Eternal Ltd (Zomato) – ₹3.1 Lakh Cr Market Cap, ₹299 Cr PAT: The Great Indian Food Tech Buffet
1. At a Glance
Eternal Ltd (yes, the artist formerly known as Zomato) is like that college kid who suddenly became a startup unicorn and now thinks he’s Warren Buffett. With a market cap of ₹3.1 lakh Cr, quarterly sales growth of 70%, and profit falling 90%, it’s basically serving investors a thali with biryani rice on one side and burnt papad on the other. P/E? A cool 1,041. Which means you need 1,000 years of profits to recover your money—assuming they don’t blow it on Blinkit discounts first.
2. Introduction
Remember when Zomato was just about finding good butter chicken in Delhi? Now it’s Eternal Ltd, a sprawling “food-tech-everything-commerce-entertainment” monster. They run food delivery, a B2B grocery supply chain (Hyperpure), Blinkit’s 15-minute instant regret delivery, restaurant bookings, concerts, and now even Paytm Insider’s ticketing business. At this point, the only thing they don’t sell is diet plans for people who over-order.
Sales jumped 67% YoY to ₹23,204 Cr in FY25, but PAT collapsed 50% to ₹299 Cr. So basically, revenues sprint while profits crawl. Investors, however, are high on the “growth sugar rush,” pushing the stock 75% higher in 3 years.
Question is: is this a “super-app in the making” or a buffet where every dish looks tempting but half are undercooked?
3. Business Model – WTF Do They Even Do?
Eternal Ltd runs four kitchens:
Food Delivery (44% of revenue H1 FY25): The OG business. 18 Mn monthly transacting customers, 753 Mn orders last year, average order value ₹428. They’ve built India’s largest food habit surveillance system.
Hyperpure (30%): Supplies ingredients to 76,500 restaurants. Think of it as Zomato becoming a mandi with PowerPoint slides. Revenue nearly doubled in FY25.
Quick Commerce (23%): Blinkit delivers everything from bananas to Bluetooth speakers in 15 minutes. GOV hit ₹12,469 Cr in FY24, with 526 stores. Essentially, your impulsive shopping habit monetized.
Dining & Live (3%): Restaurant tables, concerts, events. They even acquired Paytm’s ticketing arm for ₹2,048 Cr. So next time you book stand-up tickets, you’re technically feeding Zomato’s profit-loss account.
So yes, it’s not just food anymore. It’s an entire ecosystem where they first feed you, then sell you groceries, then book you comedy tickets to laugh at your empty wallet.
4. Financials Overview
Source table
Metric
Latest Qtr (Jun 2025)
YoY Qtr (Jun 2024)
Prev Qtr (Mar 2025)
YoY %
QoQ %
Revenue
7,167
4,206
5,833
70.4%
22.8%
EBITDA
115
177
72
-35.0%
59.7%
PAT
25
253
39
-90.1%
-35.9%
EPS (₹)
0.03
0.29
0.04
-89.7%
-25%
Commentary: Revenue party is in full swing, but PAT got thrown out by the bouncer. EPS is basically the loose change you find under your sofa.
5. Valuation – Fair Value Range Only
P/E Method: EPS ₹0.33 × Industry PE (25–35) → ₹8 – ₹12 (current price ₹322 laughs in your face).
EV/EBITDA: FY25 EBITDA ₹575 Cr. Apply 25×–35× → EV ₹14,000–₹20,000 Cr. Current EV ₹3.1 lakh Cr. Math says “bhai, yeh overcooked hai.”
DCF (optimistic): Assume 25% CAGR in sales, 5% margins in future. Fair value ₹80–₹150.
Fair Value Range: ₹8 – ₹150 Disclaimer: Educational purposes only. Not investment advice.
6. What’s Cooking – News, Triggers, Drama
Blinkit expansion: Now 526 stores, GOV per day per store jumped 222% YoY. Blinkit is the new star, but also the cash guzzler.
Ticketing acquisition: Paytm Insider + TicketNew for ₹2,048 Cr. Because why not buy an entire new headache when you’re barely profitable?
GST Notices: ₹402 Cr demand in Dec 2024, plus smaller fines in Aug 2025. Taxman clearly wants his share of your chicken biryani.
Fund raise: ₹8,500 Cr QIP in Nov 2024. Investors basically paid for your Blinkit discount coupons.
Debt: Shot up from ₹70 Cr in FY22 to ₹2,045 Cr now. Nothing crazy, but
