Eternal Ltd
Incorporated in 2010, Zomato Limited is one of the leading online Food Service platforms in terms of the value of food sold. Its offerings include food delivery, dining-out services, Loyalty programs, and others.
As of December 31, 2020, Zomato has established a strong footprint across 23 countries with 131,233 active food delivery restaurants, 161,637 active delivery partners, and an average monthly food order of 10.7 million customers.[1]
- Market Cap ₹ 3,06,844 Cr.
- Current Price ₹ 318
- High / Low ₹ 368 / 190
- Stock P/E 130
- Book Value ₹ 37.1
- Dividend Yield 0.00 %
- ROCE 7.34 %
- ROE 6.55 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 23.2% CAGR over last 5 years
- Company's median sales growth is 51.4% of last 10 years
- Company's working capital requirements have reduced from 128 days to 65.2 days
Cons
- Stock is trading at 8.56 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
- Company has a low return on equity of 4.68% over last 3 years.
- Earnings include an other income of Rs.1,545 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Consumer Services Retailing E-Retail/ E-Commerce
Part of BSE Sensex Nifty 50 BSE 500 BSE 100 BSE 200
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 79 | 134 | 245 | 371 | 1,163 | 2,336 | 1,714 | 3,611 | 4,707 | 6,622 | 8,617 | 9,481 | |
| 176 | 416 | 863 | 427 | 4,529 | 4,543 | 2,048 | 5,238 | 5,234 | 6,040 | 7,563 | 8,184 | |
| Operating Profit | -97 | -282 | -617 | -56 | -3,366 | -2,207 | -334 | -1,627 | -527 | 582 | 1,054 | 1,297 |
| OPM % | -123% | -210% | -252% | -15% | -289% | -94% | -19% | -45% | -11% | 9% | 12% | 14% |
| 31 | 26 | 65 | 14 | 2,508 | -160 | -415 | 668 | 800 | 881 | 1,249 | 1,545 | |
| Interest | 1 | 4 | 15 | 24 | 59 | 11 | 8 | 6 | 16 | 18 | 16 | 20 |
| Depreciation | 5 | 22 | 18 | 13 | 23 | 74 | 129 | 133 | 140 | 73 | 97 | 147 |
| Profit before tax | -72 | -281 | -585 | -78 | -940 | -2,451 | -886 | -1,098 | 117 | 1,372 | 2,190 | 2,675 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 10% | |
| -72 | -281 | -585 | -78 | -940 | -2,451 | -886 | -1,098 | 117 | 1,371 | 1,960 | 2,362 | |
| EPS in Rs | -2,408.98 | -9,128.74 | -19,026.66 | -2,324.25 | -27,849.27 | -72,584.54 | -25,206.26 | -1.39 | 0.14 | 1.55 | 2.03 | 2.45 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 60% |
| 5 Years: | 30% |
| 3 Years: | 34% |
| TTM: | 21% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 37% |
| 5 Years: | 23% |
| 3 Years: | 50% |
| TTM: | 38% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 71% |
| 1 Year: | 28% |
| Return on Equity | |
|---|---|
| 10 Years: | -4% |
| 5 Years: | 2% |
| 3 Years: | 5% |
| Last Year: | 7% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.00 | 764 | 836 | 868 | 907 | 910 |
| Reserves | 662 | 558 | 384 | 1,419 | 2,812 | 601 | 7,754 | 16,003 | 19,970 | 21,907 | 33,208 | 34,910 |
| 0 | 304 | 0 | 0 | 0 | 319 | 501 | 30 | 157 | 149 | 173 | 248 | |
| 21 | 140 | 57 | 94 | 677 | 2,065 | 493 | 703 | 964 | 1,401 | 1,563 | 1,785 | |
| Total Liabilities | 683 | 1,002 | 442 | 1,513 | 3,489 | 2,985 | 8,748 | 17,501 | 21,927 | 24,325 | 35,851 | 37,853 |
| 14 | 27 | 13 | 4 | 174 | 1,580 | 1,450 | 1,348 | 1,402 | 1,398 | 1,471 | 1,559 | |
| CWIP | 2 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| Investments | 634 | 747 | 251 | 1,237 | 2,540 | 524 | 2,506 | 5,136 | 12,694 | 19,372 | 25,873 | 27,259 |
| 33 | 227 | 177 | 270 | 774 | 881 | 4,792 | 11,017 | 7,831 | 3,555 | 8,507 | 9,034 | |
| Total Assets | 683 | 1,002 | 442 | 1,513 | 3,489 | 2,985 | 8,748 | 17,501 | 21,927 | 24,325 | 35,851 | 37,853 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| -2,074 | -281 | -509 | 224 | 1,379 | 1,614 | ||||||
| 1,646 | -6,115 | -8,129 | -381 | -1,301 | -9,752 | ||||||
| 362 | 6,474 | 8,763 | -14 | -20 | 8,388 | ||||||
| Net Cash Flow | -66 | 79 | 126 | -171 | 58 | 250 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 41 | 24 | 35 | 19 | 20 | 21 | 26 | 17 | 5 | 4 | 5 |
| Inventory Days | |||||||||||
| Days Payable | |||||||||||
| Cash Conversion Cycle | 41 | 24 | 35 | 19 | 20 | 21 | 26 | 17 | 5 | 4 | 5 |
| Working Capital Days | -5 | 1 | 55 | -12 | 12 | -13 | 116 | 365 | 277 | 42 | 65 |
| ROCE % | -37% | -92% | -6% | -100% | -118% | -9% | -11% | 0% | 6% | 7% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2d - Eternal to meet investors Nov 3, 2025 at J.P. Morgan Singapore — one-on-one and group (physical).
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
23 Oct - Eternal Limited has filed with the exchange transcript of the earnings conference call conducted on October 16, 2025
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General Updates
19 Oct - Adjudication order (18 Oct 2025): GST demand INR64,17,43,503 and penalty INR64,17,43,503; company to appeal.
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Announcement under Regulation 30 (LODR)-Restructuring
16 Oct - BCPL transfers 'Bistro by Blinkit' to BFL for INR 57 crore slump sale; completion within 30 days.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
16 Oct - ICRA report: QIP net proceeds Rs8,436.12cr; Rs2,945.61cr utilized, Rs5,490.51cr unutilized as of Sep 30, 2025.
Annual reports
Concalls
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Oct 2025Transcript PPT
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Jul 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Jan 2025Transcript PPT REC
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Oct 2024Transcript PPT REC
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Aug 2024Transcript PPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT REC
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Jan 2024TranscriptPPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT REC
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May 2023Transcript PPT
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Feb 2023Transcript PPT
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Nov 2022TranscriptPPT
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Sep 2022TranscriptNotesPPT
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Aug 2022TranscriptPPT
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Jun 2022TranscriptNotesPPT
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May 2022TranscriptPPT
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Mar 2022TranscriptNotesPPT
Business Segments
1) Food Delivery (44% in H1 FY25 vs 81% in FY22): [1] [2] The company operates Zomato, a B2C technology platform that allows customers to discover local restaurants, order food, and have it delivered through a last-mile network of independent delivery partners, with a presence in 800+ cities. The segment revenue grew by 35% YoY in H1 FY25, driven by a 24% rise in Gross Order Value (GOV). [3] [4] [5] [6]