Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,436.50 last close on 30 Oct 2026 +0.06%
Research updated
Eternal Limited
NSE: ETERNALConsumer CyclicalInternet Retail
- Last close
- ₹343.65
- Day change
- +₹5.80 (+1.72%)vs
- Market cap
- ₹2.88 lakh crIndian rupees
- Research updated
- 2 reports
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About Eternal
Eternal Limited is a major Indian company operating primarily as an e-commerce platform with a focus on food services. Founded in 2008 and headquartered in Gurugram, Haryana, it offers an integrated platform connecting restaurant partners, quick commerce merchants, delivery agents, and event organizers across India and internationally. Eternal Limited operates across multiple segments including food ordering and delivery, hyperpure B2B supplies, quick commerce services, and going-out experiences. It also provides complementary services such as payment gateways, financing, advertising, and subscription offerings. With a substantial market capitalization around ₹2.9 trillion INR and over 9 billion shares outstanding, Eternal Limited plays a significant role in India’s consumer services sector, particularly within the restaurants and online services industries. The company's extensive reach and diversified portfolio position it as a key player in the evolving digital food and lifestyle ecosystem.
- Sector
- Consumer Cyclical
- Industry
- Internet Retail
- Listing
- NSE: ETERNAL
- Chief executive
- Mr. Deepinder Goyal
- Employees
- 21,995
- Headquarters
- Gurugram, India
- ISIN
- INE758T01015
- Website
- eternal.com
Public research · Report of
Business model & financial foundation
Eternal (NSE: ETERNAL), Internet retail: food delivery, quick commerce, B2B supplies and going-out platforms: revenue of ₹54,364 crore in FY26 (+168.6% on FY25), an EBITDA margin of 2.2% and net profit of ₹366.0 crore.
- Revenue, FY26 (₹ crore)
- 54,364
- consolidated
- Revenue growth, FY26
- +168.6%
- on FY25
- EBITDA margin, FY26
- 2.2%
- EBITDA (revenue less operating expenses) / revenue
- Net profit, FY26 (₹ crore)
- 366.0
- to owners
- Return on equity, FY26
- 1.2%
- on average equity
- Market capitalisation (₹ crore)
- 2,88,957
- at the close of 21 Oct 2026
Company profile
Eternal (formerly Zomato) runs India's largest food delivery marketplace (Zomato), its leading quick commerce business (Blinkit, about 2,750 dark stores at Sep 2026), Hyperpure B2B supplies to restaurants and the District going-out app (dining, movies and events). Since Sep 2025 Blinkit sells largely from its own inventory, so quick commerce revenue is booked gross and now makes up about four-fifths of group revenue. The group is net cash, has no promoter, and turned adjusted EBITDA positive in quick commerce in Q3 FY26.
| Item | Value |
|---|---|
| Legal name | Eternal Limited (formerly Zomato Limited, Zomato Private Limited) |
| Exchange and ticker | NSE: ETERNAL; BSE: 543320 |
| ISIN | INE758T01015 |
| Sector | Consumer Cyclical |
| Industry | Internet retail: food delivery, quick commerce, B2B supplies and going-out platforms |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells (FRN 015125N) (since 2020) |
| Market capitalisation | ₹2,88,957 crore (21 Oct 2026) |
| Shares outstanding | 919.00 crore shares (FY26) |
| Price | ₹320.2 (close, 21 Oct 2026) |
| 52-week range | ₹212.6 - ₹344.4 (to 21 Oct 2026) |
| Website | https://www.eternal.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Blink Commerce Private Limited (Blinkit) | 100% | Quick commerce, inventory-led since Sep 2025; FY26 turnover 28,662 cr, loss 1,601 cr |
| Zomato Hyperpure Private Limited | 100% | B2B supplies to restaurants, trading and warehousing; FY26 turnover 15,344 cr |
| Orbgen Technologies Private Limited | 100% | Movie ticketing (acquired from Paytm Aug 2024) |
| Wasteland Entertainment Private Limited | 100% | Events ticketing (acquired from Paytm Aug 2024) |
| Zomato Entertainment Private Limited (ZEPL) | 100% | Event organising; to receive the Going-out India business by slump sale (board 21 Oct 2026) |
| Blinkit Foods Private Limited | 100% | Quick food service (Bistro) |
No promoter group: the shareholding pattern shows 0% promoter. Eternal capped foreign ownership at 49.5% to be Indian-owned-and-controlled, permitting Blinkit's inventory model.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Eternal (formerly Zomato) runs four consumer and one B2B business in India. Food delivery (Zomato) earns commission, platform fees and delivery charges on restaurant orders: Q2FY27 NOV 11,445 cr, segment revenue 3,396 cr (29.7% of NOV), Adjusted EBITDA 627 cr (5.5% of NOV). Quick commerce (Blinkit) sells groceries and general merchandise from 2,751 dark stores; since Sep 2025 about 90% of NOV is sold from its own inventory, so revenue is booked gross (19,152 cr on NOV of 20,940 cr in Q2FY27). Going-out (District: dining, movies, events), Hyperpure (B2B supplies to restaurants) and Others (Bistro, Nugget) together lost 145 cr of Adjusted EBITDA in Q2FY27. The listed parent holds food delivery and going-out; Blinkit and Hyperpure are wholly owned subsidiaries, so only consolidated accounts show the business. Eternal controls its demand (apps, 37 mn Blinkit monthly transacting users), store network and inventory; it does not control gig-worker regulation or competitors' discounting.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| India food ordering and delivery | 10,159 | 18.7% | 2,079 | 102.6% |
| Hyperpure supplies (B2B business) | 5,366 | 9.9% | 16.0 | 0.8% |
| Quick commerce (Blinkit) | 37,779 | 69.5% | 430.0 | 21.2% |
| Going-out (District) | 973.0 | 1.8% | -292.0 | -14.4% |
| All other segments (residual: Bistro, Nugget etc.) | 87.0 | 0.2% | -206.0 | -10.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Swiggy (SWIGGY) | Direct competitor in food delivery and quick commerce (Instamart) |
| FSN E-Commerce Ventures (Nykaa) (NYKAA) | Listed consumer internet retailer with inventory-led e-commerce model |
| Info Edge (NAUKRI) | |
| PB Fintech (POLICYBZR) | Listed new-age internet platform at early profitability |
| One97 Communications (Paytm) (PAYTM) | Listed consumer internet platform; seller of the ticketing business to Eternal |
| Avenue Supermarts (DMart) (DMART) | Grocery retail benchmark for 1P grocery economics, which Blinkit now resembles |
| Trent (TRENT) |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 12,114 | 20,243 | 54,364 |
| Cost of revenue (vendor classification) * | 2,882 | 5,565 | 30,167 |
| Other operating costs (vendor classification) * | 7,386 | 11,483 | 18,983 |
| EBITDA (vendor classification) * | 306.0 | 1,714 | 1,995 |
| EBIT * | 360.0 | 851.0 | 1,003 |
| Finance cost | 72.0 | 154.0 | 392.0 |
| Profit before tax | 291.0 | 697.0 | 615.0 |
| Tax expense | -60.0 | 170.0 | 249.0 |
| Profit after tax | 351.0 | 527.0 | 366.0 |
| Diluted EPS (₹) | 0.40 | 0.58 | 0.39 |
| Other income | 847.0 | 1,077 | 1,396 |
| Cost of materials (consumed, traded goods bought, inventory change) | 2,882 | 5,565 | 30,167 |
| Employee benefit expense | 1,659 | 2,558 | 3,536 |
| Other expenses | 7,531 | 11,483 | 19,453 |
| EBITDA (revenue less operating expenses) | 42.0 | 637.0 | 1,208 |
| Depreciation and amortisation | 526.0 | 863.0 | 1,597 |
| Profit attributable to owners | 351.0 | 527.0 | 366.0 |
| Basic EPS (₹) | 0.41 | 0.60 | 0.40 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity attributable to owners | 20,413 | 30,317 | 30,980 |
| Borrowings (non-current and current) | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents | 309.0 | 666.0 | 996.0 |
| Trade receivables (current) | 794.0 | 1,946 | 1,764 |
| Inventories | 88.0 | 176.0 | 2,181 |
| Trade payables (current) | 886.0 | 1,536 | 3,010 |
| Property, plant and equipment | 287.0 | 965.0 | 2,033 |
| Capital work in progress | 18.0 | 51.0 | 136.0 |
| Total assets | 23,356 | 35,623 | 40,736 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operations | 646.0 | 308.0 | 632.0 |
| Free cash flow (vendor definition) * | 431.0 | -628.0 | -1,119 |
| Capital expenditure (an outflow is negative) | -215.0 | -936.0 | -1,751 |
| Dividends paid (an outflow is negative) | 0.00 | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 868.00 | 907.00 | 919.00 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 5,405 | 5,833 | 7,167 | 13,590 | 16,315 | 17,292 | 20,211 | 24,138 |
| Other income | 252.0 | 368.0 | 354.0 | 352.0 | 348.0 | 342.0 | 375.0 | 351.0 |
| Cost of goods | 1,500 | 1,632 | 2,284 | 7,742 | 9,801 | 10,340 | 12,031 | 14,602 |
| Employee benefits expense | 689.0 | 750.0 | 830.0 | 865.0 | 914.0 | 927.0 | 1,068 | 1,146 |
| Other expenses | 3,054 | 3,379 | 3,938 | 4,744 | 5,232 | 5,539 | 6,518 | 7,638 |
| EBITDA | 162.0 | 72.0 | 115.0 | 239.0 | 368.0 | 486.0 | 594.0 | 752.0 |
| Depreciation and amortisation | 247.0 | 287.0 | 314.0 | 376.0 | 439.0 | 468.0 | 546.0 | 625.0 |
| Finance costs | 43.0 | 56.0 | 67.0 | 86.0 | 107.0 | 132.0 | 151.0 | 155.0 |
| Profit before tax | 124.0 | 97.0 | 88.0 | 129.0 | 170.0 | 228.0 | 272.0 | 323.0 |
| Tax | 65.0 | 58.0 | 63.0 | 64.0 | 68.0 | 54.0 | 180.0 | 198.0 |
| Profit for the period | 59.0 | 39.0 | 25.0 | 65.0 | 102.0 | 174.0 | 92.0 | 125.0 |
| Profit attributable to owners | 59.0 | 39.0 | 25.0 | 65.0 | 102.0 | 174.0 | 92.0 | 125.0 |
| Basic EPS (₹) | 0.07 | 0.04 | 0.03 | 0.07 | 0.11 | 0.19 | 0.10 | 0.14 |
| Diluted EPS (₹) | 0.06 | 0.04 | 0.03 | 0.07 | 0.11 | 0.19 | 0.10 | 0.13 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 67.1% | 168.6% | |
| EBITDA margin | 0.3% | 3.1% | 2.2% |
| Net margin | 2.9% | 2.6% | 0.7% |
| Return on equity | 1.7% | 2.1% | 1.2% |
| Return on capital employed | 1.8% | 3.4% | 3.3% |
| Return on assets | 1.5% | 1.8% | 1.0% |
| Borrowings less cash (₹ crore) | -309.0 | -666.0 | -996.0 |
| Borrowings less cash / EBITDA | -7.36x | -1.05x | -0.82x |
| Interest cover | 5.00x | 5.53x | 2.56x |
| Asset turnover | 0.52x | 0.69x | 1.42x |
| Receivable days | 24 | 35 | 12 |
| Inventory days (on revenue) | 3 | 3 | 15 |
| Payable days (on revenue) | 27 | 28 | 20 |
| Cash conversion | 1.84x | 0.58x | 1.73x |
| Capex intensity | 1.8% | 4.6% | 3.2% |
| Free cash flow (₹ crore) | 431.0 | -628.0 | -1,119 |
| Dividend payout | 0.0% | 0.0% | 0.0% |
| EPS, diluted (₹) | 0.40 | 0.58 | 0.39 |
| Book value per share (₹) | 23.52 | 33.43 | 33.71 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (revenue less operating expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 21 Oct 2026); market data at the close of 21 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Eternal includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Eternal
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