Eternal financials and balance sheet

NSE: ETERNALBSE: 543320RetailingLarge Cap

Formerly Zomato

₹317.40₹12.95 (4.25%)BSE ₹317.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹304.45.

52-week range of traded prices to 23 Oct 2026

₹212.60Low, 16 Mar 2026₹344.40High, 23 Sep 2026

Market cap: ₹3,06,302 Cr37th largest listed
P/E: 621.3
P/B: 9.8
Dividend yield: Nonein the last 12 months
ROE: 1.6%
ROCE: 0.4%
Debt to equity: 0.00
Volume, NSE: 5,50,91,71242.1% delivered

5 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Eternal annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹54,364 Cr, year to Mar 2026A loss in 2 of the 5 years shown

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue54,364
Materials and goods−30,167
Employee costs−3,536
Other expenses−19,453
Operating profit1,208
Depreciation−1,597
Other income+1,396
One-off items0.0
Finance costs−392
Profit before tax615
Tax−249
Net profit366

What the company owns

Plant, investments and other assets₹30,177 Cr
Current investments₹5,091 Cr
Inventory₹2,181 Cr
Receivables₹1,764 Cr
Cash and bank₹1,523 Cr

What pays for it: net worth and liabilities

Net worth₹30,973 Cr
Other liabilities₹6,753 Cr
Owed to suppliers₹3,010 Cr

Eternal business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Eternal segment results by quarter

Revenue by segment

₹54,364 CrTotal

Quick commerce₹37,779 Cr69.5% of total
India food ordering and delivery₹10,159 Cr18.7% of total
Hyperpure supplies (B2B business)₹5,366 Cr9.9% of total
Going Out₹973 Cr1.8% of total
All other segments (Residual)₹87 Cr0.2% of total

Profit by segment

Quick commerce₹430 Cr17.0% of total
India food ordering and delivery₹2,079 Cr82.3% of total
Hyperpure supplies (B2B business)₹16 Cr0.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Quick commerce
Revenue, ₹ crore
37,779
Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
430
Mar 22Mar 23Mar 24Mar 25Mar 26
India food ordering and delivery
Revenue, ₹ crore
3,415
4,537
6,380
8,080
10,159
Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−380
−4
935
1,541
2,079
Mar 22Mar 23Mar 24Mar 25Mar 26
Hyperpure supplies (B2B business)
Revenue, ₹ crore
1,507
3,172
6,196
5,366
Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−181
−100
−43
16
Mar 22Mar 23Mar 24Mar 25Mar 26
Going Out
Revenue, ₹ crore
258
737
973
Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2
−30
−292
Mar 22Mar 23Mar 24Mar 25Mar 26
All other segments (Residual)
Revenue, ₹ crore
256
255
45
24
87
Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−24
−16
−23
−12
−206
Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	4,222	7,107	12,164	20,243	54,364
Company revenue, as in its results	4,192	7,079	12,114	20,243	54,364
Revenue	–	–	–	–	37,779
Profit	–	–	–	–	430
Margin	–	–	–	–	1.1%
Revenue	3,415	4,537	6,380	8,080	10,159
Revenue growth	–	32.9%	40.6%	26.6%	25.7%
Profit	−380	−4	935	1,541	2,079
Profit growth	–	–	–	64.8%	34.9%
Margin	−11.1%	−0.1%	14.7%	19.1%	20.5%
Revenue	–	1,507	3,172	6,196	5,366
Revenue growth	–	–	110.5%	95.3%	−13.4%
Profit	–	−181	−100	−43	16
Margin	–	−12.0%	−3.2%	−0.7%	0.3%
Revenue	–	–	258	737	973
Revenue growth	–	–	–	185.7%	32.0%
Profit	–	–	−2	−30	−292
Margin	–	–	−0.8%	−4.1%	−30.0%
Revenue	256	255	45	24	87
Revenue growth	–	−0.6%	–	–	–
Profit	−24	−16	−23	−12	−206
Margin	−9.5%	−6.4%	−51.1%	−50.0%	−236.8%
Revenue	–	809	2,309	5,206	–
Revenue growth	–	–	185.6%	125.5%	–
Profit	–	−503	−253	−21	–
Margin	–	−62.2%	−11.0%	−0.4%	–
Revenue	552	–	–	–	–
Profit	−121	–	–	–	–
Margin	−21.8%	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Eternal quarterly results

₹ crore	Mar 2022Filed 27 May	Mar 2023Filed 22 May	Mar 2024Filed 14 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
Revenue from operations	4,192	7,079	12,114	20,243	54,364
	6,043	8,290	12,072	19,606	53,156
Materials and goods bought	525	1,395	2,882	5,565	30,167
Employee costs	1,633	1,465	1,659	2,558	3,536
Other expenses	3,886	5,430	7,531	11,483	19,453
Operating profit before depreciation	−1,851	−1,210	42	637	1,208
Operating margin	−44.1%	−17.1%	0.3%	3.1%	2.2%
Materials, % of revenue	12.5%	19.7%	23.8%	27.5%	55.5%
Employee costs, % of revenue	39.0%	20.7%	13.7%	12.6%	6.5%
Other expenses, % of revenue	92.7%	76.7%	62.2%	56.7%	35.8%
Depreciation and amortisation	150	437	526	863	1,597
Operating profit after depreciation	−2,001	−1,647	−484	−226	−389
Other income	495	682	847	1,077	1,396
Finance costs	12	49	72	154	392
Profit before one-off items and tax	−1,518	−1,014	291	697	615
One-off items	297	0	0	0	0
Profit before tax	−1,221	−1,014	291	697	615
	2	−44	−60	170	249
Current tax	2	0	1	231	319
Deferred tax	0	−44	−61	−61	−70
Share of profit of joint ventures and associates	0	0	–	–	–
	−1,223	−971	351	527	366
Belonging to the company's shareholders	−1,209	−971	351	527	366
Belonging to outside owners of subsidiaries	−14	0	0	0	0
Other comprehensive income	2	−99	55	128	−532
Total comprehensive income	−1,220	−1,070	406	655	−166
Net margin	−29.2%	−13.7%	2.9%	2.6%	0.7%
Net margin without joint ventures and associates	−29.2%	−13.7%	–	–	–

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2022Filed 27 May	Mar 2023Filed 22 May	Mar 2024Filed 14 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr	Sep 2026Half yearFiled 21 Oct
	16,499	19,453	20,406	30,310	30,973	31,268
	16,506	19,460	20,413	30,317	30,980	31,275
Share capital	764	836	868	907	919	921
Reserves	15,741	18,623	19,545	29,410	30,061	30,354
Belonging to outside owners of subsidiaries	−7	−7	−7	−7	−7	−7
	0	40	0	0	0	0
Repayable after a year	0	6	0	0	0	0
Repayable within a year	0	35	0	0	0	0
	712	1,441	2,083	3,326	5,672	8,682
Trade payables	429	680	886	1,536	3,010	5,872
Other financial liabilities	48	425	805	1,304	1,864	1,598
Other liabilities	216	276	363	452	744	889
Provisions	19	26	29	34	39	47
Tax owed	0	0	0	0	15	276
	117	705	867	1,987	4,091	5,159
Other financial liabilities	51	356	591	1,655	3,833	4,860
Other liabilities	0	0	0	0	0	–
Provisions	65	94	88	120	156	181
Deferred tax	0	250	188	212	102	118
Total assets	17,327	21,599	23,356	35,623	40,736	45,109
	9,782	10,768	17,898	23,922	25,036	29,017
Plant in use, after depreciation	51	209	287	965	2,033	–
Plant being built	1	8	18	51	136	–
Intangible assets	80	991	754	912	611	472
Goodwill	1,209	4,717	4,717	5,737	5,737	5,737
Investments	3,086	2,280	10,365	10,920	9,742	12,071
Other financial assets	5,219	1,894	747	2,744	1,606	6,578
Deferred tax	0	0	0	0	14	0
Other assets	136	671	1,010	2,593	5,157	823
	7,545	10,831	5,458	11,701	15,700	16,092
Inventories	40	83	88	176	2,181	4,262
Trade receivables	160	457	794	1,946	1,764	2,007
Cash and cash equivalents	392	218	309	666	996	467
Other bank balances	1,183	799	422	2,948	527	80
Current investments	1,632	4,485	1,280	2,272	5,091	2,591
Loans given	375	0	0	0	0	0
Other financial assets	3,667	4,418	2,324	2,769	3,537	4,131
Other assets	96	372	241	924	1,604	2,554
Net debt	−3,207	−5,461	−2,011	−5,886	−6,614	−3,138

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2022Filed 27 May	Mar 2023Filed 22 May	Mar 2024Filed 14 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr	Sep 2026Half yearFiled 21 Oct
	−693	−844	646	308	632	278
	−674	−813	751	426	998	322
	248	−176	118	−1,093	−1,228	−1,633
Receivables	−34	−203	−348	−1,117	117	−265
Inventories	−28	−43	−5	−88	−2,042	−2,078
Payables	140	−71	211	629	1,478	2,861
Other working capital	170	141	260	−517	−781	−2,151
Tax paid	−19	−31	−105	−118	−366	−44
Capital spending	59	103	215	936	1,751	1,656
Free cash flow	−752	−947	431	−628	−1,119	−1,378
	−7,938	457	−347	−7,993	536	−150
Plant and property sold	2	2	13	5	5	4
Companies bought	−21	−61	0	−2,005	0	0
Interest received	113	490	618	819	953	513
	8,750	−127	−207	8,042	−842	−659
Borrowings repaid	−1	−23	−40	0	0	0
Interest paid	−1	−9	−69	−4	−16	−19
Lease payments	−30	−106	−129	−405	−838	−642
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	9,000	4	23	8,501	0	0
Net change in cash	119	−514	92	357	326	−531

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2022Filed 27 May	Mar 2023Filed 22 May	Mar 2024Filed 14 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
Earnings per share	−₹1.67	−₹1.20	₹0.41	₹0.60	₹0.40
Diluted earnings per share	−₹1.67	−₹1.20	₹0.40	₹0.58	₹0.39
Book value per share	₹21.60	₹23.27	₹23.52	₹33.43	₹33.71
Shareholder yield	−13.9%	0.0%	0.0%	−4.4%	0.0%
Market cap at the year end (₹ crore)	64,782	43,614	1,58,626	1,94,648	2,20,974

Ratios

Consolidated, years to March.Eternal PE ratio and valuation

Ratio	Mar 2022Filed 27 May	Mar 2023Filed 22 May	Mar 2024Filed 14 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
Revenue growth	–	68.9%	71.1%	67.1%	168.6%
Operating profit growth	–	–	–	1,416.7%	89.6%
Net profit growth	–	–	–	50.1%	−30.6%
Earnings per share growth	–	–	–	46.3%	−33.3%
	−7.3%	−5.4%	1.8%	2.1%	1.2%
	–	1.9 pts	7.2 pts	0.3 pts	−0.9 pts
From the net margin	–	3.8 pts	6.5 pts	−0.2 pts	−1.5 pts
From asset turnover	–	−1.8 pts	0.5 pts	0.4 pts	0.6 pts
From borrowing	–	−0.2 pts	0.1 pts	0.1 pts	0.1 pts
Return on capital employed	−12.1%	−8.5%	−2.4%	−0.7%	−1.3%
Cash conversion	–	–	184.0%	58.4%	172.7%
Debt to equity	0.00	0.00	0.00	0.00	0.00
Receivable days	14	24	24	35	12
Inventory days	28	22	11	12	26
Payable days	298	178	112	101	36
Cash conversion cycle, days	−257	−133	−77	−54	2
Working capital days	316	202	41	45	23
Asset turnover	0.24	0.36	0.54	0.69	1.42
Assets per rupee of net worth	1.05	1.08	1.13	1.16	1.25
Sales per rupee of plant	82.37	33.95	42.21	20.98	26.74
Capital spending to depreciation	0.39	0.24	0.41	1.08	1.10
Plant being built, % of plant in use	1.2%	3.6%	6.3%	5.3%	6.7%

Interest cover is left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 1.0%
Cash from operations against operating profit: 52.3%

Measure	5 years	3 years
Revenue growth, yearly rate	–	97.3%
Return on equity, average	−1.5%	1.7%
Return on capital employed, average	−5.0%	−1.5%
Operating margin, average	−11.1%	1.9%
Net margin, average	−7.3%	2.1%
Asset turnover, average	0.65	0.88
Cash conversion cycle, days, average	−104	−43
Debt to equity, average	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	49	1,586	632
Cash from investing	−15,285	−7,804	536
Cash from financing	15,615	6,993	−842
Capital spending	3,064	2,902	1,751
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	17,528	8,524	0
Borrowings raised	0	0	0
Borrowings repaid	64	40	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	6	5	4
Altman Z-scorePublished threshold 1.1	26.00	14.88	11.04	10.38	7.52
Beneish M-scorePublished threshold −1.78	–	−1.37	−1.99	−1.32	−1.38
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	−3.00	0.23	27.85	−2.10
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	1.27
Receivables growth less revenue growthOur threshold 0 percentage points	–	116.88	2.66	77.98	−177.91
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−57.64	−100.16	6.90	697.12
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	14.49	−18.36	5.57	2.66
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.01	0.03	0.03	0.05
Effective tax ratePublished threshold 17.16 per cent	–	–	−20.62	24.39	40.49
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	−56.70	7.46	−19.02

A threshold marked as ours has no published figure; it is the line we read the check against.