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Consumer Services · NSE: ETERNAL · BSE: 543320

Eternal: how the business works

Eternal, formerly Zomato, runs the Zomato and Blinkit delivery apps; it took in ₹54,364 crore in FY26 and kept ₹366 crore as profit.

Eternal Limited · New Delhi (registered office) · Founded 2010

Last updated · Reviewed by Cityfort Research on

Revenue, FY26
₹54,364 cr
Net profit, FY26
₹366 cr
Blinkit dark stores, 30 Sep 2026
2,751
Incorporated
2010
Promoter holding, Sep 2026
None (no promoter)

For learning only. Cityfort is not a SEBI-registered adviser and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

01 · The business in one line

What does Eternal do?

Shoppers and diners pay Eternal for goods and meals delivered fast; in FY26 goods and delivery took about ₹70 of every ₹100, leaving under ₹1 as profit.

  • In FY26 Blinkit (quick commerce) made up 69.5% of segment revenue, Zomato food delivery 18.7%, Hyperpure 9.9% and District 1.8%.
  • Since Q1 FY26 Blinkit mostly owns the goods it sells, so revenue counts their full price. Reported revenue rose 169% in FY26; the company's like-for-like measure grew 61%.

02 · What it sells

What does Eternal sell?

Eternal is the company behind three phone apps and a supply business. Zomato delivers restaurant meals. Blinkit delivers groceries and everyday items within minutes. District sells restaurant bookings and tickets. Hyperpure supplies restaurants.

  • Blinkit (quick commerce)

    An app that delivers everyday items within minutes from dark stores: small warehouses that serve only online orders. It had 2,751 such stores on 30 Sep 2026. In Q2 FY26 about 80% of Blinkit's order value was goods it owned.

  • Zomato (food delivery)

    An app that connects customers, restaurant partners and independent delivery partners. In FY26 it handled 97.9 crore orders, with about 3.3 lakh restaurant partners a month on average.

  • District (going out)

    An app for booking restaurant tables and paying the bill, and for tickets to movies, sports and events, including events Eternal runs itself.

  • Hyperpure (supplies to restaurants)

    A business-to-business supplier that sells to restaurants, which the company describes as farm-to-fork supplies. It served about 85,000 restaurants in Q2 FY27, up from 62,000 a year earlier.

What it does

  • Does: Takes orders through its apps and arranges delivery to the customer's door.
  • Does: Owns most of the goods Blinkit sells (about 80% of Blinkit's order value in Q2 FY26).
  • Does: Runs dark stores and warehouses for Blinkit.
  • Does: Supplies ingredients and other goods to restaurants through Hyperpure.

What it does not do

  • Does not: Does not employ the delivery riders: the annual report calls delivery partners value chain partners, not employees.
  • Does not: Does not cook most Zomato meals: independent restaurant partners do.
  • Does not: Is no longer called Zomato Ltd: the listed company became Eternal Ltd in 2025. Zomato is now the food-delivery app's name.

Source: Q2 FY27 board meeting outcome with financial results, going-out restructuring and Adonmo-Mygate share swap; Shareholders' letter Q2 FY27 (21 Oct 2026); Shareholders' letter Q2 FY26 (16 Oct 2025) and 1 more

03 · Who pays it

Who pays Eternal?

  • Blinkit shoppers

    70%

    of revenue

    People buying groceries and everyday items for delivery within minutes. An average of 3.70 crore people a month bought on Blinkit in Q2 FY27. Share shown is Blinkit's FY26 segment revenue.

  • Zomato diners and restaurants

    19%

    of revenue

    Customers ordering meals and the restaurants whose food is delivered. An average of 2.80 crore people a month ordered in Q2 FY27, from about 3.34 lakh restaurant partners.

  • Restaurants buying supplies (Hyperpure)

    10%

    of revenue

    About 85,000 restaurants bought supplies from Hyperpure in Q2 FY27.

  • District users

    2%

    of revenue

    People booking restaurant tables, paying restaurant bills or buying tickets for movies, sports and events.

  • Blinkit shoppers70%
  • Zomato diners and restaurants19%
  • Restaurants buying supplies (Hyperpure)10%
  • District users2%

How spread out the customers are

Eternal does not disclose revenue by customer. Its buyers are crores of individual shoppers and lakhs of restaurants.

Source: Annual Report FY26 (2025-26), incl. consolidated financial statements and BRSR; Q4 FY26 and FY26 consolidated financial results, XBRL (integrated filing); Shareholders' letter Q2 FY27 (21 Oct 2026)

04 · How the money flows · FY26

How does money flow through Eternal?

Money in

  • Revenue from operations₹54,364 cr
  • Other income₹1,396 cr

The company

Eternal

₹55,760 cr came in

Money out

  • Cost of goods sold₹30,167 cr
  • Delivery and related costs₹9,065 cr
  • Employee costs₹3,536 cr
  • Advertising and sales promotion₹3,350 cr
  • Other costs, depreciation and finance costs₹9,027 cr
  • Tax₹249 cr
  • Net profit₹366 cr
  1. Shoppers, diners, restaurants and ticket buyers paid Eternal ₹54,364 crore in FY26.
  2. Another ₹1,396 crore came in as other income, which is not from its apps' sales.
  3. The largest cost was ₹30,167 crore for goods sold, after setting aside ₹2,002 crore of unsold stock.
  4. Delivery cost ₹9,065 crore, staff ₹3,536 crore and advertising ₹3,350 crore.
  5. After other costs, depreciation, finance costs and ₹249 crore of tax, ₹366 crore was left as profit.

Source: Annual Report FY26 (2025-26), incl. consolidated financial statements and BRSR; Q4 FY26 and FY26 consolidated financial results, XBRL (integrated filing)

05 · Where the money goes · FY26

Where does ₹100 of Eternal's money go?

Of every ₹100 that came in (revenue plus other income), this is where it went.

Eternal · FY26

Receipt for every ₹100

Where ₹100 of Eternal's money went in FY26
Goods sold₹54.1
Delivery costs₹16.3
Employees₹6.3
Advertising and promotion₹6.0
Other costs, depreciation and finance costs₹16.2
Tax₹0.4
Kept as profit₹0.7
Total₹100

Each line = amount ÷ total money in × 100. Lines may not add to exactly ₹100 because of rounding.

Source: Annual Report FY26 (2025-26), incl. consolidated financial statements and BRSR; Q4 FY26 and FY26 consolidated financial results, XBRL (integrated filing)

06 · What it needs to run

What does Eternal need to run?

  • Dark stores

    Blinkit had 2,751 small warehouses serving only online orders on 30 Sep 2026, up from 1,301 on 31 Mar 2025.

  • Delivery partners

    In Q2 FY27 an average of 7.36 lakh delivery partners a month worked for food delivery and 6.53 lakh for Blinkit. They are not employees.

  • Restaurant partners

    Zomato had about 3.34 lakh restaurant partners in Q2 FY27 (monthly average).

  • Stock of goods

    Inventory (goods held for sale) was ₹4,262 crore on 30 Sep 2026, against ₹176 crore on 31 Mar 2025. The rise followed Blinkit's move to owning stock.

  • Employees

    The group had 21,995 permanent employees on 31 Mar 2026.

Source: Shareholders' letter Q2 FY27 (21 Oct 2026); Annual Report FY26 (2025-26), incl. consolidated financial statements and BRSR

07 · Why it makes money

Why does Eternal make money?

Profit depends on pushing more orders through the same stores and riders.

Much of a dark store's cost, such as rent, is paid whether the store is busy or quiet. Blinkit's daily order value per store rose from ₹7.34 lakh in Q1 FY26 to ₹9.02 lakh in Q2 FY27. Over the same period its company-defined margin turned positive.

Blinkit Adjusted EBITDA (company-defined) as % of order value

−2.4%0.9%

Q4 FY25 to Q2 FY27

  1. More people order, and they order more often.
  2. Each dark store and rider handles more orders a day.
  3. Fixed costs like rent and staff are spread over more orders.
  4. More of each ₹100 of order value is left as profit.
  5. The cash pays for new stores closer to more customers.

↺ Step 5 feeds back into step 1.

Source: Shareholders' letter Q2 FY26 (16 Oct 2025); Shareholders' letter Q2 FY27 (21 Oct 2026)

08 · Business segments · FY26

Which businesses make up Eternal?

  • Blinkit (quick commerce)

    70%

    Items delivered within minutes from dark stores. Segment result as filed (before depreciation, interest, ESOP costs and other income): ₹430 crore in FY26.

    Revenue ₹37,779 cr

  • Zomato (food delivery)

    19%

    Restaurant meals delivered to customers. Segment result as filed: ₹2,079 crore in FY26.

    Revenue ₹10,159 cr

  • Hyperpure (supplies to restaurants)

    10%

    Supplies sold to restaurants. Revenue fell from ₹2,302 crore in Q1 FY26 to ₹1,032 crore in Q2 FY26 as sales to Blinkit's sellers wound down. Segment result as filed: ₹16 crore in FY26.

    Revenue ₹5,366 cr

  • District (going out)

    2%

    Restaurant bookings and tickets for movies, sports and events. Segment result as filed: a loss of ₹292 crore in FY26.

    Revenue ₹973 cr

  • Other new businesses

    0%

    New initiatives such as Bistro and Nugget. Segment result as filed: a loss of ₹206 crore in FY26.

    Revenue ₹87 cr

How the mix changed

  • Blinkit (quick commerce)
  • Zomato (food delivery)
  • Hyperpure (supplies to restaurants)
  • District (going out)
  • Other new businesses

Revenue by segment, Q3 FY24 to Q2 FY27.

₹ crore · Source: Q3 FY24 consolidated financial results, XBRL; Q4 FY24 and FY24 consolidated financial results, XBRL; Q1 FY25 consolidated financial results, XBRL and 9 more

See the numbers
How the mix changed (₹ crore)
YearBlinkit (quick commerce)Zomato (food delivery)Hyperpure (supplies to restaurants)District (going out)Other new businesses
Q3 FY24₹645₹1,712₹859₹73₹14
Q4 FY24₹773₹1,745₹951₹93₹17
Q1 FY25₹943₹1,949₹1,212₹95₹30
Q2 FY25₹1,156₹2,012₹1,473₹154₹4
Q3 FY25₹1,401₹2,078₹1,671₹259₹19
Q4 FY25₹1,709₹2,054₹1,840₹229₹1
Q1 FY26₹2,409₹2,270₹2,302₹207₹17
Q2 FY26₹9,892₹2,496₹1,032₹189₹12
Q3 FY26₹12,257₹2,688₹1,081₹300₹28
Q4 FY26₹13,232₹2,737₹978₹277₹68
Q1 FY27₹15,666₹3,120₹1,092₹318₹109
Q2 FY27₹19,155₹3,417₹1,219₹304₹148

Source: Q4 FY26 and FY26 consolidated financial results, XBRL (integrated filing); Q2 FY27 board meeting outcome with financial results, going-out restructuring and Adonmo-Mygate share swap; Q1 FY26 consolidated financial results, XBRL (integrated filing) and 2 more

09 · Competitors and what protects it

Who does Eternal compete with?

Eternal's filings and calls do not name its rivals. In Jul 2026 management said Q1 FY27 "was the peak of competitive intensity that we have seen till date" in quick commerce.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Size of the food-delivery network4 of 5

    In Q2 FY27 Zomato had 2.80 crore monthly transacting customers, 3.34 lakh restaurant partners and 7.36 lakh delivery partners (monthly averages). Its company-defined margin was 5.5% of order value.

  • Blinkit store network3 of 5

    Blinkit grew from 1,301 dark stores (Mar 2025) to 2,751 (Sep 2026). Its company-defined margin was 0.9% of order value in Q2 FY27, so the network earns little so far.

  • Money to fund growth4 of 5

    Eternal had no borrowings at 30 Sep 2026 and a company-reported cash balance of ₹16,475 crore. It raised ₹8,500 crore through a share sale to institutions in Nov 2024.

Weak spot

Thin profit while quick commerce competes on stores and prices

In Q2 FY27 Eternal earned ₹125 crore of net profit on ₹24,138 crore of revenue. Other income (₹351 crore) was larger than profit before tax (₹323 crore).

Source: Shareholders' letter Q2 FY27 (21 Oct 2026); Annual Report FY26 (2025-26), incl. consolidated financial statements and BRSR; QIP outcome: allotment of 33,64,73,755 shares at INR 252.62 (28 Nov 2024) and 1 more

10 · Where growth could come from

Where could Eternal's growth come from?

In the Q2 FY27 shareholders' letter of 21 Oct 2026, CFO Akshant Goyal said: "We now expect to cross 3,500 stores by March 2027." He added that Blinkit expects about 5,000 stores by March 2028.
Management statement, 21 Oct 2026. Reported as a statement, not our forecast.

  • Blinkit quick commerce

    Working

    Order value ₹20,940 cr in Q2 FY27, up 79% from Q2 FY26

    Net order value (NOV) is the value of orders customers placed, as the company defines it. Blinkit's company-defined margin turned positive in Q3 FY26. On 28 Apr 2026 Albinder Dhindsa said Blinkit's NOV growth should exceed 60% a year over three years.

    Status: Working, on track against what the company said.

  • Zomato food delivery

    Working

    Order value ₹11,445 cr in Q2 FY27, up 21%

    On 28 Apr 2026 management said it expects 20%+ yearly NOV growth over the long term, with margins of 5–6% of NOV. The margin was 5.5% in Q2 FY27.

    Status: Working, on track against what the company said.

  • District (going out)

    Mixed

    Adjusted EBITDA −₹64 cr in Q2 FY27

    Order value rose 58% to ₹3,259 crore in Q2 FY27, but District still lost money. In Jan 2026 management said losses would narrow towards breakeven in 4–6 quarters.

    Status: Mixed, partly on track.

  • Hyperpure supplies

    Mixed

    Revenue ₹1,154 cr in Q2 FY27 (company-defined)

    Revenue fell after sales to Blinkit's sellers wound down in Q2 FY26. Restaurants served rose to about 85,000 from 62,000 a year earlier.

    Status: Mixed, partly on track.

  • New initiatives (Bistro, Nugget and others)

    Early

    Adjusted EBITDA −₹91 cr in Q2 FY27

    Newer businesses grouped as "others" lost ₹215 crore on the company's adjusted measure in FY26.

    Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Source: Shareholders' letter Q2 FY27 (21 Oct 2026); Shareholders' letter Q4 FY26 (28 Apr 2026); Shareholders' letter Q3 FY26 (21 Jan 2026) and 1 more

11 · The numbers · Consolidated · ₹ crore

How has Eternal done?

Revenue

₹54,364 crFY26

Revenue rose every year, from ₹4,192 crore in FY22 to ₹54,364 crore in FY26, which counts the full price of Blinkit's own goods.

₹ crore · Source: Annual Report FY23 (2022-23, Zomato Ltd), incl. consolidated financial statements (INR million); Q4 FY22 and FY22 consolidated financial results, XBRL; Annual Report FY24 (2023-24, Zomato Ltd), incl. consolidated financial statements and 16 more

See the numbers
Revenue (₹ crore)
PeriodRevenue (₹ cr)
FY22₹4,192
FY23₹7,079
FY24₹12,114
FY25₹20,243
FY26₹54,364
Q3 FY24₹3,288
Q4 FY24₹3,562
Q1 FY25₹4,206
Q2 FY25₹4,799
Q3 FY25₹5,405
Q4 FY25₹5,833
Q1 FY26₹7,167
Q2 FY26₹13,590
Q3 FY26₹16,315
Q4 FY26₹17,292
Q1 FY27₹20,211
Q2 FY27₹24,138

Net profit

₹366 crFY26

Eternal lost ₹1,209 crore in FY22, made ₹351 crore in FY24 and ₹527 crore in FY25, then ₹366 crore in FY26. The FY22 loss includes a one-time gain of ₹297 crore.

₹ crore · Source: Annual Report FY23 (2022-23, Zomato Ltd), incl. consolidated financial statements (INR million); Q4 FY22 and FY22 consolidated financial results, XBRL; Annual Report FY24 (2023-24, Zomato Ltd), incl. consolidated financial statements and 6 more

See the numbers
Net profit (₹ crore)
PeriodNet profit (₹ cr)EPS (₹)
FY22−₹1,209−₹1.67
FY23−₹971−₹1.20
FY24₹351₹0.41
FY25₹527₹0.60
FY26₹366₹0.40
Q3 FY24₹138₹0.16
Q4 FY24₹175₹0.20
Q1 FY25₹253₹0.29
Q2 FY25₹176₹0.20
Q3 FY25₹59₹0.07
Q4 FY25₹39₹0.04
Q1 FY26₹25₹0.03
Q2 FY26₹65₹0.07
Q3 FY26₹102₹0.11
Q4 FY26₹174₹0.19
Q1 FY27₹92₹0.10
Q2 FY27₹125₹0.14

Profit kept per ₹100 of revenue

₹0.7FY26

Net profit per ₹100 of revenue went from −₹28.8 in FY22 to ₹2.9 in FY24 and ₹0.7 in FY26.

₹ of profit per ₹100 of revenue (net margin) · Source: Annual Report FY23 (2022-23, Zomato Ltd), incl. consolidated financial statements (INR million); Q4 FY22 and FY22 consolidated financial results, XBRL; Annual Report FY24 (2023-24, Zomato Ltd), incl. consolidated financial statements and 6 more

See the numbers
Profit kept per ₹100 of revenue (₹ of profit per ₹100 of revenue (net margin))
YearNet marginEBITDA margin
FY22−28.8%−37.0%
FY23−13.7%−17.1%
FY242.9%0.3%
FY252.6%3.1%
FY260.7%2.2%

Free cash flow

−₹1,119 crFY26

Operating cash flow was positive from FY24, but capex made free cash flow negative in FY25 (−₹628 crore) and FY26 (−₹1,119 crore).

₹ crore · cash from operations minus spending on plants and equipment · Source: Annual Report FY23 (2022-23, Zomato Ltd), incl. consolidated financial statements (INR million); Q4 FY22 and FY22 consolidated financial results, XBRL; Annual Report FY24 (2023-24, Zomato Ltd), incl. consolidated financial statements and 6 more

See the numbers
Free cash flow (₹ crore · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY22−₹693₹59−₹752
FY23−₹844₹103−₹947
FY24₹646₹215₹431
FY25₹308₹936−₹628
FY26₹632₹1,751−₹1,119
See all yearly numbers
Eternal annual financials, FY22–FY26, ₹ crore
YearRevenueEBITDANet profitEPS (₹)Operating cashCapexFree cash
FY22₹4,192−₹1,553−₹1,209−₹1.67−₹693₹59−₹752
FY23₹7,079−₹1,211−₹971−₹1.20−₹844₹103−₹947
FY24₹12,114₹42₹351₹0.41₹646₹215₹431
FY25₹20,243₹637₹527₹0.60₹308₹936−₹628
FY26₹54,364₹1,208₹366₹0.40₹632₹1,751−₹1,119

EBITDA = profit before interest, tax and wear-and-tear of assets. Financial year runs April to March (March year end). Net profit is the share belonging to the company's owners.

12 · Financial strength · 30 Sep 2026

How much debt does Eternal have?

On 30 Sep 2026 Eternal had no borrowings, ₹15,209 crore in cash, bank balances and investments, and ₹5,757 crore owed under leases.
  • Total debt₹0 cr
  • Cash and investments₹15,209 cr
  • Net cash (cash minus debt)₹15,209 cr
  • Net worth (shareholders' money)₹31,275 cr
Debt to equity
0×
₹ of debt for every ₹1 of shareholders' money
  • Cash and investments here = cash, other bank balances, and current and non-current investments on the balance sheet.
  • The company's own "cash balance" measure is wider: ₹16,475 crore on 30 Sep 2026, down ₹1,813 crore in the quarter. The company linked the fall to festive stock and the timing of supplier payments.
  • Lease liabilities (rent owed under leases) rose to ₹5,757 crore from ₹2,045 crore on 31 Mar 2025. The accounts do not count them as borrowings; some data websites do.
  • Inventory was ₹4,262 crore, up from ₹2,181 crore on 31 Mar 2026, after Blinkit moved to owning most of its stock.
  • Goodwill of ₹5,737 crore comes mainly from buying Blinkit (FY23) and Paytm's ticketing business (FY25).
  • Interest coverage is left blank because there are no borrowings. Contingent liabilities are listed under governance: disputed GST orders and notices total ₹553 crore.
  • Net worth = equity belonging to Eternal's shareholders. From FY22 to 30 Sep 2026, the only borrowings were ₹40 crore at 31 Mar 2023.

Source: Shareholders' letter Q2 FY27 (21 Oct 2026); Annual Report FY26 (2025-26), incl. consolidated financial statements and BRSR; Annual Report FY23 (2022-23, Zomato Ltd), incl. consolidated financial statements (INR million) and 1 more

13 · Who owns it · Q2 FY27

Who owns Eternal?

  • Foreign institutions (FII)33.0%
  • Indian institutions (DII)36.2%
  • Public26.2%
  • Employee share (ESOP) trust4.5%

No promoter

Eternal reports no promoter group in Q2 FY27: no founder family or parent company is filed as controlling it, so there are no promoter shares to pledge.

How ownership changed
Eternal shareholding by quarter, %
QuarterFIIDIIPublicOthers*
Q3 FY2454.9%15.5%28.0%1.7%
Q4 FY2455.1%15.3%28.0%1.6%
Q1 FY2554.1%15.8%28.7%1.5%
Q2 FY2552.5%17.4%28.9%1.3%
Q3 FY2547.3%20.5%26.1%6.1%
Q4 FY2544.4%23.6%26.1%6.0%
Q1 FY2642.3%26.6%25.2%5.9%
Q2 FY2639.0%30.1%25.1%5.7%
Q3 FY2636.2%32.7%25.5%5.6%
Q4 FY2632.6%36.0%26.7%4.7%
Q1 FY2729.1%39.3%27.0%4.6%
Q2 FY2733.0%36.2%26.2%4.5%

* Others = Employee share (ESOP) trust.

Source: Shareholding pattern, quarter ended Sep 2026 (XBRL); Shareholding pattern, quarter ended Jun 2026 (XBRL); Shareholding pattern, quarter ended Mar 2026 (XBRL) and 9 more

14 · What it does with profit

What does Eternal do with its profit?

Eternal paid no dividends from FY22 to FY26. Since 2021 it has raised money twice by selling new shares: the IPO and the 2024 placement.

  • Money raised · 22 Jul 2021

    IPO at ₹76 a share: ₹9,000 crore of new shares for the company plus ₹375 crore of existing shares sold by shareholders.

    ₹9,375 cr

  • Money raised · 28 Nov 2024

    Qualified institutional placement (a share sale to large institutions): 33.65 crore new shares at ₹252.62 each.

    ₹8,500 cr

Source: IPO basis of allotment advertisement (prospectus dated 19 Jul 2021); QIP outcome: allotment of 33,64,73,755 shares at INR 252.62 (28 Nov 2024)

15 · Who runs it

Who runs Eternal, and did they deliver?

  • Albinder Singh Dhindsa

    Group CEO · since 2026

    CEO of Blinkit before taking over as Group CEO on 1 Feb 2026.

  • Deepinder Goyal

    Vice Chairman, Non-Executive Director · since 2026

    Founder. Stepped down as MD and CEO at the close of 1 Feb 2026. Held 4.40% of the shares in Sep 2026.

  • Akshant Goyal

    Chief Financial Officer

  • Aditya Mangla

    CEO, food ordering and delivery · since 2025

    Took over from Rakesh Ranjan in Jul 2025.

  • Kaushik Dutta

    Chairman, Independent Director

  • Sanjeev Bikhchandani

    Non-Executive Nominee Director

    Nominee of Info Edge (India), the largest shareholder.

What they said, and what happened

1 partly delivered · 2 too early to tell · 1 delivered

  1. Said on 16 Oct 2025

    Blinkit expected to reach 2,100 stores by Dec 2025, up from its earlier guidance of 2,000.

    What happened

    Blinkit had 2,027 stores at Dec 2025, about 70 short of 2,100. It reached 2,243 by Mar 2026.

    Partly delivered

  2. Said on 16 Oct 2025

    Blinkit should be able to get to 3,000 stores by Mar 2027.

    What happened

    2,751 stores at 30 Sep 2026. On 21 Oct 2026 the expectation was raised to more than 3,500 by Mar 2027.

    Too early to tell

  3. Said on 16 Oct 2025

    Food delivery would stay within a long-term Adjusted EBITDA margin range of 5.0% to 6.0% of order value.

    What happened

    The margin was between 5.3% and 5.6% in each quarter from Q2 FY26 to Q2 FY27.

    Delivered

  4. Said on 21 Jan 2026

    District's losses would reduce towards breakeven in the next 4–6 quarters.

    What happened

    District's Adjusted EBITDA loss narrowed from ₹121 crore in Q3 FY26 to ₹64 crore in Q2 FY27.

    Too early to tell

Source: Board outcome: Deepinder Goyal resigns as MD & CEO; Albinder Dhindsa appointed CEO from 1 Feb 2026; Board outcome: postal ballot notice incl. appointment of Deepinder Goyal as Vice Chairman (10 Feb 2026); Postal ballot voting results incl. Deepinder Goyal as Vice Chairman (13 Mar 2026) and 7 more

16 · Governance signals

What do Eternal's governance filings show?

Auditor
Deloitte Haskins & Sells
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Eternal has no promoter group. Info Edge (India), the largest shareholder at 12.38% in Sep 2026, has a nominee director on the board. Recent filings moved businesses between Eternal's own wholly owned companies: Bistro (Oct 2025), District's technology (Apr 2026) and Nugget (Jul 2026).
Credit rating
No public credit rating found

Flags to know about

  • other · 30 Sep 2026

    No promoter

    Eternal's IPO notice says it is professionally managed and has no identifiable promoter. In Sep 2026 the largest holders were Info Edge (12.38%), the employee share trust (4.53%) and Deepinder Goyal (4.40%).

  • other · 30 Sep 2026

    How Cityfort groups the shareholders

    Foreign investors (33.01%) = foreign portfolio investors 31.46%, strategic foreign holders 1.54% and other foreign institutions 0.01%. The employee share trust's 4.53% is shown on its own.

  • other · 19 May 2025

    Foreign-ownership cap of 49.50%

    The board approved a cap of 49.50% on total foreign ownership on 18 Apr 2025. Shareholders approved it by postal ballot ending 19 May 2025, with 99.852% of votes in favour. The board outcome does not state a reason.

  • disclosure · 31 Mar 2026

    No credit rating

    The FY26 annual report says Eternal has not obtained any credit rating. It had no borrowings at 31 Mar 2026.

  • disclosure

    Key business numbers are company-defined

    Net order value, Adjusted Revenue and Adjusted EBITDA are the company's own measures, not accounting standards. Adjusted EBITDA adds back employee stock option costs and subtracts lease rent paid.

  • regulatory · 30 Sep 2026

    Disputed GST demands on delivery charges

    Tax authorities issued GST orders of ₹420 crore (Oct 2019–Mar 2022) and ₹14 crore (Andhra Pradesh) on delivery charges. They also issued show-cause notices of ₹119 crore. Eternal is contesting them and says it has a strong case.

  • regulatory

    Competition Commission investigation

    The Competition Commission of India ordered an investigation under section 26(1) of the Competition Act in FY22. The FY26 annual report shows it as ongoing.

  • other

    Supreme Court case on gig workers

    Since FY22 Eternal has been a party to a Supreme Court public-interest petition on the status of gig workers, such as delivery partners.

Source: Annual Report FY26 (2025-26), incl. consolidated financial statements and BRSR; Q2 FY27 board meeting outcome with financial results, going-out restructuring and Adonmo-Mygate share swap; Shareholding pattern, quarter ended Sep 2026 (XBRL) and 7 more

17 · What could go wrong

What could go wrong for Eternal?

  • Competition

    Competition in quick commerce

    Management described Q1 FY27 as the most competitive quarter it had seen. Blinkit's company-defined margin was 0.9% of order value in Q2 FY27.

    Watch Blinkit's Adjusted EBITDA as % of order value each quarter.

  • Other

    Profit is smaller than other income

    Other income was larger than profit before tax in FY25, FY26 and every quarter from Q3 FY25 to Q2 FY27. In FY26 it was ₹1,396 crore against ₹615 crore.

    Watch Profit before tax compared with other income in each quarterly result.

  • Cash and liquidity

    Cash used by stores and stock

    Free cash flow was −₹1,119 crore in FY26 and −₹1,378 crore in H1 FY27. Inventory rose to ₹4,262 crore by 30 Sep 2026.

    Watch The company-reported cash balance (₹16,475 crore on 30 Sep 2026) and quarterly free cash flow.

  • Regulation

    New rules for gig workers

    India's Labour Codes were notified on 21 Nov 2025. Karnataka notified a gig-worker law on 19 Nov 2025, which Eternal is contesting. The company says neither has a material impact so far.

    Watch Any cost the company reports for delivery partners' social security under these laws.

  • Legal

    Disputed GST demands

    Eternal is contesting GST orders and notices totalling ₹553 crore on delivery charges collected up to Mar 2024. Since 22 Sep 2025 it pays GST on these charges.

    Watch Rulings on the appeals, reported in the results notes.

  • Other

    Higher tax from FY27

    The company said on 21 Oct 2026 that the parent company's past tax losses will be fully used in FY27, so it now provides for tax on business income. Tax was ₹198 crore on ₹323 crore of profit before tax in Q2 FY27.

    Watch The tax charge compared with profit before tax.

  • Execution

    Losses in District and new businesses

    On the company's adjusted measure, District lost ₹319 crore and newer businesses lost ₹215 crore in FY26.

    Watch District's Adjusted EBITDA against the breakeven goal management set in Jan 2026.

Source: Q1 FY27 earnings call transcript (call 22 Jul 2026); Shareholders' letter Q2 FY27 (21 Oct 2026); Annual Report FY26 (2025-26), incl. consolidated financial statements and BRSR and 10 more

18 · How it got here

How did Eternal get here?

  1. 2010

    Milestone

    Company incorporated

    Incorporated on 18 Jan 2010 as DC Foodiebay Online Services Pvt Ltd; later renamed Zomato.

  2. 2021

    Milestone

    Listed through a ₹9,375 crore IPO

    Shares sold at ₹76 each; trading was expected to start on 23 Jul 2021.

  3. 2022

    Business-model change

    Bought Blinkit

    Acquired Blink Commerce (Blinkit) during FY23, adding quick commerce; goodwill rose to ₹4,717 crore by 31 Mar 2023.

  4. 2024

    Milestone

    Turned to a profit

    Net profit of ₹351 crore in FY24, after losses of ₹1,209 crore in FY22 and ₹971 crore in FY23.

  5. 2024

    Business-model change

    Bought Paytm's ticketing business

    Completed buying Paytm's entertainment ticketing business for ₹2,048 crore on 27 Aug 2024; it became District.

  6. 2024

    Milestone

    Raised ₹8,500 crore

    Sold 33.65 crore new shares to institutions at ₹252.62 each on 28 Nov 2024.

  7. 2025

    Milestone

    Zomato Ltd became Eternal Ltd

    The board approved the new name on 6 Feb 2025; the NSE symbol changed to ETERNAL from 9 Apr 2025.

  8. 2025

    Business-model change

    Blinkit began owning its stock

    From Q1 FY26 Blinkit mostly sells goods it owns; about 80% of its order value by Q2 FY26. Revenue now counts their full price.

  9. 2026

    Milestone

    New Group CEO

    Albinder Singh Dhindsa became Group CEO on 1 Feb 2026; Deepinder Goyal became Vice Chairman.

Source: IPO basis of allotment advertisement (prospectus dated 19 Jul 2021); Annual Report FY26 (2025-26), incl. consolidated financial statements and BRSR; Annual Report FY23 (2022-23, Zomato Ltd), incl. consolidated financial statements (INR million) and 10 more

19 · Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Food delivery's company-defined margin stayed between 5.3% and 5.6% of order value from Q2 FY26 to Q2 FY27.
  • Blinkit's order value rose 79% to ₹20,940 crore in Q2 FY27, and its company-defined margin has been positive since Q3 FY26.
  • Eternal had no borrowings on 30 Sep 2026 and a company-reported cash balance of ₹16,475 crore.
  • Eternal went from a ₹1,209 crore loss in FY22 to net profits in FY24, FY25 and FY26.

What critics point to

  • FY26 net profit of ₹366 crore was 0.7% of revenue and 30.6% lower than in FY25.
  • Other income was larger than profit before tax in FY25, FY26 and every quarter from Q3 FY25 to Q2 FY27.
  • Free cash flow was negative in FY25, FY26 and H1 FY27 (−₹1,378 crore).
  • On the company's adjusted measure, District lost ₹319 crore and newer businesses ₹215 crore in FY26.
  • Eternal is contesting GST orders and notices totalling ₹553 crore on delivery charges.

20 · What to watch next

What should you watch next at Eternal?

Next event

Q3 FY27 results (expected; Q3 FY26 results came on 21 Jan 2026)

21 Jan 2027

Expected, based on last year's date

  • Blinkit stores and margin

    On 21 Oct 2026 the CFO said Blinkit expects more than 3,500 stores by Mar 2027, from 2,751. Check whether its 0.9% margin holds as stores open.

  • District's losses

    In Jan 2026 management said District's losses would narrow towards breakeven within 4–6 quarters. District's Adjusted EBITDA (company-defined) was −₹64 crore in Q2 FY27.

  • Cash and stock

    The company-reported cash balance fell ₹1,813 crore to ₹16,475 crore in Q2 FY27, as inventory rose to ₹4,262 crore.

21 · Key facts

Key facts about Eternal

What does Eternal do?
Eternal Ltd (formerly Zomato Ltd) runs four businesses. They are Zomato (food delivery), Blinkit (items delivered within minutes), District (dining out and event tickets) and Hyperpure (restaurant supplies).
How does Eternal make money?
Eternal earned most of its FY26 revenue from Blinkit, which made up ₹37,779 crore (69.5%) of ₹54,364 crore. Since Q1 FY26 Blinkit mostly owns the goods it sells, so its revenue counts their full price.
Who are Eternal's customers?
Eternal sells mainly to individual shoppers and to restaurants. In Q2 FY27 an average of 2.80 crore people a month ordered on Zomato and 3.70 crore on Blinkit. Hyperpure supplied about 85,000 restaurants in that quarter.
How big is Eternal?
Eternal reported revenue of ₹54,364 crore and net profit of ₹366 crore in FY26, compared with ₹20,243 crore and ₹527 crore in FY25.
Who owns Eternal?
Eternal has no promoter. At 30 Sep 2026 Indian institutions held 36.22%, foreign investors 33.01%, other shareholders 26.24% and an employee share trust 4.53%. Info Edge (India) was the largest holder at 12.38%.
Does Eternal have debt?
Eternal had no borrowings on 30 Sep 2026. Its balance sheet showed ₹15,209 crore in cash, bank balances and investments, and ₹5,757 crore owed under leases.
How many dark stores does Blinkit have?
Blinkit, Eternal's quick-commerce business, had 2,751 dark stores on 30 Sep 2026, up from 1,816 a year earlier. Dark stores are small warehouses that serve only online orders.
When did Zomato become Eternal?
Zomato Ltd's board approved the new name Eternal Ltd on 6 Feb 2025. The NSE symbol changed from ZOMATO to ETERNAL from 9 Apr 2025. Zomato remains the name of the food-delivery app.
Who runs Eternal?
Albinder Singh Dhindsa, earlier the CEO of Blinkit, has been Eternal's Group CEO since 1 Feb 2026. Founder Deepinder Goyal stepped down as MD and CEO and became Vice Chairman.

Source: Q2 FY27 board meeting outcome with financial results, going-out restructuring and Adonmo-Mygate share swap; Board approval to change name from Zomato Limited to Eternal Limited (6 Feb 2025); Annual Report FY26 (2025-26), incl. consolidated financial statements and BRSR and 9 more

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

22 · Sources and changes

Where every number on this page comes from

Sources (50 documents)
  1. S1Annual Report FY26 (2025-26), incl. consolidated financial statements and BRSR · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 29 Jul 2026
  2. S2Annual Report FY25 (2024-25), incl. consolidated financial statements · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 24 Jul 2025
  3. S3Annual Report FY24 (2023-24, Zomato Ltd), incl. consolidated financial statements · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 3 Aug 2024
  4. S4Annual Report FY23 (2022-23, Zomato Ltd), incl. consolidated financial statements (INR million) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 4 Aug 2023
  5. S5Q2 FY27 consolidated financial results, XBRL (integrated filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Oct 2026
  6. S6Q1 FY27 consolidated financial results, XBRL (integrated filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 22 Jul 2026
  7. S7Q4 FY26 and FY26 consolidated financial results, XBRL (integrated filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 28 Apr 2026
  8. S8Q3 FY26 consolidated financial results, XBRL (integrated filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Jan 2026
  9. S9Q2 FY26 consolidated financial results, XBRL (integrated filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 16 Oct 2025
  10. S10Q1 FY26 consolidated financial results, XBRL (integrated filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Jul 2025
  11. S11Q4 FY25 and FY25 consolidated financial results, XBRL (integrated filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 1 May 2025
  12. S12Q3 FY25 consolidated financial results, XBRL · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 20 Jan 2025
  13. S13Q2 FY25 consolidated financial results, XBRL · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 22 Oct 2024
  14. S14Q1 FY25 consolidated financial results, XBRL · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 1 Aug 2024
  15. S15Q4 FY24 and FY24 consolidated financial results, XBRL · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 13 May 2024
  16. S16Q3 FY24 consolidated financial results, XBRL · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 8 Feb 2024
  17. S17Q4 FY23 and FY23 consolidated financial results, XBRL · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 May 2023
  18. S18Q4 FY22 and FY22 consolidated financial results, XBRL · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 24 May 2022
  19. S19Q2 FY27 board meeting outcome with financial results, going-out restructuring and Adonmo-Mygate share swap · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Oct 2026
  20. S20Q1 FY27 board meeting outcome with financial results, AGM notice items and Nugget business transfer · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 22 Jul 2026
  21. S21Q4 FY26 board meeting outcome with audited financial results and District asset transfer · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 28 Apr 2026
  22. S22Shareholders' letter Q2 FY27 (21 Oct 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Oct 2026
  23. S24Shareholders' letter Q4 FY26 (28 Apr 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 28 Apr 2026
  24. S25Shareholders' letter Q3 FY26 (21 Jan 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Jan 2026
  25. S26Shareholders' letter Q2 FY26 (16 Oct 2025) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 16 Oct 2025
  26. S27Q1 FY27 earnings call transcript (call 22 Jul 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 29 Jul 2026
  27. S31Shareholding pattern, quarter ended Sep 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 13 Oct 2026
  28. S32Shareholding pattern, quarter ended Jun 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 8 Jul 2026
  29. S33Shareholding pattern, quarter ended Mar 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 3 Apr 2026
  30. S34Shareholding pattern, quarter ended Dec 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 12 Jan 2026
  31. S35Shareholding pattern, quarter ended Sep 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 13 Oct 2025
  32. S36Shareholding pattern, quarter ended Jun 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 14 Jul 2025
  33. S37Shareholding pattern, quarter ended Mar 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 7 Apr 2025
  34. S38Shareholding pattern, quarter ended Dec 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 13 Jan 2025
  35. S39Shareholding pattern, quarter ended Sep 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 14 Oct 2024
  36. S40Shareholding pattern, quarter ended Jun 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Jul 2024
  37. S41Shareholding pattern, quarter ended Mar 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Apr 2024
  38. S42Shareholding pattern, quarter ended Dec 2023 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 15 Jan 2024
  39. S43Board outcome: Deepinder Goyal resigns as MD & CEO; Albinder Dhindsa appointed CEO from 1 Feb 2026 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Jan 2026
  40. S45Board outcome: postal ballot notice incl. appointment of Deepinder Goyal as Vice Chairman (10 Feb 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 10 Feb 2026
  41. S46Business transfer agreement: Bistro business from Blink Commerce to Blinkit Foods (16 Oct 2025) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 16 Oct 2025
  42. S47Board outcome: cap of 49.50% on aggregate foreign ownership (18 Apr 2025) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Apr 2025
  43. S48Board approval to change name from Zomato Limited to Eternal Limited (6 Feb 2025) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 6 Feb 2025
  44. S49QIP outcome: allotment of 33,64,73,755 shares at INR 252.62 (28 Nov 2024) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 29 Nov 2024
  45. S50Shareholders' letter on acquisition of Paytm entertainment ticketing business (21 Aug 2024) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Aug 2024
  46. S51Completion of acquisition of OTPL and WEPL (27 Aug 2024) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 27 Aug 2024
  47. S52IPO basis of allotment advertisement (prospectus dated 19 Jul 2021) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 22 Jul 2021
  48. S53NSE circular: change in name and symbol of Zomato Limited to Eternal Limited / ETERNAL w.e.f. 9 Apr 2025 · NSE (nsearchives.nseindia.com) · Tier 1: company or exchange filing · 3 Apr 2025
  49. S54Change in senior management: Aditya Mangla CEO food ordering and delivery (6 Jul 2025) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 6 Jul 2025
  50. S55Postal ballot voting results incl. Deepinder Goyal as Vice Chairman (13 Mar 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 13 Mar 2026
Changes to this page (v1 · 26 Oct 2026)
  1. v1 · 26 Oct 2026First version. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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