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Eternal

ETERNAL NSE

Key Fundamentals

LargecapEcommerceRetail
Market Cap
3.1L Cr
Volatility
Moderate
P/E Ratio
703.26
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

Tapetide 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 10.1 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
162% higher than 3Y
Net Income Growth
-30.55% lower than 3Y
Cash Flow Change
105% higher than 3Y
ROE
-32.18% lower than 3Y
ROCE
9.13% lower than 3Y
EBITDA Margin (Avg.)
-41.92% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2h ago
AI opinion · based on fundamentals
Risk high

Eternal Ltd (formerly Zomato) commands a market cap of ₹3,06,688 Cr at a PE of 712.2x, reflecting extreme growth expectations. The company has delivered explosive TTM sales growth of 191% and compounded sales CAGR of 97% over 3 years, but return on equity remains negligible at 0.88% over the last 3 years with zero dividend payout.

Bull Case 7
  • TTM revenue growth of 191% signals rapid top-line expansion driven by food delivery, quick commerce (Blinkit), and going-out segments
  • 3-year compounded sales CAGR of 97% and 5-year CAGR of 94% demonstrate sustained high-growth trajectory rare among large-cap consumer companies
  • Compounded profit growth of 45% TTM and 28% over 3 years shows the business is scaling towards profitability after years of losses
  • Working capital days have improved from 36.3 days to 22.9 days, indicating better cash conversion and operational efficiency
  • Company is expected to deliver a good upcoming quarter based on screener consensus, suggesting near-term earnings momentum
  • 5-year profit CAGR of 17% alongside 94% sales CAGR indicates operating leverage is beginning to flow through as the platform matures
  • 3-year stock CAGR of 48% reflects strong market confidence in the long-term platform economics and quick-commerce opportunity
Bear Case 8
  • PE ratio of 712.2x is extraordinarily elevated, leaving minimal margin of safety even if earnings double or triple from current levels
  • 3-year average ROE of just 0.88% and last-year ROE of 0% indicate the company generates negligible returns on shareholder capital despite its scale
  • Stock trades at 10.1x book value (PB of 9.97), pricing in significant future growth that may or may not materialize
  • Zero dividend yield with no history of payouts means shareholders depend entirely on capital appreciation for returns
  • Earnings include other income of ₹1,417 Cr, raising questions about the quality and sustainability of reported profits
  • 5-year ROE of -2% highlights that the business has historically destroyed equity value over a medium-term horizon
  • 1-year stock return of just 1% despite strong revenue growth suggests the market may already be fully pricing in the growth story
  • The gap between 191% TTM sales growth and 45% TTM profit growth indicates that a large share of incremental revenue is being consumed by costs, limiting margin expansion

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • Major institutional stake sales Sep 1

    BNP Paribas sold 5.09 crore shares and Millennium affiliate sold 4.9 crore shares on Aug 31, totaling ~₹3,265 crore in block deals at ₹327.92 per share.

  • Rising competitive threats Aug 26

    Rapido's Ownly and potentially Flipkart are entering the food delivery space, adding competition alongside existing quick-commerce rivals like Instamart.

Positives 6
  • CLSA High-Conviction Outperform rating Aug 26

    CLSA set a target price of ₹506 (54.5% upside) citing Blinkit's 57.4M weekly active users, far ahead of Instamart's 11.9M. Motilal Oswal and Equirus also maintain buy ratings with targets of ₹400 and ₹385.

  • Exceptional Q1 FY27 financials Sep 1

    Operating revenue surged 182% YoY to ₹20,211 crore, net profit rose 3.7X YoY to ₹92 crore, and adjusted EBITDA more than tripled YoY to ₹555 crore in Q1 FY27.

  • Blinkit user growth dominance Aug 26

    Blinkit added 6.2M weekly active users QTD versus 4.8M by all other quick-commerce players combined, with NOV reaccelerating to 19% QoQ growth.

  • Stock at 10-month high Aug 26

    Eternal hit ₹331.95 intra-day on BSE, up 56% from its 52-week low of ₹212.55 touched on Mar 12 and rallying 28% in two months.

  • MSCI rebalancing inflow Aug 31

    Eternal expected to receive USD 649M (₹52.49B) inflow from the MSCI August rebalancing effective Aug 31, boosting index-linked demand.

  • Ambit top portfolio holding Aug 24

    Ambit's Pricing Prowess Fund holds Eternal as its top position at 6.7% weight, and the Coffee Can Portfolio holds it at 7% weight alongside HDFC Bank.

Neutral 2
  • Analyst meeting at Jefferies Forum Sep 11

    Eternal will meet analysts and investors on Sep 17 at the Jefferies India Forum 2026 in Gurugram, filed under SEBI Regulation 30.

  • AGM held, financials adopted Aug 26

    Eternal's 16th AGM on Aug 26 adopted FY26 financials and reappointed Sanjeev Bikhchandani, with 299 public shareholders attending virtually.

TL;DR: Eternal is firing on all cylinders operationally — Q1 FY27 revenue surged 182% YoY and Blinkit continues to widen its lead in quick commerce with 57.4M weekly active users. Multiple brokerages maintain bullish ratings with targets well above CMP. The key risks are large institutional profit-taking (₹3,265 crore in block deals) and intensifying competition from Flipkart and Rapido. The fundamental trend remains strongly positive, though investor appetite for stake sales near MSCI rebalancing events bears watching.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-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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Shareholding Pattern

Govt.0.11%DIIs39.21%Public7.85%Others23.76%FIIs29.08%As ofJun 2026

Documents

Frequently Asked Questions about Eternal

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 trades as ETERNAL on the NSE and under code 543320 on the BSE.
Which sector does Eternal Ltd belong to?
Eternal Ltd is classified under the Retail sector, in the Ecommerce industry.
What is the market capitalisation of Eternal Ltd?
Eternal Ltd has a market capitalisation of ₹3,06,688 Cr, which places it in the Large Cap band.
What is the PE ratio of Eternal Ltd?
Eternal Ltd trades at a PE ratio of 703.26, on earnings per share of ₹0.68, against a book value of ₹32.14 per share.
What is the 52-week high and low of Eternal Ltd?
Over the last 52 weeks Eternal Ltd has traded between ₹212.6 and ₹368.45.
What is the Return on Equity (ROE) of Eternal Ltd?
Eternal Ltd reported a return on equity of 1.18%. Its debt-to-equity ratio is 0.15.

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]

Website zomato.com
Employees 16,375
Listed 2021-07-23
Face Value ₹ 1
Issued Size 9,65,03,50,647

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