Eternal Ltd Q3 FY26 – ₹16,315 Cr Quarterly Revenue, ₹102 Cr Profit, 1,183x P/E & a CEO Exit That Stole the Spotlight
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)
And just when analysts were adjusting Excel models, the founder steps aside, Blinkit becomes EBITDA-positive, and GST notices keep landing like Swiggy Instamart orders.
So… is Eternal finally stable? Or just upgraded chaos?
3. Business Model – WTF Do They Even Do Now?
Explaining Eternal to a lazy investor is like explaining Indian traffic rules — technically structured, practically vibes-based.
🍔 Food Delivery
The OG business. 800+ cities, millions of users, 753 Mn orders in FY24. GOV at ₹32,224 Cr. Average order value ₹428. Growth is slowing but margins are improving. This is the cash cow that pays for everyone else’s experiments.
🥦 Hyperpure
B2B supplies for restaurants. Warehouses, sourcing from farmers, 76,500 outlets served. Revenue up 97% YoY in H1 FY25. Margins? Thin. Strategic value? High. It locks restaurants into the ecosystem.
⚡ Quick Commerce (Blinkit)
15-minute delivery, 526 stores, ₹12,469 Cr GOV in FY24. Revenue up 136% YoY in H1 FY25. Average GOV per store per day exploded 222%. Blinkit is now EBITDA positive — which is basically unicorn-level achievement in quick commerce.
🎟️ Going-Out, Events & Ticketing
Dining-out, Zomato Live, and now Paytm Insider + TicketNew (₹2,048 Cr acquisition). High-margin potential, asset-light, vibes-heavy.
So what is Eternal? A food app? Grocery chain? B2B distributor? Ticketing platform? Answer: Yes.
