ETERNAL LIMITED (ETERNAL)

Consumer Services · Retailing · NSE · Updated 2 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹302.45 ↓ 0.75% (1Y)

🎯 Key Takeaways

Eternal Limited is undergoing a strategic restructuring phase focused on streamlining its food delivery operations, marked by the sale of its 'Nugget by Zomato' business and ongoing integration of core platforms. The company is transitioning from a period of operational losses to stabilized but modest profitability, with revenue growth resuming after years of decline.
Revenue grew 12.6% QoQ to ₹5,405 in Q3FY25.
⚠️ Ongoing GST disputes totaling INR 420–447 crore across states pose a potential liability that could impact cash flows.

Market Cap

₹2.33 L Cr

P/E Ratio

317.3

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Eternal Limited is undergoing a strategic restructuring phase focused on streamlining its food delivery operations, marked by the sale of its 'Nugget by Zomato' business and ongoing integration of core platforms. The company is transitioning from a period of operational losses to stabilized but modest profitability, with revenue growth resuming after years of decline. Management is prioritizing capital efficiency and regulatory compliance as part of a broader consolidation strategy.

📰 What's Happening

In Q1 FY2026, Eternal finalized the INR 35 crore cash transfer of its 'Nugget by Zomato' business to Carthero Technologies as part of internal restructuring, completing the transaction within 30 days. The Board approved unaudited Q1 FY2026 results showing INR 20,211 crore revenue from operations, with food ordering and delivery contributing INR 3,100 crore and INR 621 crore PBT. The 16th AGM is scheduled for August 26, 2026, to adopt FY2025-26 financials and reappoint Sanjeev Bikhchandani. Deloitte's limited review confirmed no material misstatements despite pending GST disputes of INR 420 crore and labor law changes.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	2,056	2,416	2,848	3,288	3,562	4,206	4,799	5,405
Operating Profit	-55	133	165	270	321	413	447	414
OPM %	-11.0%	-2.0%	-1.6%	1.6%	2.4%	4.2%	4.7%	3.0%
Net Profit	-188	2	36	138	175	253	176	59
EPS	₹-0.23	₹0.00	₹0.04	₹0.16	₹0.20	₹0.29	₹0.20	₹0.07

Revenue has turned positive after sustained declines, with Q1 FY2026 revenue of INR 20,211 crore reflecting strong growth from prior quarters, driven by core food delivery operations. Operating performance stabilized with a 3.0% OPM in Q1 FY2026, up from negative margins in the same period last year, indicating margin recovery. However, profitability remains volatile, with NP of INR 59 crore in Q1 FY2026 down from INR 176 crore in Q2 FY25, suggesting ongoing margin pressure despite revenue gains.

🔮 Management Outlook & What's Next

Management did not provide explicit forward guidance in the latest filings. However, the Board's actions — including the sale of non-core assets and reappointment of key leadership — signal a focus on operational simplification and governance continuity. The company emphasized compliance with SEBI norms and fund utilization discipline, but no strategic roadmap or growth targets were outlined in the announcements.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Retailing

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Avenue Supermarts Limited	2.84 L Cr	104.3	—	—	—
ETERNAL LIMITED	2.33 L Cr	317.3	—	—	—
Trent Limited	1.46 L Cr	75.4	—	—	—
Meesho Limited	87,460	—	—	—	—
Lenskart Solutions Limited	81,481	—	—	—	—
FSN E-Commerce Ventures Limited	77,999	1513.3	—	—	—
Swiggy Limited	70,498	—	—	—	—
Info Edge (India) Limited	60,180	83.6	—	—	—
Vishal Mega Mart Limited	55,607	66.3	—	—	—
Urban Company Limited	18,651	—	—	—	—

🔗 Peer Stock Analyses

DMART TRENT MEESHO LENSKART NYKAA

⚠️ Risk Factors

1. Ongoing GST disputes totaling INR 420–447 crore across states pose a potential liability that could impact cash flows. 2. Margin recovery remains fragile, as evidenced by declining NP despite revenue growth, indicating sensitivity to cost structure. 3. The food delivery segment, while contributing meaningful revenue, operates in a highly competitive and low-margin environment with no clear path to scale profitability. 4. Regulatory changes in labor laws may increase compliance costs and operational complexity.

📋 Recent Filings

🧠 Analyst's Read

Eternal is in a transitional phase marked by structural simplification and modest financial stabilization, but lacks a clear growth catalyst. Investors should monitor the pace of margin improvement, resolution of tax disputes, and management's ability to scale the core food delivery business sustainably. The company's future trajectory hinges on operational execution rather than strategic announcements.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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