Eternal
Eternal
Retail F&OKey Fundamentals
LargecapEcommerceRetailTapetide Score
Data-driven rating, 0–100. How it works →
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 9.78 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
AI Analysis — Bull vs Bear
Eternal Ltd (formerly Zomato), with a market capitalisation of about Rs 3,19,957 Cr, has grown sales at a 97% CAGR over 3 years and 191% on a TTM basis, driven by food delivery, quick commerce (Blinkit) and going-out businesses. Profitability is thin compared with its valuation: the stock trades at a P/E of 744x and 10.42x book value, 3-year average ROE is 1%, and reported earnings include Rs 1,417 Cr of other income. The stock has returned 49% CAGR over 3 years but only 4% over the last year.
- Revenue has compounded at 97% over 3 years and 94% over 5 years, which shows sustained high growth across its consumer internet platforms.
- TTM sales growth of 191% points to recent acceleration, mainly from scaling quick commerce alongside the core food delivery business.
- Profit has compounded at 28% over 3 years and 45% on a TTM basis, so the business has moved from losses to repeated reported profits.
- Working capital days fell from 36.3 to 22.9, a 37% improvement that suggests better cash conversion and operating efficiency.
- A market cap of about Rs 3,19,957 Cr gives the company scale and access to capital, helpful for competing in capital-intensive quick commerce.
- The stock has delivered a 49% CAGR over 3 years and 19% over 5 years, reflecting sustained market recognition of its growth.
- The near-term outlook is flagged as positive, with the company expected to report a good quarter.
- A P/E of 744x is an extreme valuation. It assumes many years of very strong earnings growth, leaving little room for execution misses.
- The stock trades at 10.42x book value, a large premium to net assets for a business with low current returns on capital.
- 3-year average ROE is only 0.88% and 5-year ROE is -2%, showing weak capital efficiency despite rapid revenue growth.
- Earnings include Rs 1,417 Cr of other income, likely treasury income on cash reserves, so core operating profitability may be weaker than headline profit suggests.
- Profit growth (28% 3-year CAGR) has trailed sales growth (97% 3-year CAGR) by a wide margin, which points to margin pressure from competition and quick commerce investment.
- The stock returned only 4% over the last year, against a 49% 3-year CAGR, which suggests the market is questioning whether the valuation can keep expanding.
- The dividend yield is 0% despite repeated profits, so shareholders rely entirely on share price gains for returns.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q1 net profit falls 47% QoQ Sep 29
Q1 revenue rose 182% YoY to ₹20,211 crore, but net profit fell 47% from the ₹174 crore reported in the previous quarter. Profit is not keeping pace with revenue.
- Blinkit margins remain razor-thin Sep 29
Blinkit's Q2FY27 EBITDA margin is projected at just 0.9% of NOV, a 30 bps improvement but still far below the 6% steady-state target. Nomura sees adjusted EBITDA margins of only 0.9-2% through FY27-28F.
- Quick commerce competition persists Sep 29
Goldman sees competitive intensity in quick commerce as only marginally lower than in 1HCY26. Jefferies called value-led food delivery unsustainable, which signals ongoing pricing pressure in the sector.
- Stock slips, some Sell calls Sep 29
Shares closed 1.12% lower at ₹331.25 on Monday amid recent weakness. Three of the 34 analysts tracking the stock have a Sell rating.
- Goldman raises target to ₹385 Sep 29
Goldman Sachs kept its BUY rating and raised its target to ₹385, implying about 16% upside from ₹331.25. It counts Eternal among its top picks in Indian internet stocks.
- $1B FY29 EBITDA gaining visibility Sep 29
Goldman sees a rising probability of Eternal reaching $1 billion EBITDA by FY29 and says each quarter's progress could drive multiple re-rating. Management raised Blinkit's steady-state margin target to 6% of NOV from 5-6%.
- Blinkit NOV growth stays strong Sep 29
Blinkit NOV is expected to grow 17% QoQ and 71% YoY in Q2FY27. There is upside if it meets its 60% three-year NOV CAGR guidance against Goldman's 45% estimate, and Nomura forecasts 57-74% YoY growth.
- Food delivery share gains emerging Sep 29
Food delivery NOV is estimated to grow 20% YoY with margins flat QoQ. Goldman sees early market-share gains after several quarters of stable share.
- Strong analyst consensus, Bernstein inclusion Sep 29
31 of 34 analysts rate the stock Buy, and Bernstein added Eternal to its India model portfolio in August. The stock is up about 17% year to date.
- ESG Leader rating for FY26 Sep 18
Niche Ninety Nine gave Eternal an ESG score of 76.00 and placed it in the 'Leader' band for FY26.
- EV delivery fleet doubles past 1 lakh Oct 1
Eternal more than doubled its EV delivery partners to over 1 lakh in FY26. About 3 million people deliver for Zomato and Blinkit combined.
- Jefferies India Forum participation Sep 11
Eternal will meet investors one-on-one and in groups at the Jefferies India Forum 2026 in Gurugram on September 17, 2026.
TL;DR: Eternal's growth is strong: Q1 revenue rose 182% YoY to ₹20,211 crore, Blinkit NOV is projected to grow 71% YoY, and food delivery is showing early share gains. 31 of 34 analysts rate it Buy, and Goldman raised its target to ₹385. The main risks are thin profitability, with net profit down 47% QoQ and Blinkit margins at about 0.9% of NOV, plus ongoing competition in quick commerce. The trend is improving as competitive intensity stabilises, and further gains depend on steady margin expansion toward the $1 billion FY29 EBITDA goal.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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55 extracted metrics + investor summaries across FY18–FY27.
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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]
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