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Eternal Ltd

ETERNAL

NSE

₹320.20-1.57%19 Oct 2026

Reports

E Commerce Platform Food

Eternal Ltd

ETERNAL

NSE

₹320.20

-1.57%

19 Oct 2026

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E Commerce Platform Food

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Eternal Ltd is a technology platform that powers India’s changing urban lifestyles by building reliable systems in a complex physical world - a world of approximate addresses, fragmented merchants, and cash-based supply chains - and it treats that reliability as its core competitive moat. It began in 2010 as a dining-out and listings business, launched food delivery around 2017-2018, and has since expanded into quick commerce, B2B restaurant supplies, and entertainment ticketing, renaming itself from Zomato to Eternal in March 2025. The recurring approach is to enter a large consumer market, build a technology backbone that removes friction for every participant, and then grow market share aggressively without relying on subsidies - investing in service and innovation instead.

Business segments

Four engines at different stages - a food-delivery cash cow, a quick-commerce platform scaling at speed, a B2B supply chain that feeds both, and a going-out bet under construction - each built on the customer base and technology of the one before.

1. Food delivery: the steady engine that built the brand

A technology platform connecting 6.3 crore customers with over 2.5 lakh restaurants and 4 lakh delivery partners across 800+ Indian cities, earning through commissions on every order.

Organic customer machine - more than half of new users each quarter arrive without paid acquisition, because the brand’s legacy as India’s original dining-out platform gives it a lower customer acquisition cost than standalone competitors.
Lower take rates, higher affordability - the company charges restaurants less commission than rivals and sets a minimum order value of just INR 99, while platform fees apply to all customers and discounts can be targeted only at price-sensitive cohorts.
AI runs the fleet - machine learning forecasts demand, batches orders, and optimises delivery-partner utilisation, while customers can record voice instructions so riders find the door without a phone call.
Features that build trust, not just transactions - the Food Rescue feature offers cancelled-but-fresh meals to nearby users at a discount, and the Restaurant Services Hub helps over 6,000 restaurants with FSSAI registration, hygiene audits, and staffing, regardless of whether they partner with Zomato.

2. Quick commerce: the growth engine built on dark stores

Blinkit is a marketplace where third-party sellers stock inventory in a network of small, hyperlocal warehouses - dark stores - and independent delivery partners bring everything from fresh produce to electronics to customers in minutes.

Franchisees run the stores - local partners provide the real estate (2,000-3,000 sq. ft.), the capital (INR 0.2-0.3 crore for basic setup), and the day-to-day operations, while Blinkit provides the technology and supply chain; franchisees earn a percentage of sales plus guaranteed monthly payouts.
Stores are still ramping up - average daily gross order value per store has grown from INR 6 lakhs at 383 stores to INR 10 lakhs at 639 stores, with the top 50 stores hitting INR 18 lakhs a day, and the company sees a line of sight to 2,000 stores, mostly in the top 10 cities.
Advertising is built in, not bolted on - a self-serve, programmatic ad platform lets over 500 brands bid for hyperlocal placements based on neighbourhood consumption trends and time-of-day data, which improves contribution margins alongside rising commission rates.
Competition is pulling back - when Eternal enters a market after a competitor, it does have to spend more on marketing to drive trials, but its retention rates for the customers it acquires in those cities are higher than those of its competitors.

3. B2B supplies: the farm-to-fork backbone

Hyperpure supplies fresh ingredients - vegetables, fruits, antibiotic-residue-free chicken, cage-free eggs, seafood, groceries, and eco-friendly packaging - directly to restaurants, removing their sourcing and inventory headaches.

Direct from the source - it engages directly with farmers, mills, producers, and processors, cutting out middlemen to drive transparency and accountability across the food supply chain.
Feeds the group’s own platforms - Hyperpure acts as a strategic sourcing engine for Blinkit’s fresh products, giving the quick-commerce business a flexible supply chain, better gross margins, and consistent quality and availability.
Own processing, own energy - it operates its own processing facility to help restaurant partners scale, and has commissioned a 300KW solar project at one of its Gurgaon warehouses.

4. Going-out: the ticketing and experiences bet

District is a dedicated app for dining-out discovery, movie tickets, sports, and live events, formed by merging Zomato’s existing going-out business with the entertainment ticketing operation acquired from Paytm.

Bought, not just built - the company signed definitive agreements to acquire Paytm’s entertainment ticketing business in August 2024 for INR 2,048 crore, gaining a platform that had already sold 78 million tickets to over 10 million unique customers in the prior year.
Consolidating onto one app - District initially duplicates offerings from Zomato, Paytm, Insider, and TicketNew; over time customers will be nudged to District and the other apps’ ticketing offerings will be shut down, with a launch button remaining on the Zomato app.
Asset-light transition - only around 280 employees moved across with the acquisition; no major physical infrastructure was acquired, and a transition services agreement lets the ticketing business run on the Paytm app for up to 12 months while the migration happens.

Technology and AI capabilities

A shared technology backbone trained on billions of real interactions - late deliveries, wrong orders, failed refunds - where failures are immediate and measurable, making the systems hard to replicate.

AI-native customer support - Nugget, an in-house AI platform, handles over 15 million interactions a month across Zomato, Blinkit, and Hyperpure, resolving up to 80% of customer grievances autonomously; it is now also sold to external businesses.
Expanding the market by removing friction - conversational AI interfaces let customers search naturally or use Healthy Mode, delivery partners get personalised onboarding, and restaurant partners receive business guidance, all from the same integrated product, design, engineering, and data-science team.
Tools that create new behaviours - Dish Magic generates professional-quality food photos for restaurant partners, an augmented-reality menu lets customers preview dishes on their table before ordering, and Recipe Rover on Blinkit uses ChatGPT and Midjourney to suggest recipes with real-time ingredient recommendations.

Group structure and partners

A consolidated Indian platform with 14 direct and 7 step-down subsidiaries, systematically shedding overseas entities and non-core financial licences to focus on its core consumer and supply-chain engines.

Clean structure by business line - Blinkit sits in Blink Commerce Private Limited, Hyperpure in Zomato Hyperpure Private Limited, and the going-out business in Orbgen Technologies and Wasteland Entertainment, all material unlisted subsidiaries.
Financial services deliberately abandoned - the company voluntarily surrendered its RBI payment-aggregator licence in 2024, stating it saw no competitive advantage against incumbents, and withdrew its NBFC application, deciding not to pursue lending and credit.
Overseas footprint reduced to the core - over FY23-FY26, the company liquidated or dissolved inactive subsidiaries across more than a dozen countries including Australia, New Zealand, Portugal, Chile, Vietnam, and Turkey, retaining operations only in India and the UAE (D4 p.49, D5 p.47, D8-D17, D19, D20, D22-D25, D29, D36, D41, D42, D44, D46).
EV transition at scale - partnering with over 40 players in the electric-vehicle ecosystem, the company had more than 52,000 EV-based active delivery partners across Zomato and Blinkit as of March 2025, aiming for 100% EV-based deliveries by 2030.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹3,09,004Cr

Close Price

₹320.20

Industry

E Commerce Platform Food

Price To Earnings

681.28

Price To Sales

4.58

Revenue

₹67,408Cr

Rev Gr TTM

Revenue Growth TTM

190.50%

PAT Gr TTM

PAT Growth TTM

44.82%

Upcoming Results on

21 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	2,848	3,288	3,562	4,206	4,799	5,405	5,833	7,167	13,590	16,315	17,292	20,211
Growth YoY Revenue Growth YoY%	71.5	68.8	73.3	74.1	68.5	64.4	63.8	70.4	183.2	201.8	196.4	182.0
Expenses ExpensesCr	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 Operating ProfitCr	-47	51	86	177	226	162	72	115	239	368	486	594
OPM OPM%	-1.6	1.6	2.4	4.2	4.7	3.0	1.2	1.6	1.8	2.3	2.8	2.9
Other Income Other IncomeCr	212	219	235	236	221	252	368	354	352	348	342	375
Interest Expense Interest ExpenseCr	16	18	20	25	30	43	56	67	86	107	132	151
Depreciation DepreciationCr	128	128	140	149	180	247	287	314	376	439	468	546
PBT PBTCr	21	124	161	239	237	124	97	88	129	170	228	272
Tax TaxCr	-15	-14	-14	-14	61	65	58	63	64	68	54	180
PAT PATCr	36	138	175	253	176	59	39	25	65	102	174	92
Growth YoY PAT Growth YoY%	114.3	139.8	193.1	12,550.0	388.9	-57.3	-77.7	-90.1	-63.1	72.9	346.1	268.0
NPM NPM%	1.3	4.2	4.9	6.0	3.7	1.1	0.7	0.3	0.5	0.6	1.0	0.5
EPS EPS₹	0.0	0.2	0.2	0.3	0.2	0.1	0.0	0.0	0.1	0.1	0.2	0.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	2,848	3,288	3,562	4,206	4,799	5,405	5,833	7,167	13,590	16,315	17,292	20,211
Growth YoY Revenue Growth YoY%	71.5	68.8	73.3	74.1	68.5	64.4	63.8	70.4	183.2	201.8	196.4	182.0
Expenses ExpensesCr	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 Operating ProfitCr	-47	51	86	177	226	162	72	115	239	368	486	594
OPM OPM%	-1.6	1.6	2.4	4.2	4.7	3.0	1.2	1.6	1.8	2.3	2.8	2.9
Other Income Other IncomeCr	212	219	235	236	221	252	368	354	352	348	342	375
Interest Expense Interest ExpenseCr	16	18	20	25	30	43	56	67	86	107	132	151
Depreciation DepreciationCr	128	128	140	149	180	247	287	314	376	439	468	546
PBT PBTCr	21	124	161	239	237	124	97	88	129	170	228	272
Tax TaxCr	-15	-14	-14	-14	61	65	58	63	64	68	54	180
PAT PATCr	36	138	175	253	176	59	39	25	65	102	174	92
Growth YoY PAT Growth YoY%	114.3	139.8	193.1	12,550.0	388.9	-57.3	-77.7	-90.1	-63.1	72.9	346.1	268.0
NPM NPM%	1.3	4.2	4.9	6.0	3.7	1.1	0.7	0.3	0.5	0.6	1.0	0.5
EPS EPS₹	0.0	0.2	0.2	0.3	0.2	0.1	0.0	0.0	0.1	0.1	0.2	0.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	466	1,313	2,605	1,994	4,192	7,079	12,114	20,243	54,364	67,408
Growth Revenue Growth%		181.7	98.4	-23.4	110.3	68.8	71.1	67.1	168.6	190.5
Expenses ExpensesCr	558	3,556	4,909	2,461	6,043	8,289	12,072	19,606	53,156	65,721
Operating Profit Operating ProfitCr	-92	-2,243	-2,305	-467	-1,851	-1,210	42	637	1,208	1,687
OPM OPM%	-19.8	-170.9	-88.5	-23.4	-44.1	-17.1	0.3	3.1	2.2	2.5
Other Income Other IncomeCr	21	1,285	16	-200	793	681	847	1,077	1,396	1,417
Interest Expense Interest ExpenseCr	6	9	13	10	12	49	72	154	392	476
Depreciation DepreciationCr	29	43	84	138	150	437	526	863	1,597	1,829
PBT PBTCr	-107	-1,010	-2,386	-815	-1,221	-1,015	291	697	615	799
Tax TaxCr	0	0	0	1	2	-44	-60	170	249	366
PAT PATCr	-107	-1,010	-2,386	-816	-1,223	-971	351	527	366	433
Growth PAT Growth%		-844.9	-136.1	65.8	-49.7	20.6	136.2	50.1	-30.6	44.8
NPM NPM%	-22.9	-77.0	-91.6	-41.0	-29.2	-13.7	2.9	2.6	0.7	0.6
EPS EPS₹	-2,243.8	-16,027.3	-5.4	-1.5	-1.7	-1.2	0.4	0.6	0.4	0.5

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	466	1,313	2,605	1,994	4,192	7,079	12,114	20,243	54,364	67,408
Growth Revenue Growth%		181.7	98.4	-23.4	110.3	68.8	71.1	67.1	168.6	190.5
Expenses ExpensesCr	558	3,556	4,909	2,461	6,043	8,289	12,072	19,606	53,156	65,721
Operating Profit Operating ProfitCr	-92	-2,243	-2,305	-467	-1,851	-1,210	42	637	1,208	1,687
OPM OPM%	-19.8	-170.9	-88.5	-23.4	-44.1	-17.1	0.3	3.1	2.2	2.5
Other Income Other IncomeCr	21	1,285	16	-200	793	681	847	1,077	1,396	1,417
Interest Expense Interest ExpenseCr	6	9	13	10	12	49	72	154	392	476
Depreciation DepreciationCr	29	43	84	138	150	437	526	863	1,597	1,829
PBT PBTCr	-107	-1,010	-2,386	-815	-1,221	-1,015	291	697	615	799
Tax TaxCr	0	0	0	1	2	-44	-60	170	249	366
PAT PATCr	-107	-1,010	-2,386	-816	-1,223	-971	351	527	366	433
Growth PAT Growth%		-844.9	-136.1	65.8	-49.7	20.6	136.2	50.1	-30.6	44.8
NPM NPM%	-22.9	-77.0	-91.6	-41.0	-29.2	-13.7	2.9	2.6	0.7	0.6
EPS EPS₹	-2,243.8	-16,027.3	-5.4	-1.5	-1.7	-1.2	0.4	0.6	0.4	0.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	0	764	836	868	907	919
Reserves ReservesCr	1,036	2,356	457	7,644	15,718	18,605	19,531	29,395	30,049
Current Liabilities Current LiabilitiesCr	137	706	721	518	712	1,441	2,083	3,326	5,672
Non Current Liabilities Non Current LiabilitiesCr	19	139	1,476	93	117	705	867	1,987	4,091
Total Liabilities Total LiabilitiesCr	1,374	3,413	2,900	8,704	17,327	21,599	23,356	35,623	40,736
Current Assets Current AssetsCr	1,110	2,972	1,263	4,151	7,545	10,831	5,458	11,701	15,700
Non Current Assets Non Current AssetsCr	265	441	1,637	4,553	9,782	10,768	17,898	23,922	25,036
Total Assets Total AssetsCr	1,374	3,413	2,900	8,704	17,327	21,599	23,356	35,623	40,736

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	0	764	836	868	907	919
Reserves ReservesCr	1,036	2,356	457	7,644	15,718	18,605	19,531	29,395	30,049
Current Liabilities Current LiabilitiesCr	137	706	721	518	712	1,441	2,083	3,326	5,672
Non Current Liabilities Non Current LiabilitiesCr	19	139	1,476	93	117	705	867	1,987	4,091
Total Liabilities Total LiabilitiesCr	1,374	3,413	2,900	8,704	17,327	21,599	23,356	35,623	40,736
Current Assets Current AssetsCr	1,110	2,972	1,263	4,151	7,545	10,831	5,458	11,701	15,700
Non Current Assets Non Current AssetsCr	265	441	1,637	4,553	9,782	10,768	17,898	23,922	25,036
Total Assets Total AssetsCr	1,374	3,413	2,900	8,704	17,327	21,599	23,356	35,623	40,736

Consolidated

Standalone

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-69	-1,743	-2,144	-1,018	-693	-844	646	308	632
Investing Cash Flow Investing Cash FlowCr	-821	-1,273	1,735	-5,244	-7,938	457	-347	-7,993	536
Financing Cash Flow Financing Cash FlowCr	941	3,129	359	6,402	8,750	-127	-207	8,042	-842
Net Cash Flow Net Cash FlowCr	51	113	-50	140	119	-514	92	357	326
Free Cash Flow Free Cash FlowCr	-73	-1,788	-2,165	-1,023	-750	-945	444	-623	-1,114
CFO To PAT CFO To PAT%	64.9	172.5	89.9	124.7	56.7	86.9	184.1	58.4	172.7
CFO To EBITDA CFO To EBITDA%	75.0	77.7	93.0	217.9	37.4	69.8	1,538.1	48.4	52.3

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-69	-1,743	-2,144	-1,018	-693	-844	646	308	632
Investing Cash Flow Investing Cash FlowCr	-821	-1,273	1,735	-5,244	-7,938	457	-347	-7,993	536
Financing Cash Flow Financing Cash FlowCr	941	3,129	359	6,402	8,750	-127	-207	8,042	-842
Net Cash Flow Net Cash FlowCr	51	113	-50	140	119	-514	92	357	326
Free Cash Flow Free Cash FlowCr	-73	-1,788	-2,165	-1,023	-750	-945	444	-623	-1,114
CFO To PAT CFO To PAT%	64.9	172.5	89.9	124.7	56.7	86.9	184.1	58.4	172.7
CFO To EBITDA CFO To EBITDA%	75.0	77.7	93.0	217.9	37.4	69.8	1,538.1	48.4	52.3

Consolidated

Standalone

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					64,786	43,589	1,60,829	1,94,455	2,21,041	3,09,004
Price To Earnings Price To Earnings							455.9	347.4	572.6	681.3
Price To Sales Price To Sales					15.4	6.2	13.3	9.6	4.1	4.6
Price To Book Price To Book					3.8	2.2	7.8	6.0	6.8	10.0
EV To EBITDA EV To EBITDA					-34.2	-35.6	3,829.7	302.8	185.5	187.9
Profitability Ratios Profitability Ratios
GPM GPM%	88.8	-3.6	14.6	86.5	83.0	74.5	71.5	65.2	39.0	39.0
OPM OPM%	-19.8	-170.9	-88.5	-23.4	-44.1	-17.1	0.3	3.1	2.2	2.5
NPM NPM%	-22.9	-77.0	-91.6	-41.0	-29.2	-13.7	2.9	2.6	0.7	0.6
ROCE ROCE%	-9.4	-40.7	-447.3	-10.4	-7.3	-4.8	1.7	2.6	2.8	2.8
ROE ROE%	-10.3	-42.9	-521.6	-10.7	-7.4	-5.0	1.7	1.7	1.2	1.2
ROA ROA%	-7.8	-29.6	-82.3	-9.4	-7.1	-4.5	1.5	1.5	0.9	0.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					64,786	43,589	1,60,829	1,94,455	2,21,041	3,09,004
Price To Earnings Price To Earnings							455.9	347.4	572.6	681.3
Price To Sales Price To Sales					15.4	6.2	13.3	9.6	4.1	4.6
Price To Book Price To Book					3.8	2.2	7.8	6.0	6.8	10.0
EV To EBITDA EV To EBITDA					-34.2	-35.6	3,829.7	302.8	185.5	187.9
Profitability Ratios Profitability Ratios
GPM GPM%	88.8	-3.6	14.6	86.5	83.0	74.5	71.5	65.2	39.0	39.0
OPM OPM%	-19.8	-170.9	-88.5	-23.4	-44.1	-17.1	0.3	3.1	2.2	2.5
NPM NPM%	-22.9	-77.0	-91.6	-41.0	-29.2	-13.7	2.9	2.6	0.7	0.6
ROCE ROCE%	-9.4	-40.7	-447.3	-10.4	-7.3	-4.8	1.7	2.6	2.8	2.8
ROE ROE%	-10.3	-42.9	-521.6	-10.7	-7.4	-5.0	1.7	1.7	1.2	1.2
ROA ROA%	-7.8	-29.6	-82.3	-9.4	-7.1	-4.5	1.5	1.5	0.9	0.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ETERNAL	SWIGGY
Market CapitalizationMkt CapCr	3,09,004	63,211
Close PriceClose₹	320.20	229.00
IndustryIndustry	E Commerce Platform Food	E Commerce Platform Food
Price To EarningsPE	681.28
Price To SalesPS	4.58	2.54
RevenueRevenueCr	67,408	24,904
Revenue Growth TTMRev Gr TTM%	190.5%	46.8%
PAT Growth TTMPAT Gr TTM%	44.8%	-1.2%

	ETERNAL	SWIGGY
Market CapitalizationMkt CapCr	3,09,004	63,211
Close PriceClose₹	320.20	229.00
IndustryIndustry	E Commerce Platform Food	E Commerce Platform Food
Price To EarningsPE	681.28
Price To SalesPS	4.58	2.54
RevenueRevenueCr	67,408	24,904
Revenue Growth TTMRev Gr TTM%	190.5%	46.8%
PAT Growth TTMPAT Gr TTM%	44.8%	-1.2%