1. At a Glance
If you thought Eternal Ltd (a.k.a. Zomato rebranded for spiritual healing) was just about delivering biryanis faster than your ex replied to texts — think again. This ₹3.26 lakh crore behemoth is now a mix of food, groceries, logistics, event tickets, and existential branding.
At a current price of ₹338, the stock is up 27% YoY, but with a P/E of 1,736, it’s also India’s favorite financial comedy. Despite a sales surge of 183% YoY to ₹13,590 crore in Q2FY26, net profit fell 63% QoQ to ₹65 crore, which in startup-speak translates to: “We’re investing in growth.”
With a ROE of 1.7%, ROCE of 2.6%, and zero promoter holding, Eternal isn’t just a listed company — it’s a public playground for FIIs, DIIs, and believers in eternal optimism. And yes, they just got slapped with a ₹64 crore GST penalty, but apparently, that’s just “part of the ecosystem.”
2. Introduction – The Food Delivery App That Ate Everything
Back in 2010, Deepinder Goyal started Zomato to help people stalk menus. Fifteen years later, he’s serving an empire that delivers everything but your sense of financial security.
The rebrand to “Eternal Ltd” in 2025 was meant to mark a new beginning — blending Zomato + Blinkit + Hyperpure + Events + Paytm Insider into one gigantic buffet of tech-led chaos. It’s like if Swiggy, Amazon, and BookMyShow had a baby… and named it after a yoga retreat.
From “30 minutes or free” to “instant groceries + concert tickets + restaurant ingredients”, Eternal is now the omnivorous tech chimera of Indian consumer life. Its ecosystem is a maze of food delivery (Zomato), grocery delivery (Blinkit), restaurant supplies (Hyperpure), and now event ticketing (Paytm Insider acquisition).
Question: at what point does this stop being “synergy” and start being “ADHD”?
3. Business Model – WTF Do They Even Do Now?
Eternal operates four verticals that sound different but all burn money the same way:
1. Food Delivery (44% of revenue)
Still the crown jewel, Zomato’s food arm processed 753 million orders in FY24, with ₹32,224 Cr GOV. Average order value? ₹428. Not bad — except when your delivery guy’s petrol bill equals your profit margin.
2. Hyperpure (30%)
The B2B arm that sells ingredients to restaurants. FY25 H1 revenue doubled (+97% YoY) as 76,500 outlets now buy paneer and paper napkins through Eternal. Think of it as “BigBasket for Biryani chefs.”
