Eternal Ltd
Incorporated in 2010, Eternal Limited (previously 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, Eternal 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 ₹ 3,14,167 Cr.
- Current Price ₹ 326
- High / Low ₹ 345 / 213
- Stock P/E 121
- Book Value ₹ 39.8
- Dividend Yield 0.00 %
- ROCE 8.12 %
- ROE 7.19 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 53.1% CAGR over last 5 years
- Company's median sales growth is 46.0% of last 10 years
Cons
- Stock is trading at 8.19 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 6.68% over last 3 years.
- Earnings include an other income of Rs.2,199 Cr.
- Working capital days have increased from 77.6 days to 125 days
* 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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 79 | 134 | 245 | 371 | 1,163 | 2,336 | 1,714 | 3,611 | 4,707 | 6,622 | 8,617 | 10,899 | 12,848 | |
| 176 | 416 | 863 | 427 | 4,529 | 4,543 | 2,048 | 5,238 | 5,234 | 6,040 | 7,563 | 9,500 | 11,610 | |
| Operating Profit | -97 | -282 | -617 | -56 | -3,366 | -2,207 | -334 | -1,627 | -527 | 582 | 1,054 | 1,399 | 1,238 |
| OPM % | -123% | -210% | -252% | -15% | -289% | -94% | -19% | -45% | -11% | 9% | 12% | 13% | 10% |
| 31 | 26 | 65 | 14 | 2,508 | -160 | -415 | 668 | 800 | 881 | 1,249 | 1,803 | 2,199 | |
| Interest | 1 | 4 | 15 | 24 | 59 | 11 | 8 | 6 | 16 | 18 | 16 | 34 | 56 |
| Depreciation | 5 | 22 | 18 | 13 | 23 | 74 | 129 | 133 | 140 | 73 | 97 | 202 | 232 |
| Profit before tax | -72 | -281 | -585 | -78 | -940 | -2,451 | -886 | -1,098 | 117 | 1,372 | 2,190 | 2,966 | 3,149 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 10% | 10% | |
| -72 | -281 | -585 | -78 | -940 | -2,451 | -886 | -1,098 | 117 | 1,371 | 1,960 | 2,655 | 2,588 | |
| EPS in Rs | -0.36 | -1.36 | -2.84 | -0.35 | -4.16 | -10.83 | -3.76 | -1.39 | 0.14 | 1.55 | 2.03 | 2.75 | 2.68 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 55% |
| 5 Years: | 45% |
| 3 Years: | 32% |
| TTM: | 36% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 27% |
| 5 Years: | 53% |
| 3 Years: | 311% |
| TTM: | 9% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 19% |
| 3 Years: | 46% |
| 1 Year: | -2% |
| Return on Equity | |
|---|---|
| 10 Years: | -1% |
| 5 Years: | 4% |
| 3 Years: | 7% |
| 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 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.00 | 764 | 836 | 868 | 907 | 919 | 921 |
| Reserves | 662 | 558 | 384 | 1,419 | 2,812 | 601 | 7,754 | 16,003 | 19,970 | 21,907 | 33,208 | 36,137 | 37,462 |
| 0 | 304 | 0 | 0 | 0 | 319 | 501 | 30 | 157 | 149 | 173 | 414 | 405 | |
| 21 | 140 | 57 | 94 | 677 | 2,065 | 493 | 703 | 964 | 1,401 | 1,563 | 1,935 | 2,163 | |
| Total Liabilities | 683 | 1,002 | 442 | 1,513 | 3,489 | 2,985 | 8,748 | 17,501 | 21,927 | 24,325 | 35,851 | 39,405 | 40,951 |
| 14 | 27 | 13 | 4 | 174 | 1,580 | 1,450 | 1,348 | 1,402 | 1,398 | 1,471 | 1,727 | 1,736 | |
| CWIP | 2 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Investments | 634 | 747 | 251 | 1,237 | 2,540 | 524 | 2,506 | 5,136 | 12,694 | 19,372 | 25,873 | 27,988 | 29,415 |
| 33 | 227 | 177 | 270 | 774 | 881 | 4,792 | 11,017 | 7,831 | 3,555 | 8,507 | 9,689 | 9,800 | |
| Total Assets | 683 | 1,002 | 442 | 1,513 | 3,489 | 2,985 | 8,748 | 17,501 | 21,927 | 24,325 | 35,851 | 39,405 | 40,951 |
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -2,074 | -281 | -509 | 224 | 1,379 | 1,614 | 340 | ||||||
| 1,646 | -6,115 | -8,129 | -381 | -1,301 | -9,752 | 48 | ||||||
| 362 | 6,474 | 8,763 | -14 | -20 | 8,388 | -113 | ||||||
| Net Cash Flow | -66 | 79 | 126 | -171 | 58 | 250 | 275 | |||||
| Free Cash Flow | -2,090 | -290 | -540 | 167 | 1,342 | 1,522 | 242 | |||||
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 93% | 84% | 29% | -48% | 251% | 162% | 43% |
Ratios
Standalone / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 41 | 24 | 35 | 19 | 20 | 21 | 26 | 17 | 5 | 4 | 5 | 5 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 41 | 24 | 35 | 19 | 20 | 21 | 26 | 17 | 5 | 4 | 5 | 5 |
| Working Capital Days | -5 | 1 | 55 | -12 | 12 | -13 | 116 | 365 | 277 | 42 | 65 | 125 |
| ROCE % | -37% | -92% | -6% | -100% | -118% | -9% | -11% | 0% | 6% | 7% | 8% |
Insights
In beta| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Food Delivery Average Monthly Transacting Customers (MTC) million |
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| B2C Net Order Value (NOV) - Combined Food Delivery, Quick Commerce and Going-out INR crore |
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| Food Delivery Average Monthly Active Restaurant Partners thousands |
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| Blinkit Number of Dark Stores count |
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| Blinkit Average Monthly Transacting Customers (MTC) million |
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| Blinkit Average NOV per Day per Store INR '000 |
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| Food Delivery Net Average Order Value (NAOV) INR |
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| Going-out (District) Net Order Value (NOV) INR crore |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
- ICRA report shows no deviation in Eternal’s QIP proceeds use for quarter ended September 30, 2026.
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Announcement under Regulation 30 (LODR)-Restructuring
- Board approved Q2 FY26 results, internal restructuring, and Adonmo-Mygate share swap on October 21, 2026.
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Results For The Quarter And Half Year Ended September 30, 2026
- Board approved Q2/H1 FY27 results, internal Going-out India restructuring, and Adonmo-Mygate share swap.
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Shareholders Letter
- Q2FY27 results: B2C NOV rose 54% YoY; adjusted revenue 76% to INR 24,621 crore; EBITDA 197%.
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Board Meeting Outcome for Outcome Of Board Meeting
- Eternal approved Q2 FY26 results, restructuring Going-out India business, and Adonmo-Mygate share swap valued at ~INR156 crore.
Annual reports
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Annual Report 2026
from bse
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Annual Report 2025
from bse
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Annual Report 2024
from bse
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Annual Report 2023
from bse
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Annual Report 2022
from bse
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Annual Report 2022
from nse
Concalls
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Oct 2026PPT REC
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Jul 2026Transcript PPT
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May 2026Transcript PPT REC
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Jan 2026Transcript PPT REC
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Jan 2026Transcript
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Oct 2025Transcript PPT REC
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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 2024Transcript
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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 2022Transcript
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Sep 2022PPT
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Aug 2022Transcript
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Jun 2022PPT
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May 2022Transcript
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Mar 2022PPT
Business Segments[1]
1) Food Delivery (44% in FY25 vs 81% in FY22):[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 21% YoY in FY25, driven by a 20% rise in Net Order Value (NOV). [3] [4] [5] [6]