ETERNAL - Eternal
📢 Recent Corporate Announcements
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.
- 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.
Eternal Limited (formerly Zomato Limited) has completed the dispatch of a Postal Ballot Notice to its shareholders on February 11, 2026. The notice pertains to a Scheme of Amalgamation involving Blinkit Commerce Private Limited and Blinkit India Private Limited with Eternal Limited. This filing is a procedural requirement under SEBI Regulation 30, confirming that advertisements have been published in national newspapers regarding the remote e-voting facility.
- Completed dispatch of Postal Ballot Notice via electronic mode on February 11, 2026.
- Advertisements published in Financial Express (English) and Jansatta (Hindi) on February 12, 2026.
- The ballot concerns a Scheme of Amalgamation/Arrangement involving Blinkit entities.
- Remote e-voting facility details provided to shareholders as per SEBI (LODR) Regulations.
- Company formerly operated under the name Zomato Limited.
Eternal Limited, formerly known as Zomato, has confirmed the launch of an AI-powered hotline designed to streamline the onboarding process for delivery partners. The company issued this clarification following a surveillance query from the National Stock Exchange regarding recent media reports. Management categorized the initiative as a routine business improvement aimed at increasing operational efficiency. While the company does not consider this a material event under SEBI Regulation 30, it underscores their commitment to leveraging AI for logistics optimization.
- Confirmed launch of AI-powered hotline to simplify delivery partner onboarding
- Company clarified the move is a routine business matter and not a mandatory disclosure event
- Response follows NSE surveillance query ref. no. NSE/CM/Surveillance/16455 dated Feb 10, 2026
- Initiative focuses on making the recruitment process more convenient and hassle-free for partners
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.
- 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.
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.
- 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
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.
- 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.
Eternal Limited, formerly known as Zomato Limited, has announced the formal dissolution of its step-down subsidiary, Zomato Netherlands B.V. The dissolution became effective on January 27, 2026, with the company receiving official confirmation on February 5, 2026. This move follows an initial disclosure made on April 9, 2025, regarding the intent to wind down the entity. Such actions are typically part of corporate restructuring to eliminate dormant or non-core international entities and reduce administrative overhead.
- Zomato Netherlands B.V. officially dissolved effective January 27, 2026.
- Eternal Limited received formal communication of the dissolution on February 5, 2026.
- The dissolution process was previously initiated and disclosed on April 9, 2025.
- The move is part of a strategy to streamline the company's global corporate structure.
Eternal Limited (formerly Zomato) has received a GST demand order from the Deputy Commissioner, State Tax, Lucknow, for the period April 2019 to March 2020. The total demand includes a GST amount of INR 50.53 lakh, interest of INR 64.18 lakh, and a penalty of INR 60.57 lakh, totaling approximately INR 1.75 crore. The demand is related to the alleged excess availment of input tax credit. The company believes it has a strong case and will be filing an appeal, expecting no significant financial impact.
- Total demand of INR 1.75 crore including GST, interest, and penalty
- Order pertains to the period April 2019 to March 2020 regarding excess input tax credit
- GST demand is INR 50,52,803, interest is INR 64,17,501, and penalty is INR 60,56,806
- Company intends to contest the order through an appeal before the appropriate authority
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%.
- 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.
Eternal Limited (formerly Zomato Limited) has clarified to the National Stock Exchange that the news regarding its 270,000 sq ft office lease in Gurugram is a reiteration of information already in the public domain since November 2025. The company stated that the lease at Intellion Park is part of its regular operational planning and does not constitute a material event requiring disclosure under SEBI Regulation 30. This clarification follows a surveillance inquiry by the exchange after recent media reports. The company maintains that adding office space is a standard business activity to support its ongoing growth.
- Clarification provided for a 270,000 sq ft office lease in Intellion Park, Gurugram
- Company notes the news was originally reported as early as November 8, 2025
- Management deems the expansion as routine operational activity not requiring Regulation 30 disclosure
- The exchange inquiry was triggered by a media report dated January 20, 2026
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.
- 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.
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.
- 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.
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.
- 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.
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.
- 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.
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.
- 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.
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.