural shift from loss-making to profit generation over time
Bear Case 8
- PE ratio of 706.7x is extreme even for a high-growth company, leaving minimal margin of safety if growth slows
- 3-year average ROE of just 0.88% means shareholder capital is generating negligible returns despite reported profits
- Stock trades at 9.91x book value, a steep premium that prices in years of flawless execution
- Zero dividend yield — despite reporting profits, the company retains all earnings with no shareholder payout
- Earnings quality concern: other income of ₹1,417 Cr is a significant portion of profits, inflating headline numbers
- 5-year ROE averages -2%, indicating the company destroyed equity value over a longer horizon
- Last year ROE of 0% shows that even with profitability, returns on equity remain negligible
- 5-year compounded profit growth of only 17% against 94% sales growth suggests margins remain structurally thin
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 19h ago Positives 2
- FY26 revenue soars 169% YoY Jul 29
Eternal Ltd reported FY26 consolidated revenue of INR 54,364 crore, up 169% YoY, with consolidated PAT of INR 366 crore. 16th AGM scheduled for August 26, 2026.
- QC guidance raised, margins improve Jul 29
Q1FY27 results showed management raising long-term quick commerce guidance to 6%, citing predictable competition and improved operational efficiency.
Neutral 1
- Fair disclosure code amended Jul 22
Eternal Ltd amended its Code of Practices for Fair Disclosure of UPSI under Regulation 8 of PIT Regulations, ensuring uniform dissemination of price-sensitive information.
TL;DR: Eternal Ltd is executing strongly with explosive 169% revenue growth in FY26 and improving unit economics in quick commerce. No material headwinds are visible in recent news flow. Management confidence is evident in the raised QC guidance to 6%. The trend is clearly improving, though sustaining this growth rate and scaling profitability beyond INR 366 crore PAT will be the key monitorable going forward.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,416 | 2,848 | 3,288 | 3,562 | 4,206 | 4,799 | 5,405 | 5,833 | 7,167 | 13,590 | 16,315 | 17,292 | 20,211 |
| Expenses | 2,464 | 2,895 | 3,237 | 3,476 | 4,029 | 4,573 | 5,243 | 5,761 | 7,052 | 13,351 | 15,947 | 16,806 | 19,617 |
| Operating Profit | -48 | -47 | 51 | 86 | 177 | 226 | 162 | 72 | 115 | 239 | 368 | 486 | 594 |
| OPM % | -2% | -1.6% | 1.6% | 2.4% | 4.2% | 4.7% | 3% | 1.2% | 1.6% | 1.8% | 2.3% | 2.8% | 2.9% |
| Other Income | 181 | 212 | 219 | 235 | 236 | 221 | 252 | 368 | 354 | 352 | 348 | 342 | 375 |
| Interest | 18 | 16 | 18 | 20 | 25 | 30 | 43 | 56 | 67 | 86 | 107 | 132 | 151 |
| Depreciation | 130 | 128 | 128 | 140 | 149 | 180 | 247 | 287 | 314 | 376 | 439 | 468 | 546 |
| PBT | -15 | 21 | 124 | 161 | 239 | 237 | 124 | 97 | 88 | 129 | 170 | 228 | 272 |
| Tax % | -113% | -71% | -11% | -9% | -6% | 26% | 52% | 60% | 72% | 50% | 40% | 24% | 66% |
| Net Profit | 2 | 36 | 138 | 175 | 253 | 176 | 59 | 39 | 25 | 65 | 102 | 174 | 92 |
| EPS in Rs | 0 | 0.04 | 0.16 | 0.2 | 0.29 | 0.2 | 0.06 | 0.04 | 0.03 | 0.07 | 0.11 | 0.18 | 0.1 |
Profit & Loss
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 466 | 1,313 | 2,605 | 1,994 | 4,192 | 7,079 | 12,114 | 20,243 | 54,364 | 67,408 |
| Expenses | 558 | 3,556 | 4,909 | 2,461 | 6,043 | 8,290 | 12,071 | 19,606 | 53,156 | 65,721 |
| Operating Profit | -92 | -2,243 | -2,305 | -467 | -1,851 | -1,211 | 43 | 637 | 1,208 | 1,687 |
| OPM % | -20% | -171% | -88% | -23% | -44% | -17% | 0.3% | 3.1% | 2.2% | 2.5% |
| Other Income | 21 | 1,285 | 16 | -200 | 793 | 682 | 846 | 1,077 | 1,396 | 1,417 |
| Interest | 6 | 9 | 13 | 10 | 12 | 49 | 72 | 154 | 392 | 476 |
| Depreciation | 29 | 43 | 84 | 138 | 150 | 437 | 526 | 863 | 1,597 | 1,829 |
| PBT | -107 | -1,010 | -2,386 | -815 | -1,220 | -1,015 | 291 | 697 | 615 | 799 |
| Tax % | 0% | 0% | 0% | 0% | 0% | -4% | -21% | 24% | 40% | — |
| Net Profit | -107 | -1,010 | -2,386 | -816 | -1,222 | -971 | 351 | 527 | 366 | 433 |
| EPS in Rs | -3,070 | -28,574 | -70,097 | -23,124 | -1.54 | -1.14 | 0.4 | 0.55 | 0.38 | 0.46 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.03 | 0.03 | 0.03 | 0 | 764 | 836 | 868 | 907 | 919 |
| Reserves | 1,036 | 2,356 | 457 | 7,644 | 15,741 | 18,624 | 19,545 | 29,410 | 30,061 |
| Borrowings | 186 | 348 | 326 | 527 | 70 | 507 | 749 | 2,045 | 4,592 |
| Other Liabilities | 152 | 709 | 2,117 | 532 | 751 | 1,632 | 2,194 | 3,261 | 5,150 |
| Total Liabilities | 1,374 | 3,413 | 2,900 | 8,704 | 17,327 | 21,599 | 23,356 | 35,623 | 40,722 |
| Fixed Assets | 190 | 389 | 1,591 | 1,539 | 1,404 | 6,344 | 6,448 | 9,532 | 12,675 |
| CWIP | 1 | 1 | 1 | 0 | 1 | 7 | 18 | 51 | 136 |
| Investments | 829 | 2,145 | 324 | 2,205 | 4,718 | 6,765 | 11,645 | 13,192 | 14,833 |
| Other Assets | 354 | 879 | 985 | 4,959 | 11,204 | 8,483 | 5,245 | 12,848 | 13,078 |
| Total Assets | 1,374 | 3,413 | 2,900 | 8,704 | 17,327 | 21,599 | 23,356 | 35,623 | 40,722 |
Cash Flow
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating | — | — | -2,144 | -1,018 | -693 | -844 | 646 | 308 | 632 |
| Investing | — | — | 1,740 | -5,245 | -7,971 | 797 | -348 | -7,993 | 540 |
| Financing | — | — | 359 | 6,402 | 8,750 | -127 | -207 | 8,042 | -842 |
| Net Cash Flow | — | — | -45 | 139 | 86 | -174 | 91 | 357 | 330 |
| Free Cash Flow | — | — | -2,165 | -1,028 | -750 | -945 | 444 | -623 | -1,114 |
| CFO/OP | — | — | 92 | 222 | 36 | 67 | 1,747 | 67 | 83 |
Ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 20 | 20 | 17 | 24 | 14 | 24 | 24 | 35 | 12 |
| Inventory Days | — | — | — | 28 | 28 | 22 | 11 | 12 | 26 |
| Days Payable | — | — | — | 565 | 298 | 178 | 112 | 101 | 36 |
| Cash Conversion Cycle | 20 | 20 | 17 | -513 | -257 | -132 | -77 | -54 | 2 |
| Working Capital Days | -43 | -31 | -20 | 96 | 316 | 200 | 41 | 45 | 23 |
| ROCE % | — | -115% | -135% | -12% | -13% | -6% | 1% | 3% | 2% |
Documents
1
Compliances-Reg.24(A)-Annual Secretarial Compliance
4 May - Eternal filed FY2026 annual secretarial compliance report; no non-compliances or regulatory actions noted. 4 May - Eternal filed FY2026 annual secretarial compliance report; no non-compliances or regulatory actions noted.
2
Financial Results For The Quarter And Financial Year Ended March 31, 2026
28 Apr - Board approved Q4/FY26 results and ₹24.19 crore District platform asset transfer to subsidiary WEPL. 28 Apr - Board approved Q4/FY26 results and ₹24.19 crore District platform asset transfer to subsidiary WEPL.
3
Announcement under Regulation 30 (LODR)-Restructuring
28 Apr - Board approved Q4/FY26 results and ATA with subsidiary for District platform assets at ₹24.19 crore, closing May 1, 2026. 28 Apr - Board approved Q4/FY26 results and ATA with subsidiary for District platform assets at ₹24.19 crore, closing May 1, 2026.
4
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
28 Apr - ICRA report for Eternal’s March 31, 2026 QIP proceeds shows no deviation from intended use. 28 Apr - ICRA report for Eternal’s March 31, 2026 QIP proceeds shows no deviation from intended use.
5
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
6 May - Eternal Limited has filed with exchange transcript of earnings conference call conducted on April 28, 2026. 6 May - Eternal Limited has filed with exchange transcript of earnings conference call conducted on April 28, 2026.
Frequently Asked Questions about Eternal Ltd
What does Eternal Ltd do?
Incorporated in 2010, Zomato Limited is one of the leading online Food Service platforms in terms of the value of food sold. Its offerings include food delivery, dining-out services, Loyalty programs, and others.
As of December 31, 2020, Zomato has established a strong footprint across 23 countri...
Where is Eternal Ltd (ETERNAL) listed?
Eternal Ltd is listed on the Indian stock exchanges. It is listed on NSE: ETERNAL and BSE: 543320. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Eternal Ltd belong to?
Eternal Ltd operates in the Retail sector within the Ecommerce industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Eternal Ltd?
Eternal Ltd has a market capitalisation of approximately ₹307604.93 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Eternal Ltd?
The Price-to-Earnings (PE) ratio of Eternal Ltd is 686.74. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Eternal Ltd?
Over the past 52 weeks, Eternal Ltd has traded between a low of ₹212.6 and a high of ₹368.45. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Eternal Ltd?
Eternal Ltd has a Return on Equity (ROE) of 1.18%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Eternal Ltd on Tapetide?
On Tapetide, you can view Eternal Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Incorporated in 2010, Zomato Limited is one of the leading online Food Service platforms in terms of the value of food sold. Its offerings include food delivery, dining-out services, Loyalty programs, and others. As of December 31, 2020, Zomato has established a strong footprint across 23 countries with 131,233 active food delivery restaurants, 161,637 active delivery partners, and an average monthly food order of 10.7 million customers.[1]