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Latest filing: 2026-07-29 14:52
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21 announcements match the current filters (relevance ≥ 5).
Eternal Ltd Q1FY27 Call: Blinkit Margin Guidance Raised to 6%; 3,000 Stores Target by 2027
Eternal Limited (formerly Zomato) has raised its long-term margin guidance for its quick commerce business, Blinkit, to 6% from the previous 5-6% range. The company is aggressively expanding its dark store network, targeting 3,000 stores by March 2027, up from 1,816 currently. Management noted that while competitive intensity peaked in Q1FY27, they view rival subsidy-led growth as a 'systemic trap' and will focus on infrastructure-led growth. The new 'District' segment, supported by a Rs 2,018 Cr acquisition, is being positioned to capture high-spending 'going-out' cohorts.
Confidence: HIGH
What changedManagement increased the long-term margin outlook for quick commerce and provided a clear roadmap for store expansion to 3,000 units.
Why it mattersBlinkit is a critical growth engine; raising margin guidance suggests the business model is maturing faster than expected despite high competitive intensity.
Blinkit Long-term Margin Guidance: 6%Target Dark Stores (March 2027): 3,000Current Dark Stores: 1,816District Acquisition Value: Rs 2,018 CrAcquisition vs TTM Revenue: ~6.9%Payables Increase (QoQ): Rs 1,650 Cr
📅 Short termThe raised margin guidance and management's confidence in handling competition are likely to be viewed positively by the market in the coming weeks.
📈 Long termThe aggressive expansion to 3,000 stores and the diversification into ticketing via 'District' could structurally re-rate the company as a comprehensive consumer services platform.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High competitive intensity in quick commerce leading to potential pricing pressure
- Execution risk in scaling dark stores by 65% over the next 20 months
- Dependency on frequency growth in older cohorts
Key Highlights
Raised long-term margin guidance for Blinkit to 6% based on increased capex efficiency and store size
Planned expansion of dark store network to 3,000 by March 2027, a 65% increase from the current 1,816 stores
Older customer cohorts are spending 3x more than they did three years ago, primarily driven by order frequency
Trade and expense payables increased by approximately Rs 1,650 Cr this quarter due to business scaling
Acquisition of Paytm's ticketing business for Rs 2,018 Cr to launch the 'District' app for movies and events
👀 What to Watch
Monitor the execution of the dark store rollout toward the interim target of 2,100 stores by December 2025 and the impact of the 'District' app launch on consolidated margins.
173% YoY Revenue Growth in Q1FY27; Blinkit Turns Profitable with Rs 102 Cr Adj EBITDA
Eternal Limited (formerly Zomato) reported a massive 173% YoY jump in Adjusted Revenue to Rs 20,648 Cr for Q1FY27, primarily driven by the transition to a 1P (inventory) model in Blinkit. Quick commerce (Blinkit) achieved a significant milestone by turning profitable at the Adjusted EBITDA level with Rs 102 Cr (0.6% margin). Food delivery continues to scale with 20% YoY growth in Net Order Value (NOV) and improved margins of 5.6%. However, the company is contesting GST demand orders totaling approximately Rs 447 Cr across various states.
Confidence: HIGH
What changedBlinkit has reached Adjusted EBITDA profitability for the first time, and the company has fully transitioned its quick commerce business to an inventory-led (1P) model.
Why it mattersThe profitability of Blinkit validates the quick commerce business model at scale, while the 41.7% pre-tax ROCE target suggests high capital efficiency for future store expansions.
Adjusted Revenue (Q1FY27): Rs 20,648 CrRevenue vs TTM Revenue: ~70.4%Blinkit Adjusted EBITDA: Rs 102 CrTotal GST Demands Contested: Rs 447 CrBlinkit Store Count: 2,443Blinkit Target Pre-tax ROCE: 41.7%
📅 Short termPositive market reaction is likely as Blinkit's profitability milestone and strong top-line growth exceed historical trends.
📈 Long termThe company is evolving into a multi-vertical platform (Food, Quick Commerce, Going-out, Hyperpure) with Blinkit potentially becoming the largest value driver over the next 2-3 years.
⚠ Risk flags
- GST litigation totaling Rs 447 Cr
- Regulatory risks regarding gig worker social security legislation
- Inventory losses (1.8% of NOV) inherent in the 1P model
Key Highlights
Consolidated Adjusted Revenue reached Rs 20,648 Cr, with like-for-like growth at 66% YoY excluding accounting changes.
Blinkit achieved Adjusted EBITDA profitability of Rs 102 Cr, a sharp turnaround from a Rs 162 Cr loss in the previous year.
Quick commerce network expanded to 2,443 stores with 200 net new stores added in Q1FY27 alone.
Food delivery Adjusted EBITDA grew 34% YoY to Rs 606 Cr, maintaining a margin of 5.6% of NOV.
Management revised Blinkit steady-state capex per store to Rs 2.5 Cr (up from Rs 1 Cr) due to larger store sizes and technology investments.
👀 What to Watch
Monitor the scaling of the new 'District' segment and the impact of the 1P model on inventory losses, currently at 1.8% of NOV. Watch for the outcome of the Rs 447 Cr GST litigation and the Karnataka gig worker legislation challenge.
Rs 35 Cr Restructuring: Eternal Ltd Transfers 'Nugget' Business to Subsidiary; Approves Q1 Results
Eternal Limited (formerly Zomato) has approved an internal restructuring to transfer its 'Nugget by Zomato' business to its 100% subsidiary, Carthero Technologies (CTPL), for a cash consideration of Rs 35 crore. The 'Nugget' business is currently a minor segment, contributing only Rs 7.20 crore (0.07%) to standalone revenue in FY26. The board also approved the Q1 FY27 financial results and scheduled the 16th AGM for August 26, 2026. Notably, the company continues to contest GST demands and show-cause notices totaling approximately Rs 447 crore, which is significant relative to its TTM PAT of Rs 141 crore.
Confidence: HIGH
What changedEternal Limited is moving its AI-driven support platform 'Nugget' into a dedicated subsidiary and has finalized its Q1 FY27 financial reporting cycle.
Why it mattersThe restructuring streamlines the corporate structure for specialized AI services; however, the ongoing GST disputes represent a potential liability nearly 3x the company's TTM net profit.
Nugget Sale Consideration: Rs 35 croreNugget FY26 Revenue: Rs 7.20 croreTotal GST Demand/SCN: Rs 447 croreGST Demand vs TTM PAT: ~317%Unreviewed Subsidiary Revenue (Q1): Rs 215 crore
📅 Short termThe stock may react to the specific Q1 earnings performance (revenue growth and margins) rather than the minor internal restructuring.
📈 Long termReflects a strategy of housing different business verticals (Food, Quick Commerce, AI Support) in separate subsidiaries under the 'Eternal' holding structure.
⚠ Risk flags
- Significant GST litigation (Rs 447 cr)
- Ongoing legal challenges to gig worker legislation in Karnataka
- Loss-making subsidiaries (Rs 95 cr loss in unreviewed units)
Key Highlights
Approved the slump sale of 'Nugget' business to subsidiary CTPL for Rs 35 crore cash consideration.
Nugget business FY26 revenue was Rs 7.20 crore, representing just 0.07% of standalone revenue.
Disclosed cumulative GST demands and show-cause notices of approximately Rs 447 crore across various states.
Unreviewed subsidiaries reported a combined revenue of Rs 215 crore and a loss of Rs 95 crore for Q1 FY27.
16th Annual General Meeting scheduled for August 26, 2026, via video conferencing.
👀 What to Watch
Investors should review the detailed Q1 FY27 earnings release for growth trends in Blinkit and food delivery margins, while monitoring the progress of the Rs 447 crore GST litigation.
Eternal Limited Targets $1 Billion EBITDA by FY29 and 60% Quick Commerce CAGR
Eternal Limited (formerly Zomato) has provided a strong long-term outlook, targeting a total EBITDA of $1 billion by FY29. The company expects its quick commerce segment to achieve a 60% CAGR over the next three years, supported by a target of 3,000 dark stores by March. Management noted that while food delivery is growing at a steady 19-20%, the quick commerce division is seeing low customer acquisition costs as competitors pull back. The company aims for long-term quick commerce margins in the 5-6% range, with an implied medium-term target of 3-3.5%.
Key Highlights
Targeting $1 billion in total company EBITDA by FY29.
Projecting a 60% CAGR for the quick commerce (Blinkit) segment over the next three years.
Firmly on track to reach a network of 3,000 dark stores by March.
Food delivery segment maintaining a steady growth rate of 19-20%.
NCR region already achieving 5-6% margins in the quick commerce segment.
👀 What to Watch
Investors should view the $1 billion EBITDA target as a significant valuation anchor and monitor the pace of dark store additions. The stock remains a high-growth play on the Indian consumption story, specifically within the quick commerce evolution.
Eternal Ltd Transfers District Platform Tech to Subsidiary for ₹24.19 Crore
Eternal Limited (formerly Zomato) has approved the transfer of its 'District' platform technology stack and associated employees to its wholly-owned subsidiary, Wasteland Entertainment Private Limited (WEPL). The transaction is valued at approximately ₹24.19 crore in cash and is expected to be completed by May 1, 2026. This internal restructuring aims to improve organizational efficiency and unlock new business opportunities. Additionally, the company released its FY26 financial results with an unmodified audit opinion, though auditors noted ongoing GST disputes.
Key Highlights
Transfer of District platform technology stack to subsidiary WEPL for ₹24,19,13,925.
Transaction is a related party deal conducted at arm's length, scheduled for completion by May 1, 2026.
Board approved standalone and consolidated financial results for the year ended March 31, 2026.
Statutory auditors issued an unmodified opinion but included an Emphasis of Matter regarding GST show cause notices on delivery charges.
Restructuring intended to streamline operations and enhance focus on the District platform's growth.
👀 What to Watch
Treat this as a routine internal restructuring with limited immediate impact on consolidated financials. Investors should monitor the full FY26 earnings report and the progress of the GST-related legal matters mentioned by auditors.
Eternal Limited Q4FY26: Revenue up 186% YoY; Targets $1B Adjusted EBITDA by FY29
Eternal Limited (formerly Zomato) reported a strong Q4FY26 with consolidated Adjusted Revenue rising 186% YoY to INR 17,680 crore, driven by the shift to a 1P model in quick commerce. The Food Delivery segment achieved an Adjusted EBITDA of INR 532 crore (5.5% margin), while Blinkit maintained profitability with INR 37 crore EBITDA. Management provided aggressive guidance, aiming to double annual NOV to $20 billion within two years and reach $1 billion in Adjusted EBITDA by FY29. The company added 216 new stores for Blinkit during the quarter, bringing the total count to 2,243.
Key Highlights
Consolidated Adjusted Revenue reached INR 17,680 crore, up 186% YoY (64% on a like-for-like basis).
Blinkit NOV grew 95.4% YoY, with 2,243 total stores and positive Adjusted EBITDA of INR 37 crore.
Food Delivery NOV grew 18.8% YoY, with Adjusted EBITDA margin improving to 5.5% of NOV.
Management targets $1 billion Adjusted EBITDA by FY29 and expects to double annual NOV to $20 billion by FY28.
Going-out (District) segment saw 46.5% YoY NOV growth and narrowed losses to INR 81 crore.
👀 What to Watch
The stock remains a strong growth play as Blinkit scales profitably and the core food business maintains high margins. Investors should focus on the execution of the $1 billion EBITDA target and the rapid expansion of the dark store network.
Eternal Ltd (Zomato) Approves FY26 Results & ₹24.19 Cr Asset Transfer to Subsidiary
Eternal Limited (formerly Zomato) has approved its financial results for the fiscal year ended March 31, 2026, with a clean audit opinion from Deloitte. The Board also approved an internal restructuring by transferring the technology stack of its 'District' platform to its wholly-owned subsidiary, Wasteland Entertainment Private Limited (WEPL), for a consideration of ₹24.19 crore. This move is intended to enhance organizational efficiency and consolidate ticketing and event-related services under WEPL. Investors should note the auditor's 'Emphasis of Matter' regarding ongoing GST disputes over delivery charges, which remains a pending legal uncertainty.
Key Highlights
Approved standalone and consolidated financial results for the quarter and year ended March 31, 2026.
Authorized the transfer of 'District' platform technology and employees to subsidiary WEPL for ₹24,19,13,925.
The asset transfer is scheduled for completion by May 1, 2026, and is conducted at arm's length.
Statutory auditor Deloitte Haskins & Sells issued an unmodified opinion on the financial statements.
Noted ongoing legal risk regarding GST show cause notices on delivery charges as an Emphasis of Matter.
👀 What to Watch
Investors should monitor the specific financial performance metrics in the full annual report and track the resolution of the GST delivery charge dispute. The internal asset transfer suggests a strategic consolidation of the events business which may improve operational focus.
Eternal Ltd to Announce Q4 & FY26 Results on April 28, 2026; Earnings Call at 5:00 PM IST
Eternal Limited (formerly Zomato Limited) has scheduled its board meeting for April 28, 2026, to approve the standalone and consolidated financial results for the quarter and fiscal year ended March 31, 2026. Following the meeting, the company will host an earnings conference call at 5:00 PM IST on the same day to discuss the results with analysts and investors. This announcement is a routine regulatory requirement under SEBI Listing Regulations. Investors will be closely watching for full-year profitability trends and growth in the quick commerce segment.
Key Highlights
Board meeting scheduled for April 28, 2026, to approve Q4 and full-year FY26 financial results.
Earnings conference call to be held at 5:00 PM IST on April 28, 2026, via Zoom webinar.
Results will encompass both standalone and consolidated financial performance for the period ending March 31, 2026.
Mandatory pre-registration is required for participants wishing to join the earnings call.
👀 What to Watch
Investors should monitor the results on April 28 for updates on Blinkit's path to profitability and food delivery growth. No immediate action is required until the financial data and management commentary are released.
Eternal Limited Receives GST Demand and Penalty Orders Totaling INR 19.26 Crores
Eternal Limited (formerly Zomato) has received two separate GST demand orders from authorities in Haryana and Jharkhand totaling approximately INR 19.26 crores. The first order for FY 2019-20 involves a tax demand and penalty of INR 4.98 crores each. The second order for FY 2022-23 includes a tax demand of INR 6.00 crores, interest of INR 2.70 crores, and a penalty of INR 0.60 crores. The company intends to appeal both orders, asserting they have a strong case on merits and expect no significant financial impact.
Key Highlights
Order 1 (FY 2019-20): GST demand of INR 4.98 crore and an equivalent penalty of INR 4.98 crore from Gurugram authorities.
Order 2 (FY 2022-23): GST demand of INR 6.00 crore, interest of INR 2.70 crore, and penalty of INR 0.60 crore from Ranchi authorities.
Total financial exposure across both orders amounts to approximately INR 19.26 crores.
The company plans to file appeals against both orders before the appropriate authorities.
Management believes the company has a strong case and does not expect a material financial impact.
👀 What to Watch
Investors should monitor the outcome of these tax appeals in future disclosures, though the current demand amount is not materially significant relative to the company's scale.
Eternal Ltd Shareholders Approve Deepinder Goyal as Vice Chairman and 4 Director Re-appointments
Eternal Limited (formerly Zomato) shareholders have approved the appointment of Deepinder Goyal as Vice Chairman and Non-Executive Director with 99.65% support. The postal ballot also confirmed the re-appointment of four Independent Directors: Aparna Popat Ved, Kaushik Dutta, Namita Gupta, and Sutapa Banerjee. While most resolutions passed with over 94% support, Kaushik Dutta's re-appointment faced 23.77% opposition. These results ensure board continuity and formalize a new leadership structure for the company.
Key Highlights
Deepinder Goyal appointed as Vice Chairman and Non-Executive Director with 99.65% votes in favor (7.34 billion shares).
Re-appointment of four Independent Directors approved via special resolutions to maintain board continuity.
Kaushik Dutta's re-appointment received 76.23% approval, reflecting some shareholder dissent compared to other directors.
Aparna Popat Ved and Sutapa Banerjee received high approval ratings of 98.72% and 97.74% respectively.
The voting results were based on a record date of February 6, 2026, with over 2.29 million shareholders eligible.
👀 What to Watch
Investors should take confidence in the strong mandate for Deepinder Goyal's new role and the overall board stability. No immediate action is required as these results confirm the expected management structure.
Eternal Ltd Seeks Approval for Re-appointment of 4 Directors with ₹1 Crore Annual Remuneration
Eternal Limited (formerly Zomato Limited) has issued a postal ballot notice to seek shareholder approval for the re-appointment of four Independent Directors for a second five-year term. The company proposes a fixed remuneration of ₹1,00,00,000 (₹1 Crore) per annum for each director for a period of three years, effective from their respective re-appointment dates in early 2026. Additionally, the directors will be entitled to sitting fees of ₹1,00,000 per meeting. The e-voting period for these special resolutions is set from February 12, 2026, to March 13, 2026.
Key Highlights
Re-appointment of 4 Independent Directors (Aparna Popat Ved, Kaushik Dutta, Namita Gupta, and Sutapa Banerjee) for 5-year terms.
Proposed annual remuneration of ₹1,00,00,000 (₹1 Crore) per director for the next 3 years.
Sitting fees fixed at ₹1,00,000 per board or committee meeting attended.
Remote e-voting period scheduled from February 12, 2026, to March 13, 2026.
Remuneration to be paid even in case of no profits or inadequate profits for the specified period.
👀 What to Watch
Investors should evaluate the proposed remuneration against the company's financial health and industry standards for independent directors. Shareholders may participate in the e-voting process ending March 13, 2026, to express their stance on these appointments.
Eternal Ltd Re-appoints 4 Independent Directors; Deepinder Goyal Named Vice Chairman
Eternal Limited (formerly Zomato Limited) has announced the re-appointment of four Independent Directors for a second five-year term, ensuring governance continuity through 2031. The board has also approved the appointment of founder Deepinder Goyal as Vice Chairman and Non-Executive Director. These appointments are subject to shareholder approval via postal ballot. The terms for the independent directors are scheduled to commence between March and April 2026.
Key Highlights
Re-appointment of 4 Independent Directors for a second term of 5 consecutive years each
Deepinder Goyal appointed as Vice Chairman and Non-Executive Director of the Company
Aparna Popat Ved and Sutapa Banerjee re-appointed for terms ending in April 2031
Kaushik Dutta and Namita Gupta re-appointed for terms ending in February 2031
Board approved postal ballot notice to seek shareholder approval for these management changes
👀 What to Watch
Investors should view these re-appointments as a sign of institutional stability and continuity in the company's strategic oversight. No immediate action is required as these are standard governance procedures.
Deepinder Goyal Resigns as Eternal CEO; Albinder Dhindsa Appointed New Group CEO
Deepinder Goyal has resigned as the Managing Director and CEO of Eternal Limited (formerly Zomato) effective February 1, 2026, to pursue high-risk ventures outside the public company's scope. Albinder Dhindsa, the current leader of Blinkit, will take over as the new Group CEO, while Goyal will transition to the role of Vice Chairman. In a significant move for shareholders, all of Goyal's unvested ESOPs will revert to the company's ESOP pool, preventing incremental dilution. This leadership transition aims to maintain focus on core growth areas like Blinkit while retaining the founder's involvement in long-term strategy.
Key Highlights
Deepinder Goyal steps down as MD & CEO effective February 1, 2026, moving to a Vice Chairman role.
Albinder Dhindsa, credited with Blinkit's turnaround to breakeven, is appointed as the new Group CEO.
All unvested ESOPs held by Deepinder Goyal will revert to the company pool to avoid shareholder dilution.
The company will maintain its decentralized structure where individual business CEOs retain full autonomy.
Goyal will continue to focus on long-term strategy, culture, and governance as Vice Chairman.
👀 What to Watch
Investors should monitor the transition of leadership to Albinder Dhindsa, though the retention of the founder as Vice Chairman and the ESOP clawback are positive signs of stability and alignment.
Eternal Ltd Q3FY26: Quick Commerce Breakeven Achieved; Targets $3Bn Going-Out NOV by FY30
Eternal Limited (formerly Zomato) reported a major milestone in Q3FY26 by achieving breakeven in its quick commerce segment (Blinkit), with contribution margins expanding 90 bps. Management remains confident in reaching a long-term Adjusted EBITDA margin of 5-6%, noting that several cities have already hit the 5% mark. While store throughput saw a slight 6-7% QoQ dip due to assortment expansion, the company is targeting a $3 billion Net Order Value (NOV) for its 'Going-out' business by FY30. Despite irrational competition, the firm maintains a 100% YoY growth outlook for quick commerce, supported by a target ROCE of over 40%.
Key Highlights
Quick commerce segment achieved EBITDA breakeven with a 130 bps expansion in EBITDA margins during the quarter.
Company set an ambitious $3 billion Net Order Value (NOV) target for the Going-out segment by FY30, implying a 30% CAGR.
Store throughput decreased by 6-7% QoQ as the company expanded into slower-moving long-tail product assortments.
Management maintains a long-term ROCE target of 40% plus, with net working capital days expected to stay within 18 days.
Tactical delivery fee cuts were implemented in select markets to counter irrational competitive intensity.
👀 What to Watch
Investors should view the Blinkit breakeven as a significant de-risking event for the business model, though short-term margin volatility may persist due to competitive pricing. Accumulate on dips as the company scales its 'Going-out' vertical to capture market share from incumbents.
Eternal Q3 PAT Up to ₹102 Cr; Albinder Dhindsa Named CEO as Deepinder Goyal Becomes Vice Chairman
Eternal Limited (formerly Zomato) reported a robust Q3 FY26 with revenue reaching ₹16,315 crore and PAT growing to ₹102 crore. The company announced a major leadership shift: Albinder Singh Dhindsa (current Blinkit CEO) will become the Group CEO, while founder Deepinder Goyal transitions to Vice Chairman. Total nine-month revenue for FY26 hit ₹37,072 crore, showing significant scale compared to the previous year. The board also noted ongoing GST disputes regarding delivery charges, which remain a point of uncertainty for the company's liabilities.
Key Highlights
Q3 FY26 Revenue from operations stood at ₹16,315 crore, a 201% increase over Q3 FY25's ₹5,405 crore.
Net Profit (PAT) for the quarter rose to ₹102 crore, compared to ₹65 crore in the previous quarter and ₹59 crore YoY.
Albinder Singh Dhindsa appointed as CEO effective Feb 1, 2026, succeeding founder Deepinder Goyal.
Deepinder Goyal to serve as Vice Chairman and Director for a 5-year term pending shareholder approval.
Nine-month FY26 consolidated profit reached ₹192 crore on a total income of ₹38,126 crore.
👀 What to Watch
Investors should monitor the leadership transition to ensure the high-growth trajectory of the Blinkit vertical translates effectively to the group level. While earnings are strong, the change in the founder's role and ongoing GST litigation warrant a cautious 'Watch' approach.
Eternal Ltd Q3 PAT up 73% to ₹102 Cr; Albinder Dhindsa Appointed Group CEO
Eternal Limited (formerly Zomato) reported a robust Q3 FY26 with consolidated revenue from operations reaching ₹16,315 crore, a massive jump from ₹5,405 crore in the same quarter last year. Net profit for the quarter rose to ₹102 crore compared to ₹59 crore YoY. In a significant leadership shift, founder Deepinder Goyal will step down as CEO to become Vice Chairman, while Blinkit CEO Albinder Singh Dhindsa will take over as the Group CEO effective February 1, 2026. The company continues to navigate legal uncertainties regarding GST on delivery charges, though management remains confident in its legal position.
Key Highlights
Consolidated revenue from operations surged to ₹16,315 crore in Q3 FY26 from ₹5,405 crore in Q3 FY25.
Net profit (PAT) for the quarter increased to ₹102 crore, representing a 72.8% growth year-on-year.
Albinder Singh Dhindsa, the current CEO of Blinkit, has been appointed as the CEO and KMP of Eternal Limited.
Founder Deepinder Goyal transitions from MD & CEO to the role of Vice Chairman and Director.
Total expenses for the quarter stood at ₹16,493 crore, with stock-in-trade purchases accounting for ₹10,076 crore.
👀 What to Watch
Investors should closely monitor the leadership transition as the Blinkit CEO takes over the group, signaling a potential shift in strategic focus toward quick commerce. While revenue growth is exceptional, the thin net margins and ongoing GST litigation require a watchful approach.
Deepinder Goyal Steps Down as Group CEO of Eternal; Albinder Dhindsa Appointed Successor
Deepinder Goyal is stepping down as Group CEO of Eternal Limited (formerly Zomato) to become Vice Chairman, with Albinder Dhindsa taking over the top role. Dhindsa, who successfully led Blinkit to breakeven, will now oversee day-to-day execution and operating priorities across the group. Goyal will remain involved in long-term strategy and governance but plans to pursue higher-risk experimental ideas outside the public company. A significant financial highlight is that Goyal's unvested ESOPs will revert to the company pool, protecting shareholders from incremental dilution.
Key Highlights
Deepinder Goyal transitions to Vice Chairman; Albinder Dhindsa named new Group CEO.
Albinder Dhindsa previously led Blinkit from acquisition to breakeven, demonstrating strong execution capabilities.
All unvested ESOPs held by Deepinder Goyal will revert to the company pool, preventing additional shareholder dilution.
Goyal will maintain focus on long-term strategy, culture, and governance while exploring new ventures externally.
Blinkit remains the company's largest growth opportunity and a top priority for the new leadership.
👀 What to Watch
This is a significant leadership transition; while Dhindsa is a proven leader, investors should watch for any shifts in execution speed or strategic direction. The ESOP reversal is a shareholder-friendly move that avoids dilution while providing room for future talent incentives.
Deepinder Goyal Steps Down as Eternal Group CEO; Albinder Dhindsa Named Successor
Deepinder Goyal, the founder of Eternal Limited (formerly Zomato), has announced he will step down as Group CEO to become Vice Chairman, pending shareholder approval. Albinder Dhindsa, who led Blinkit to breakeven, will take over as the new Group CEO to handle day-to-day operations and execution. Goyal intends to pursue high-risk experimental projects outside the public company's scope while remaining involved in long-term strategy and governance. Crucially, Goyal's unvested ESOPs will revert to the company pool, preventing incremental shareholder dilution.
Key Highlights
Deepinder Goyal transitions to Vice Chairman after 18 years as the company's leader.
Albinder Dhindsa, the architect of Blinkit's growth, is appointed as the new Group CEO.
All unvested ESOPs held by Deepinder Goyal will revert to the company pool to benefit future leadership.
The move aims to separate high-risk external exploration from Eternal's disciplined public company operations.
The existing decentralized structure with independent business-unit CEOs will remain intact.
👀 What to Watch
Investors should closely monitor the transition for any impact on execution speed, though the appointment of an internal veteran like Dhindsa suggests continuity. The decision to revert ESOPs is a shareholder-friendly move that reduces potential dilution.
Eternal Ltd Q3 Revenue Surges 202% to ₹16,315 Cr; Albinder Dhindsa Appointed CEO
Eternal Limited (formerly Zomato) reported a massive jump in consolidated revenue to ₹16,315 crore for Q3 FY26, up from ₹5,405 crore in the previous year. Net profit for the quarter grew 73% YoY to ₹102 crore, despite a significant increase in total expenses to ₹16,493 crore. In a major leadership transition, founder Deepinder Goyal will step down as CEO to become Vice Chairman, while Blinkit CEO Albinder Singh Dhindsa will take over as Group CEO effective February 1, 2026. The company continues to contest GST demands on delivery charges, maintaining a strong legal stance.
Key Highlights
Consolidated revenue from operations grew 202% YoY to ₹16,315 crore in Q3 FY26.
Net profit increased to ₹102 crore for the quarter, compared to ₹59 crore in Q3 FY25.
Albinder Singh Dhindsa, current CEO of Blinkit, appointed as the new Group CEO effective February 1, 2026.
Deepinder Goyal transitions from MD & CEO to the role of Vice Chairman and Director.
Total expenses rose to ₹16,493 crore, primarily driven by ₹10,076 crore in stock-in-trade purchases.
👀 What to Watch
The strong revenue growth and leadership transition to the head of Blinkit signal a strategic focus on quick commerce; investors should remain positive but watch for execution risks during the CEO transition.
Eternal Ltd Grants 4.29 Crore Stock Options to Employees at ₹1 Exercise Price
Eternal Limited (formerly Zomato) has approved the grant of 42,901,017 stock options to eligible employees under its 2014, 2021, and 2024 ESOP plans. The largest portion of the grant, 35 million options, is issued under the ESOP 2024 scheme. Each option is convertible into one equity share at a nominal exercise price of ₹1 per share. While this is a standard retention tool for platform companies, it represents a potential future equity dilution for existing shareholders.
Key Highlights
Total grant of 42,901,017 stock options approved by the NRC on January 01, 2026
Grant includes 35,000,000 options under ESOP 2024 and 7,900,998 under ESOP 2021
Exercise price is set at a nominal ₹1 per equity share
Total shares covered by these options amount to 43,028,298 equity shares of face value ₹1 each
Exercise period extends up to 10-12 years from the date of vesting or listing
👀 What to Watch
Investors should monitor the long-term impact on earnings per share (EPS) due to equity dilution as these options vest. No immediate action is required as ESOP grants are a routine talent retention strategy for the company.
