1. At a Glance – Blinkit Speed, Zomato Drama, Eternal Valuation
If Indian stock markets were a Netflix series, Eternal Ltd would be that season where everything happens at once. ₹2.73 lakh crore market cap, stock at ₹284, quarterly revenue exploding to ₹16,315 Cr (yes, +202% YoY), quarterly PAT of ₹102 Cr (+72.9% YoY)… and then bam — founder-CEO Deepinder Goyal resigns as MD/CEO effective Feb 1, 2026.
Valuation? Casual 1,183x P/E. ROE? A polite 1.71%. ROCE? 2.66%. Debt? ₹3,351 Cr and climbing. Cash? ₹17,820 Cr chilling on the balance sheet like an untouched wedding envelope.
In the last 3 months, the stock is down ~14%. Over 1 year, still up ~32%. Investors look confused but entertained. This is not a food delivery company anymore — it’s a multi-headed consumption monster juggling food, groceries, dining, events, ticketing, and now CEO succession risk.
Question before we begin: Are you valuing Eternal as a tech platform, a logistics company, or a very expensive Indian habit?
2. Introduction – From FoodieBay to Eternal Confusion
Once upon a time (2010), this company just wanted to help people find restaurants. Then it decided to deliver food. Then groceries. Then experiences. Then tickets. Then it renamed itself Eternal — possibly because losses felt eternal for a while.
Between FY22 and FY25, revenue went from ₹4,192 Cr to ₹20,243 Cr. TTM revenue is now ₹42,905 Cr. Loss-making for years, profitable now — but just barely. Q3 FY26 PAT of ₹102 Cr looks nice until you notice ₹348 Cr of other income propping it up.
The business is now split across four engines:
- Food Delivery (maturing, cash-generating-ish)
- Hyperpure (B2B supply, low margin, high volume)
- Quick Commerce via Blinkit (growth monster, capex addict)
