Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 1 Oct - Eternal Limited has informed regarding grant of stock options pursuant to approval of nomination and remuneration committee
Source: Bse
ETERNAL LIMITED (ETERNAL)
Large CapConsumer stocks · Large cap · NSE
Eternal (formerly Zomato) operates India's leading food delivery (Zomato), quick commerce (Blinkit), and going-out (District) platforms. It leverages a physical moat and AI to serve over 100M customers, supporting 1M+ delivery partners, 400k+ restaurants, and 100k+ supply chain workers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result22 Jul, 08:39 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
49NeutralMACD − · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 57
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ETERNALD candles · FIT view+24.7%Latest close ₹320.20 on 2026-10-19
Bar
-1.4%
RSI
47
MACD hist
-0.78
52W pos
82%
2026-10-19O ₹324.85H ₹327.10L ₹319.50C ₹320.20Vol 1.8Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ETERNALNifty Consumer DurablesNifty 500
- ETERNAL
- +11.6%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +17.2 pp
Chart stats
19 Oct 2026- From 52W high
- -13.1%
- 52W range position
- 69%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.84x
- Avg traded value
- ₹697 Cr
- 20D price channel
- ₹308.1 - ₹344.4
₹368.5
₹212.6 - ₹368.5
₹8.5
Latest completed session
20-session average
27.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED25
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +182.0% · PAT +268.0% YoY
Technical
Neutral49
Price trend and sector-relative-strength timing.
Valuation
Legacy model-1990.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +182% YoY · PAT +268% YoY · margin expansion · +17% QoQ · operating leverage
Filed 22 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹20,211 Cr | +182.0% | +16.9% |
| EBITDA | ₹594 Cr | +416.5% | +22.2% |
| Operating margin | 2.9% | +130 bps | +10 bps |
| PAT | ₹92 Cr | +268.0% | -47.1% |
| PAT margin | 0.5% | +11 bps | -55 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 702.00
- P/B
- 9.84
- EV/EBITDA
- 87.78
- Market Cap
- 304043.00Cr
Profitability
- ROE
- 0.38%
- ROCE
- 2.48%
- ROA
- 1.06%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 94.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 97.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- 3.54×
- Altman Z
- 9.10
- Book Value
- 32.10
Cash Flow
- FCF Yield
- 0.39%
- FCF Positive Y
- 2/5
- OCF
- 632.00 Cr
- EPS TTM
- 0.46
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 67.4k+24.0% vs prev
Net Profit
₹ CrLatest: 366-30.6% vs prev
Return on Equity
%Latest: 1.2-32.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 47.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 47 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 7% off 52W high · 51% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
74
RS percentile
Stage 2 UptrendEstablished S2
1M return
-2.0%
3M return
+11.6%
6M return
+21.8%
1Y return
-4.3%
RS 1D
-1
RS 20D
+3
Sector rank
#8
Industry rank
-
Stage evidence
- Price is 13.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.3%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
05 Aug 2026
S2 age
52 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 101.69-0.55%
RS vs Nifty 500102
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth13/25
Quality0/20
Balance Sheet5/15
Cash Flow2/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
25
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
25/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 13/25 to the score.
- Balance sheet contributes 5/15 to the score.
Main drags
- Fair-value margin of safety is negative at -1990.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
702.0
PB
9.8
EV/EBITDA
87.8
ROE
0.4%
ROCE
2.5%
FCF Yield
0.4%
Debt/Equity
0.1
MoS
-1990.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
25
Previous: 25
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-1990.4%
Previous: -1990.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
25
25
25
25
25
25
25
25
25
25
25
25
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹18.23
-1656.7% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹15.32
-1990.4% MoS
PEG
32.80
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RTNINDIA
Micro
RattanIndia Enterprises Limited
Services
match 59
16
—
-19.6%
—
OVERVALUED
TSC
SME
TSC India Ltd.
Services
match 59
37
19.8
12.2%
+39%
WATCHLIST
URBANCO
Small
Urban Company Limited
Services
match 46
18
—
-12.0%
—
OVERVALUED
IGIL
Large
International Gemmological Institute (India) Limited
Services
match 35
68
22.4
55.8%
+14%
UNDERVALUED
DMART
Large
Avenue Supermarts Limited
Retail
match 20
35
70.0
12.9%
-108%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T17:32:18.935Z
Management commentary snapshot
ETERNAL's Q4FY26 consolidated Adjusted Revenue surged 186% YoY (64% LFL YoY) to INR 17,680 crore, with Adjusted EBITDA up 160% YoY to INR 429 crore. Quick commerce NOV grew 95.4% YoY, while food delivery NOV accelerated to 18.8% YoY.
ETERNAL's Q4FY26 results demonstrate strong growth across segments, particularly quick commerce, and accelerating food delivery. The 1P model shift inflates reported revenue, but LFL growth is robust. Improving profitability and strategic market expansion efforts support the long-term thesis.
Growth engines
Quick Commerce Assortment Expansion
Expanding SKU depth (e.g., 80k SKUs in Delhi NCR vs 50k+ in next 7 cities) drives retention, wallet share, and NAOV.
Quick Commerce Geographic Expansion
Incremental growth from cities beyond top eight, where pin code coverage is <30%; early experience in these markets has been encouraging.
Food Delivery Addressable Market Expansion
Lowered minimum order value for free delivery (INR 99 for Gold) and targeted budget-conscious customers with curated assortment.
Going-out Platform Unification
District app unifies restaurant booking, movie/concert tickets, arena reservations, and local retail, boosting engagement and retention.
Capacity and execution
Quick Commerce Stores
216 net new stores added in Q4FY26, bringing total to 2,243 stores.
Agroforestry Saplings
Targeting distribution of 2.5 million additional saplings to be planted across 10,000 acres of land in FY27.
Tailwinds
Food Delivery Demand Signals
App opens have been trending higher over the last few quarters, signaling improving demand independent of interventions.
Distinct Category Use Cases
Quick commerce impact on food delivery growth has plateaued, suggesting the two categories have largely settled into distinct use cases.
Constructive Competition in QC
Good competition aids market expansion as multiple players invest in infrastructure, acquire customers, and build category awareness.
AI for Market Expansion
AI reduces friction for customers, delivery partners, and restaurant partners to participate, expanding the addressable market.
Headwinds
Quick Commerce Competition
Aggressive discounting by competitors is leading to poor-quality growth centered around select low-margin SKUs.
Financial Market Volatility
Uncertain macro environment led to lower bond prices, causing negative marked-to-market movements in debt securities.
Risk radar
GST Show Cause Notices
Received SCNs and orders from GST authorities regarding GST on delivery charges; ultimate outcome uncertain, though company believes it has a strong case.
Non-linear Margin Expansion
The path of Blinkit's margin expansion may not be linear given the multiple moving parts, despite confidence in reaching targets.
AI Disruption Threat
Some wonder if AI chat interfaces will become the new front door for commerce, shifting demand away from apps like ours.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY is essential for seasonal businesses like quick commerce (Q4 weakest) and going-out (lumpy). QoQ reflects sequential momentum in food delivery's acceleration and quick commerce's store additions and margin improvement. LFL YoY is key due to the 1P model shift.
Sector KPIs management disclosed
Food delivery NOV growth
18.8% YoY (-0.9% QoQ), accelerating for the third quarter in a row.
Food delivery Adjusted EBITDA margin
Improved to 5.5% (as a % of NOV) with absolute Adjusted EBITDA of INR 532 crore.
Quick commerce NOV growth
Remains strong at 95.4% YoY (8.2% QoQ).
Quick commerce store count
2,243 stores as at the end of Q4FY26, with 216 net new stores added in the quarter.
Management forward view
Blinkit NOV Growth Target
Expects >60% NOV CAGR over the next three years, translating to the business growing to >4x its current scale.
Consolidated Adjusted EBITDA Target
Expects to reach $1 billion of Adjusted EBITDA, hopefully by FY29, driven by accelerating foundation.
Food Delivery NOV Growth Outlook
Expects growth to continue trending toward the long-term expectation of 20%+ YoY NOV growth.
District NOV & Adjusted EBITDA Target
Guided toward $3 billion in NOV and $150 million in Adjusted EBITDA by FY30, implying approximately 30%+ YoY NOV growth.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Blinkit NOV Growth | 95.4% YoY (8.2% QoQ) | Sustained growth towards >60% CAGR over next three years and a strong QoQ bounceback in Q1FY27. |
| Food Delivery NOV Growth | 18.8% YoY | Continued acceleration towards the long-term expectation of 20%+ YoY growth. |
| Blinkit Adjusted EBITDA Margin | 0.3% of NOV (INR 37 crore) | Progress towards the 5-6% steady-state Adjusted EBITDA margin guidance. |
| Consolidated Adjusted EBITDA | INR 429 crore | Trajectory towards the $1 billion Adjusted EBITDA target by FY29. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
cash flow improvementnot yet verifiablequantified
We don't expect net working capital to be beyond 18 days.
Direction: maintainConfidence: don't expect
"we don't expect net working capital to be beyond those 18 days"
margin outlookdeliveredquantified
Our confidence on margins going to 5% to 6% of NOV remains high in the long term.
Timeframe: long termDirection: expandConfidence: high
"our confidence on margins going to 5% to 6% of NOV remains high"
Outcome check: OPM moved from 2.0% to average 3.0% (+1.0 pp).
margin outlookcontradictedquantified
We now expect the losses in the going-out business to come down sequentially from here towards breakeven in the next four to six quarters.
Timeframe: next four to six quartersDirection: decreaseConfidence: expect
"we now expect the losses to come down sequentially from here towards breakeven in the next four to six quarters"
Outcome check: OPM moved from 2.0% to average 3.0% (+1.0 pp).
operational efficiencynot yet verifiablequantified
The ROCE outcome should still be north of 40%.
Direction: maintain/achieveConfidence: should
"the ROCE outcome should still be north of 40%"
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 50% delivered/partly-delivered outcomes on 2 checked claims, with 1 adverse claim outcome. It ranks around the 59th percentile of the scored universe and 63rd percentile within Consumer. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
55 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Consumer: 63rd pctile, median 66 · Large: 35th pctile, median 73
Evidence depth
Financial-only
55 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
50% delivered or partly delivered
2/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
40
weak · capital discipline
Results
88
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.4%.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸ROCE is low at 2.5%.
- ▸ROE is low at 0.4%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸Profit margin is 2.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching ETERNAL LIMITED
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep - Eternal Limited has informed about schedule of participation in investor conference.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Jul - Eternal Limited has informed about newspaper advertisement regarding 16th annual general meeting of the Company and other information.
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Company Ir
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Code of Conduct under SEBI (PIT) Regulations, 2015 1d - Eternal revised its Fair Disclosure Code under PIT Regulations, Version 4, effective July 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Jul - The Company will hold its Earnings Conference Call on Wednesday, July 22, 2026 at 5:00 P.M.(IST) to discuss the financial results for the ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 1 Jul - Eternal Limited has informed regarding grant of stock options pursuant to approval of nomination and remuneration committee.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 1d - ICRA report for June 2026 shows no deviation in Eternal's ₹8,436.12 crore QIP utilization.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Restructuring 1d - Q1 FY27 results approved; Nugget business transferred to CTPL for ₹35 crore; GST orders of ₹447 crore disclosed.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.