ETERNAL
Eternal share price & financials
- Price
- ₹264.3
- Market cap
- ₹3.0L Cr
- Sector
- Consumer Services
- Calls analysed
- 9
Eternal Ltd Q1 FY27
What went well
- Blinkit recorded 21% QoQ volume growth, indicating strong operational performance. (Swapnil Potdukhe, Page 7)
- Long-term quick commerce guidance was raised from 5-6% to 6%, reflecting increased confidence in margin visibility due to capex investments and efficiency gains. (Akshant Goyal, Page 3)
- Net working capital days reduced from 18 to 14, with a target of 12 days, driven by lower inventory days and improved supply chain efficiency. (Akshant Goyal, Page 11)
What to watch
- Blinkit's AOV has seen a slight drop for two consecutive quarters, attributed to competitive pricing and a mix of lower-NAOV assortment, though year-on-year it remains flat. (Albinder Singh Dhindsa, Akshant Goyal, Page 6)
- Blinkit's take-rate improvement is not fully flowing down to contribution margin due to increased costs of doing business, such as minimum wage hikes and larger store openings. (Albinder Singh Dhindsa, Page 7)
What Eternal Ltd does
Eternal Ltd (formerly Zomato) operates a group of consumer internet platforms in India across four businesses: Zomato for restaurant food ordering and delivery, Blinkit for quick (10-minute) delivery of groceries and everyday products from a network of dark stores, District for going-out experiences (dining, movies, live events and sports), and Hyperpure, which supplies food ingredients and other products to restaurants. Orders are fulfilled through a last-mile fleet of independent delivery partners and, for quick commerce, an owned supply chain of dark stores and warehouses. The company earns from delivery and marketplace commissions and platform fees, and from selling goods directly (1P inventory) in quick commerce and B2B supply.
Segments
- Food delivery
- Quick commerce
- Going-out
- Hyperpure (B2B supplies)
- Others
- Consumer businesses / brands
- Zomato, Blinkit, District, Hyperpure
- Blinkit dark stores
- 2,243 (end of Q4FY26)
- Food delivery footprint
- 800+ cities in India
- Quick commerce (Blinkit) footprint
- 100+ cities in India
- Customers on platforms
- over 100 million
- Delivery partners supported
- over 1 million
Guidance record · Q1 FY27
what the last two calls moved 22 tracked 3 delivered 10 missed 9 open- Blinkit Store Count delivered said Q1 FY25 Promised: 2,000 stores by March 2026 Q1 FY27: The original target of 2,000 stores remains surpassed as the company added another 200 stores this quarter, continuing progress towards the newer 3,000 store target.
- Food Delivery GOV Growth went quiet said Q1 FY25 Promised: 20%+ CAGR, currently trending 27-28% Q1 FY27: No mention of the food delivery growth target. Focus remains on quick commerce. This promise continues to be ghosted.
- Blinkit Long-Term Margin revised up said Q1 FY25 Promised: Business can be as profitable as food delivery in terms of margin, if not more (i.e., 4-5% Adj. EBITDA) Q1 FY27: Management raised long-term Adjusted EBITDA margin guidance for quick commerce to 6%, citing higher visibility from capex investments and efficiency gains. This significantly surpasses the original 4-5% target.
All 22 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 182.0%, net profit up 268.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,799 | 5,405 | 5,833 | 7,167 | 13,590 +183% | 16,315 +202% | 17,292 +196% | 20,211 +182% |
| EBITDA | 226 | 162 | 72 | 115 | 239 +6% | 368 +127% | 486 +575% | 594 +417% |
| Net profit | 176 | 59 | 39 | 25 | 65 −63% | 102 +73% | 174 +346% | 92 +268% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −0.3% 1Y
1Y: ₹324.4 on 10 Sept 2025 → ₹323.5. High ₹354.35 (15 Oct 2025), low ₹215.68 (13 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.8%
- 22 Jul
- Q4 FY26
- −0.9%
- 28 Apr
- Q3 FY26
- +5.2%
- 21 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 97.3% a year over 3 years, FY23 to FY26. Operating margin widened to 2.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹7.1k Cr | ₹12.1k Cr | ₹20.2k Cr | ₹54.4k Cr |
| Operating profit | ₹-1.2k Cr | ₹42 Cr | ₹637 Cr | ₹1.2k Cr |
| Operating margin | -17.1% | 0.3% | 3.1% | 2.2% |
| Interest | ₹48 Cr | ₹72 Cr | ₹154 Cr | ₹392 Cr |
| Depreciation | ₹438 Cr | ₹526 Cr | ₹863 Cr | ₹1.6k Cr |
| Net profit | ₹-972 Cr | ₹351 Cr | ₹527 Cr | ₹366 Cr |
| Net margin | -13.7% | 2.9% | 2.6% | 0.7% |
| ROCE | -6.0% | 1.0% | 3.0% | 2.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹764 Cr | ₹836 Cr | ₹868 Cr | ₹910 Cr | ₹919 Cr |
| Reserves | ₹7.6k Cr | ₹15.7k Cr | ₹18.6k Cr | ₹19.5k Cr | ₹29.9k Cr | ₹30.1k Cr |
| Borrowings | ₹527 Cr | ₹70 Cr | ₹507 Cr | ₹749 Cr | ₹3.4k Cr | ₹4.6k Cr |
| Other liabilities | ₹532 Cr | ₹751 Cr | ₹1.6k Cr | ₹2.2k Cr | ₹3.9k Cr | ₹5.2k Cr |
| Total liabilities | ₹8.7k Cr | ₹17.3k Cr | ₹21.6k Cr | ₹23.4k Cr | ₹38.1k Cr | ₹40.7k Cr |
| Fixed assets | ₹1.5k Cr | ₹1.4k Cr | ₹6.3k Cr | ₹6.4k Cr | ₹11.1k Cr | ₹12.7k Cr |
| Capital work in progress | ₹0 Cr | ₹1 Cr | ₹7 Cr | ₹18 Cr | ₹116 Cr | ₹136 Cr |
| Investments | ₹2.2k Cr | ₹4.7k Cr | ₹6.8k Cr | ₹11.6k Cr | ₹14.8k Cr | ₹14.8k Cr |
| Other assets | ₹5.0k Cr | ₹11.2k Cr | ₹8.5k Cr | ₹5.2k Cr | ₹12.2k Cr | ₹13.1k Cr |
| Total assets | ₹8.7k Cr | ₹17.3k Cr | ₹21.6k Cr | ₹23.4k Cr | ₹38.1k Cr | ₹40.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −13.25 pp while DIIs added +12.72 pp. The shareholder count shrank 8% to 22,95,671.
- FIIs
- 29.1%
- DIIs
- 39.2%
- Government
- 0.1%
- Public
- 27.0%
- Others
- 4.6%
Since Jun 2025
- FIIs −13.25 pp
- DIIs +12.72 pp
- Public +1.82 pp
How it drifted, 12 quarters
Over this window DIIs went from 13.0% to 39.2% — +26.2 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 54.7%, DIIs 13.0%, Public 30.4%, Others 1.8%.Dec '23: FIIs 54.9%, DIIs 15.5%, Public 28.0%, Others 1.7%.Mar '24: FIIs 55.1%, DIIs 15.3%, Public 28.1%, Others 1.6%.Jun '24: FIIs 54.1%, DIIs 15.8%, Public 28.6%, Others 1.4%.Sep '24: FIIs 52.5%, DIIs 17.3%, Public 28.9%, Others 1.3%.Dec '24: FIIs 47.3%, DIIs 20.5%, Government 0.0%, Public 26.1%, Others 6.1%.Mar '25: FIIs 44.4%, DIIs 23.5%, Government 0.1%, Public 26.1%, Others 6.0%.Jun '25: FIIs 42.3%, DIIs 26.5%, Government 0.1%, Public 25.2%, Others 5.9%.Sep '25: FIIs 39.0%, DIIs 30.0%, Government 0.1%, Public 25.1%, Others 5.7%.Dec '25: FIIs 36.2%, DIIs 32.6%, Government 0.1%, Public 25.5%, Others 5.6%.Mar '26: FIIs 32.6%, DIIs 35.9%, Government 0.1%, Public 26.7%, Others 4.7%.Jun '26: FIIs 29.1%, DIIs 39.2%, Government 0.1%, Public 27.0%, Others 4.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Life Insurance Co. Ltd Insurer newly disclosed 1.14% held
- Invesco India Focused Fund Mutual fund newly disclosed 1.08% held
- Canara Robeco Mutual Fund A/C Canara Robeco Large And Mid Cap Fund Mutual fund newly disclosed 1.05% held
- HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund +0.78 pp 4.31% held
- Nippon Life India Trustee Ltd-A/C Nippon India ETF Nifty 50 Bees Mutual fund +0.52 pp 2.55% held
- Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Bluechip Fund Mutual fund +0.38 pp 1.95% held
- ICICI Prudential Balanced Advantage Fund Mutual fund +0.37 pp 3.01% held
- Kotak Flexicap Fund Mutual fund +0.34 pp 3.02% held
The same filing shows 0 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Eternal Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Info Edge (India) Limited | 12.38% | unchanged |
| Deepinder Goyal | 4.40% | unchanged |
| HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund | 4.31% | +0.78 pp |
| SBI Nifty 50 ETF Mutual fund | 3.64% | +0.10 pp |
| Kotak Flexicap Fund Mutual fund | 3.02% | +0.34 pp |
| ICICI Prudential Balanced Advantage Fund Mutual fund | 3.01% | +0.37 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India ETF Nifty 50 Bees Mutual fund | 2.55% | +0.52 pp |
| UTI-Flexi Cap Fund Mutual fund | 2.30% | +0.15 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Bluechip Fund Mutual fund | 1.95% | +0.38 pp |
| NPS Trust- A/C SBI Pension Fund Scheme - State Govt Pension / PF | 1.87% | unchanged |
| Motilal Oswal Midcap Fund Mutual fund | 1.83% | +0.06 pp |
| Camas Investments Pte. Ltd. FPI fund | 1.74% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in ETERNAL
Filings to Aug 2026
0 new, 14 added, 19 trimmed, 0 sold out — net −203.86 L shares (−2.4%).
- Held by funds
- ₹26.9k Cr
- 61 schemes
- Biggest holder
- SBI Nifty 50 ETF
- ₹4.6k Cr · 2.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹4.6k Cr | +7.38 L | Mar '25 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹3.7k Cr | +4.00 L | Dec '25 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹3.2k Cr | +9.60 L | Dec '24 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹1.6k Cr | held | Nov '24 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹1.4k Cr | +8.84 L | Mar '25 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹1.2k Cr | −20.00 L | May '22 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹986 Cr | held | Sep '21 |
| SBI Large Cap Fund SBI Mutual Fund | ₹951 Cr | held | May '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
14 added, 19 trimmed — net −2.04 cr shares (−2.4%)
- Funds are sitting on
- +12%
- vs est. average cost
- Held by funds
- ₹26.9k Cr
- 61 schemes · ≈ 7.4% of the company
- Biggest holder
- SBI Nifty 50 ETF
- ₹4.6k Cr · 2.1% of that fund
- Longest holder
- Nippon India Multi Cap Fund
- 5y 1m · since Aug '21
Shares held by these funds +579%
Aug '23 85.49 cr shares Jul '26
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse Eternal Ltd
Guides on how to read this kind of business and the numbers that matter.