ETERNAL LIMITED (ETERNAL)
₹325.30 +0.71% last close, 16 Oct
Q2 FY27 results
📅 Next results: 21 Oct 2026 (board meeting)ETERNAL LIMITED's board meets on 21 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, ETERNAL's revenue was ₹20,211 Cr (+182.0% year on year, +16.9% on the previous quarter), and net profit ₹92.0 Cr; the operating margin was 2.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹20,211 | +182.0% | +16.9% |
| Operating profit | ₹594 | +416.5% | +22.2% |
| Net profit | ₹92.0 | — | -47.1% |
| EPS (₹) | 0.10 | +233.3% | -44.4% |
| Operating margin | 2.9% | — | — |
ETERNAL delivery percentage, bulk deals and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 62.52% of the ETERNAL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.67%. That is close to its usual level. In ETERNAL futures, open interest fell 1.68% while the futures price rose 0.88%: short covering (shorts closing out). 2 bulk or block deals were reported in ETERNAL in the last 60 days: ₹169 Cr bought and ₹169 Cr sold.
Delivery in the last 5 sessions: 61.1% · 54.1% · 64.6% · 60.3% · 62.5%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 15 Oct | Buy | Bofa Securities Europe Sa | ₹168.67 Cr | ₹316.00 | 5,337,584 | Block |
| 15 Oct | Sell | Goldman Sachs Bank Europe Se Odi | ₹168.67 Cr | ₹316.00 | 5,337,584 | Block |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Eternal Limited (formerly known as Zomato Limited) has announced the closure of its trading window starting September 19, 2026, pursuant to SEBI Insider Trading Regulations. The window will remain shut until 48 hours post the declaration of un-audited standalone and consolidated financial results for the quarter and half-year ending September 30, 2026. Designated persons and their immediate relatives are restricted from dealing in the company's securities during this period. Additionally, the depository PAN freezing functionality for designated persons will take effect from October 1, 2026.
- Trading window closes effective September 19, 2026
- Closure extends until 48 hours after declaration of financial results for the period ending September 30, 2026
- PAN freezing functionality for Designated Persons and Immediate Relatives takes effect from October 1, 2026
Eternal Limited (formerly Zomato Limited) announced that Niche Ninety Nine Capability and Certifications (OPC) Private Limited has assigned it an ESG rating of 76.00 for FY2026. This score places the company in the 'Leader' ESG band. The disclosure is a routine regulatory intimation pursuant to Regulation 30 of SEBI LODR Regulations and has no direct financial or operational impact on its core business.
- ESG rating assigned at 76.00 for financial year 2026
- Categorized under the ESG Band of 'Leader'
- Assigned by Niche Ninety Nine Capability and Certifications (OPC) Private Limited
- Intimation filed on September 18, 2026 under Regulation 30
Eternal Limited (formerly Zomato Limited) announced its participation in the Jefferies India Forum 2026, scheduled for September 17, 2026. The engagement will consist of one-on-one and group meetings held physically in Gurugram. This is a routine institutional investor interaction filing under Regulation 30 of SEBI LODR Regulations, with no material financial disclosures or presentations released alongside.
- Participation scheduled for September 17, 2026
- Attending the Jefferies India Forum 2026
- Format includes one-on-one and/or group meetings physically at Gurugram
- Filing submitted pursuant to Regulation 30 of SEBI LODR Regulations
Eternal Limited (formerly known as Zomato Limited) has received an ESG rating of 'Crisil ESG 72' and a Core ESG rating of 'Crisil Core ESG 74' from CRISIL ESG Ratings & Analytics Limited for financial year 2026. The disclosure is submitted pursuant to Regulation 30 of SEBI LODR Regulations. The rating assignment is an informational ESG assessment and has no direct financial or operational impact on the company.
- Assigned rating of 'Crisil ESG 72' by CRISIL ESG Ratings & Analytics Limited for FY26
- Assigned Core ESG rating of 'Crisil Core ESG 74' for FY26
- Filing made under SEBI Regulation 30 disclosure requirements on September 3, 2026
Eternal Limited (formerly Zomato Limited) announced the voting results and scrutinizer's report for its 16th Annual General Meeting held on August 26, 2026. Shareholders approved the adoption of standalone and consolidated financial statements for FY26 with 99.9983% votes in favor. Additionally, the re-appointment of Sanjeev Bikhchandani as a Non-Executive Nominee Director was approved with 92.9599% voting in favor. A total of 22,44,391 shareholders were registered as of the record date of August 19, 2026.
- Adoption of FY26 financial statements approved with 99.9983% votes in favour (6,33,53,66,784 votes)
- Re-appointment of Sanjeev Bikhchandani as Non-Executive Nominee Director approved with 92.9599% votes in favour
- Overall voter turnout represented 69.35% of outstanding shares for the director re-appointment resolution
- Total number of shareholders on the record date (August 19, 2026) stood at 22,44,391
Eternal Limited (formerly Zomato Limited) disclosed the summary of proceedings for its 16th Annual General Meeting (AGM) held on August 26, 2026. The meeting saw participation from 299 public shareholders via video conferencing. Key ordinary resolutions placed before members included the adoption of standalone and consolidated FY26 financial statements and the re-appointment of Sanjeev Bikhchandani as a Non-Executive Nominee Director. Official voting results and the scrutinizer's report will be submitted separately.
- 16th Annual General Meeting held on August 26, 2026, via video conferencing with 299 public members attending
- Ordinary resolution proposed for the adoption of audited FY26 financial statements (standalone and consolidated)
- Resolution proposed for the re-appointment of Sanjeev Bikhchandani (DIN: 00065640) as Non-Executive Nominee Director retiring by rotation
- Remote e-voting was conducted from August 22, 2026, to August 25, 2026, with an additional 15-minute window during the AGM
Eternal Limited (formerly Zomato Limited) has initiated the dispatch of physical communications to shareholders regarding its 16th Annual General Meeting (AGM) scheduled for August 26, 2026. The communication provides web links to the Annual Report for the financial year ended March 31, 2026, for members who have not registered their email addresses. The eligibility for receiving these notices was determined based on the register of members as of July 22, 2026. This is a standard regulatory procedure under SEBI Listing Regulations.
- 16th Annual General Meeting (AGM) to be held on August 26, 2026, at 12:00 P.M. IST
- Record date for determining beneficial owners set as July 22, 2026
- Annual Report covers the full financial year ending March 31, 2026
- Physical letters dispatched to shareholders without registered email addresses as per Regulation 36(1)(b)
- AGM to be conducted via video conferencing / other audio-visual means
Eternal Limited (formerly Zomato) has scheduled its 16th Annual General Meeting for August 26, 2026. The company reported a massive scale-up in FY26, with GAAP revenue reaching Rs 54,364 crore, a 169% YoY increase, primarily due to the shift to an inventory model in Quick Commerce. Consolidated Adjusted EBITDA improved significantly to Rs 1,189 crore from Rs 110 crore in the previous year. Notably, Quick Commerce (Blinkit) Net Order Value (NOV) at Rs 48,567 crore has now surpassed the Food Delivery NOV of Rs 37,993 crore.
- FY26 GAAP Revenue grew 169% YoY to Rs 54,364 crore, driven by inventory model transition in Blinkit
- Quick Commerce (Blinkit) NOV reached Rs 48,567 crore, representing 117% YoY growth
- Food Delivery segment maintained profitability with an Adjusted EBITDA of Rs 2,017 crore
- Zomato Gold membership base expanded to 24.2 million active members as of March 2026
- Consolidated GAAP PAT for FY26 stood at Rs 366 crore compared to Rs 527 crore in FY25
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.
- 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
Eternal Limited (formerly Zomato) has filed its updated 'Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information' (UPSI) as of July 22, 2026. This Version 4 update aligns internal governance with SEBI (Prohibition of Insider Trading) Regulations. The policy mandates the use of a Structured Digital Database (SDD) to track information sharing, with records preserved for at least 8 years. This is a routine administrative filing and does not impact the company's financial position or operational strategy.
- Updated to Version 4 of the Fair Disclosure Code as of July 22, 2026
- Mandates a Structured Digital Database (SDD) to be preserved for a minimum of 8 years
- Defines 'Designated Persons' to include employees up to two levels below the CEO and material subsidiaries
- Identifies the CFO as the Chief Investor Relations Officer (CIRO) responsible for information dissemination
- Maintains compliance for a company with a market capitalization of Rs 1,61,642 Cr
Eternal Limited (formerly Zomato) has entered into a Business Transfer Agreement to move its 'Nugget by Zomato' business to its 100% subsidiary, Carthero Technologies. The transaction is valued at Rs 35 crore in cash, which is a significant premium over the unit's FY26 net worth of Rs 10.54 crore. However, the business is financially immaterial, contributing only 0.07% (Rs 7.20 crore) to the company's standalone revenue. Separately, the company disclosed ongoing GST litigation with demands totaling approximately Rs 447 crore, which remains a key monitorable.
- Transfer of 'Nugget by Zomato' business for a cash consideration of Rs 35 crore.
- Nugget Business revenue of Rs 7.20 crore represents only 0.07% of standalone revenue for FY26.
- Net worth of the transferred unit was Rs 10.54 crore as of March 31, 2026.
- Company is contesting GST demand orders totaling approximately Rs 447 crore across various states.
- Transaction expected to be completed within 30 days of the July 22, 2026 agreement date.
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.
- 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.
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.
- 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.
Eternal Limited (formerly Zomato) has scheduled its board meeting for July 22, 2026, to approve unaudited financial results for the quarter ended June 30, 2026. An earnings conference call will follow at 5:00 PM IST on the same day to discuss performance. This is a routine regulatory filing that sets the timeline for the company's first-quarter reporting cycle. Investors will likely focus on the progress of the Blinkit store expansion and the integration of the Rs 2,018 Cr Paytm ticketing acquisition.
- Board meeting scheduled for July 22, 2026, to approve standalone and consolidated results.
- Earnings conference call set for 5:00 PM IST on July 22, 2026.
- Reporting period covers the quarter ended June 30, 2026.
- Company maintains a target of 2,100 dark stores by December 2025.
Eternal Limited (formerly Zomato Limited) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that zero demat requests were received for processing during the quarter ended June 30, 2026. This is a standard procedural filing required for all listed companies to reconcile share records with depositories. It has no impact on the company's financial health or operational performance.
- 0 demat requests were received for processing during the quarter ended June 30, 2026
- Certificate issued by MUFG Intime India Private Limited (formerly Link Intime) on July 02, 2026
- Compliance filing submitted to BSE and NSE on July 07, 2026
- Confirmation pertains to the period from April 01, 2026, to June 30, 2026
Financial Performance
Revenue Growth by Segment
Food delivery Net Order Value (NOV) grew 14% YoY in Q2FY26. Quick commerce NOV growth accelerated to 137% YoY (27% QoQ), with like-for-like revenue growing 171% YoY. Hyperpure core restaurant business grew 42% YoY (15% QoQ) to INR 940 Cr, while non-restaurant revenue declined 94% QoQ to INR 83 Cr. Going-out NOV grew 32% YoY.
Geographic Revenue Split
Not explicitly disclosed by percentage; however, the company operates across India with a focus on tier-one markets and is expanding into new cities to drive a weighted average Adjusted EBITDA margin.
Profitability Margins
Food delivery Adjusted EBITDA margin reached an all-time high of 5.3% of NOV. Quick commerce Adjusted EBITDA margin improved to -1.3% from -1.8% QoQ. Hyperpure core restaurant business margin improved to -0.9% from -2.2%. Going-out Adjusted EBITDA margin declined to -3.1% due to category creation investments.
EBITDA Margin
Consolidated Adjusted EBITDA for food delivery was over INR 500 Cr in Q2FY26 (up from INR 451 Cr in Q1FY26). Quick commerce saw a 300 bps increase in Gross Profit as a % of NOV due to the shift to an inventory-led model, though net margin gain is expected to be 1% over 4-6 quarters.
Capital Expenditure
Investment of INR 758 Cr for secondary share purchase and INR 1,260 Cr primary infusion into OTPL and WEPL for the 'Movies Ticketing' and 'Events' business acquisition. Accelerated store expansion aims for 2,100 stores by Dec 2025 and 3,000 stores by Mar 2027.
Credit Rating & Borrowing
Not disclosed in available documents; however, the company maintains a 'strong balance sheet' to fund growth and sacrifices short-term margins for market share.
Operational Drivers
Raw Materials
Inventory for quick commerce (groceries and consumer goods) and food supplies for Hyperpure represent the primary cost of goods sold. In Q2FY26, Hyperpure revenue (including inventory sales) was INR 1,023 Cr.
Import Sources
Sourced domestically within India from various brands and producers to supply the Hyperpure restaurant base and Blinkit's dark store network.
Key Suppliers
Direct contracts with FMCG brands for the 1P (inventory) quick commerce model and various food producers/vendors for the Hyperpure business.
Capacity Expansion
Current quick commerce network stands at 1,816 stores as of Q2FY26. Planned expansion to 2,100 stores by December 2025 and 3,000 stores by March 2027 to fulfill higher demand.
Raw Material Costs
Cost of goods sold is now a major component in quick commerce due to the shift to inventory ownership. This shift led to a 3% gross profit increase as a % of NOV, partially offset by first-mile supply chain costs.
Manufacturing Efficiency
Not applicable as a service/platform business; however, operational leverage is being sought in marketing, where 4x YoY spend in QC is expected to yield better efficiency as the user base grows.
Logistics & Distribution
Delivery and related charges were INR 1,128 Cr in Q2FY26. Distribution costs are impacted by the 'first mile' bit now being borne by Blinkit rather than sellers under the new 1P model.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Achieving growth through 4x YoY marketing spend to acquire new users, expanding the Blinkit store network to 3,000 by 2027, and the acquisition of Paytm's ticketing and events business (District) to create new use cases. The company is also increasing platform fees in food delivery to improve profitability while maintaining a 15% growth rate in the near term.
Products & Services
Food delivery services, quick commerce grocery delivery (Blinkit), B2B restaurant supplies (Hyperpure), and movie/event ticketing (District).
Brand Portfolio
Zomato, Blinkit, Hyperpure, District.
New Products/Services
Launch of 'District' for going-out use cases (movies, events) following the INR 2,018 Cr acquisition of ticketing businesses. Expected to maintain a 30% YoY growth trajectory.
Market Expansion
Aggressive expansion of dark stores in existing and new cities, targeting 2,100 stores by Dec 2025 to capture quick commerce market share.
Market Share & Ranking
The company is a leader in food delivery and quick commerce, reacting to competitor platform fee increases to maintain margin leadership.
Strategic Alliances
Acquisition of 'Movies Ticketing' and 'Events' businesses from One 97 Communications Limited (Paytm) for a total consideration of approximately INR 2,018 Cr.
External Factors
Industry Trends
The industry is shifting toward quick commerce (10-minute delivery) and inventory-led models (1P) to capture higher margins. Eternal is positioning itself by expanding its store network to 3,000 and integrating ticketing services to own the 'going-out' category.
Competitive Landscape
Intense competition in quick commerce and food delivery; margins are influenced by competitor pricing and platform fee structures.
Competitive Moat
Moat is built on a massive delivery network, brand recognition (Zomato/Blinkit), and high switching costs for 'Gold' members. The network effect of 1,816+ stores provides a significant barrier to entry in quick commerce.
Macro Economic Sensitivity
High sensitivity to discretionary spending; soft demand in India has recently acted as a headwind, keeping food delivery growth at 15% vs the 20% long-term target.
Consumer Behavior
Shift toward 10-minute delivery for a wider variety of categories beyond groceries, including high-margin electronics and beauty products.
Geopolitical Risks
Minimal direct exposure, but global supply chain disruptions could impact the availability of certain FMCG goods sold via quick commerce.
Regulatory & Governance
Industry Regulations
Subject to GST regulations; the company has received orders from GST authorities regarding tax on delivery charges, which it is contesting.
Taxation Policy Impact
Current tax expense was INR 80 Cr for Q2FY26. The company utilizes carried forward losses to set off business income tax liabilities.
Legal Contingencies
Pending GST disputes regarding delivery charges; the company believes it has a strong case on merits but the outcome remains uncertain. Total assets of unreviewed subsidiaries stand at INR 2,165 Cr.
Risk Analysis
Key Uncertainties
Macroeconomic slowdown impacting discretionary spend (potential 5-10% impact on growth), and the execution risk of scaling to 3,000 stores by 2027.
Geographic Concentration Risk
Highly concentrated in Indian urban centers; tier-one markets drive the bulk of NOV and Adjusted EBITDA.
Third Party Dependencies
Increasing dependency on direct brand relationships for the 1P quick commerce model and delivery partner availability.
Technology Obsolescence Risk
Low risk; the company is a digital-first leader, though it must constantly evolve its app and supply chain algorithms to maintain 10-minute delivery.
Credit & Counterparty Risk
Trade receivables stood at a level requiring a provision for doubtful debts of INR 6 Cr in Q2FY26, indicating generally high quality of receivables.
