Eternal Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹3.26L Cr
- P/E
- 752.96
- ROE
- 0.38%
- PEG
- 26.68
- Price to sales
- 4.86
- Debt to equity
- 0.15
- 52W high / low
- ₹343 / ₹216
- Sales growth (5Y)
- 93.70%
- EBITDA margin
- 2.50%
- Net profit margin
- 0.21%
- Sales (last year)
- ₹67,408 Cr
Incorporated in 2010, Zomato Limited is one of the leading online Food Service platforms in terms of the value of food sold. Its offerings include food delivery, dining-out services, Loyalty programs, and others.
Guidance scorecard · Q2 FY27 call
What Eternal's management guided
and where it ranks in Retailing
Retailing
RevenueQ1 FY27 call
20–40%- Growth in quick commerce (Blinkit) volumes showed strong QoQ increase (21% in latest quarter), with historical Q1 to Q2 volume growth typically between 18-26%.
- Company is cautious about giving near-term guidance but sees promising growth outlook.
- Most growth is driven by existing cities rather than geographic expansion.
- Non-metro/smaller cities are growing faster in percentage terms due to smaller base and less competitive intensity.
- Food delivery and going-out businesses have potential for further user base growth, though go-out is focused on fewer cities and a smaller customer base.
- Productivity gains across business areas (dark stores, warehouses, marketing) support scalability.
- Average order value (AOV) in quick commerce expected to remain range-bound in near term due to increasing frequency and assortment mix.
2 more points from Eternal's call on revenue
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MarginsQ1 FY27 call
FlatSee what Eternal said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Long-term capex per store increased to about INR 2.5 crore (previously ~INR 1 crore), reflecting larger store sizes and enhanced supply chain infrastructure including warehousing.
- Capex is lumpy with significant investment in warehousing to store more products efficiently, not just store setup.
- Recent quarter saw around 200 new stores added with capex of INR 700 crore, but this varies quarter to quarter due to lumpiness.
- Focus on expanding market via bigger stores and supply chain investments to maintain healthy ROCE despite lower NOV (net order value) per store in smaller cities.
2 more points from Eternal's call on capex
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FundraisingQ1 FY27 call
See what Eternal said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Growth in monthly transacting users (MTUs) and order volumes indicates improving demand.
- Existing cities largely drive order growth, with less contribution from new geographical expansion.
- Productivity gains at store and supply chain levels suggest capacity to handle increasing orders efficiently.
- Expansion of store sizes and SKUs supports higher order throughput per store.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Retailing
on management's own guidance
- Strong growth2
- Strong growth1
- Entero Healthcare Solutions LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Retailing companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,264 Cr | 38.2 | |
| 2 | 40%+ | Flat | ₹6,053 Cr | 53.9 | |
| 3 | Entero Healthcare Solutions Ltd | 20–40% | Up 0–2% | ₹6,899 Cr | 53.5 |
| 4 | 20–40% | Up 0–2% | ₹790 Cr | 19.0 | |
| 5 | EternalThis stock | 20–40% | Flat | ₹3.14L Cr | 725.0 |
| 6 | 20–40% | Flat | ₹1.12L Cr | 170.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Retailing rankingEternal announcements
All announcements →- Financial resultsMajor developmentEternal: Sept-26 qtr profit INR 125 cr; Going-out unit to ZEPL; Adonmo swap for Mygate
Financials of Eternal
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Eternal
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FIIs + | 54.88% | 55.11% | 54.11% | 52.53% | 47.31% | 44.36% | 42.34% | 39.04% | 36.24% | 32.61% | 29.09% | 33.01% |
| DIIs + | 15.47% | 15.28% | 15.79% | 17.32% | 20.51% | 23.47% | 26.49% | 30.04% | 32.61% | 35.88% | 39.21% | 36.22% |
| Government + | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.11% | 0.00% |
| Public + | 27.98% | 28.05% | 28.64% | 28.86% | 26.09% | 26.08% | 25.17% | 25.12% | 25.47% | 26.68% | 26.99% | 26.26% |
| Others + | 1.66% | 1.58% | 1.45% | 1.27% | 6.07% | 5.98% | 5.91% | 5.71% | 5.58% | 4.73% | 4.61% | 4.53% |
| No. of Shareholders | 17,27,996 | 19,16,416 | 21,40,942 | 23,56,308 | 25,20,804 | 27,91,930 | 24,99,813 | 22,68,441 | 22,71,175 | 23,04,885 | 22,95,671 | 21,26,951 |
Financials of Eternal
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,848 | 3,288 | 3,562 | 4,206 | 4,799 | 5,405 | 5,833 | 7,167 | 13,590 | 16,315 | 17,292 | 20,211 | 24,138 |
| Expenses + | 2,895 | 3,237 | 3,476 | 4,029 | 4,573 | 5,243 | 5,761 | 7,052 | 13,351 | 15,947 | 16,806 | 19,617 | 23,386 |
| Operating Profit | -47 | 51 | 86 | 177 | 226 | 162 | 72 | 115 | 239 | 368 | 486 | 594 | 752 |
| OPM % | -1.6% | 1.6% | 2.4% | 4.2% | 4.7% | 3.0% | 1.2% | 1.6% | 1.8% | 2.3% | 2.8% | 2.9% | 3.1% |
| Other Income + | 212 | 219 | 235 | 236 | 221 | 252 | 368 | 354 | 352 | 348 | 342 | 375 | 351 |
| Interest | 16 | 18 | 20 | 25 | 30 | 43 | 56 | 67 | 86 | 107 | 132 | 151 | 155 |
| Depreciation | 128 | 128 | 140 | 149 | 180 | 247 | 287 | 314 | 376 | 439 | 468 | 546 | 625 |
| Profit before tax | 21 | 124 | 161 | 239 | 237 | 124 | 97 | 88 | 129 | 170 | 228 | 272 | 323 |
| Tax % | -71% | -11% | -9% | -6% | 26% | 52% | 60% | 72% | 50% | 40% | 24% | 66% | 61% |
| Net Profit + | 36 | 138 | 175 | 253 | 176 | 59 | 39 | 25 | 65 | 102 | 174 | 92 | 125 |
| EPS in Rs | 0.04 | 0.16 | 0.20 | 0.29 | 0.20 | 0.06 | 0.04 | 0.03 | 0.07 | 0.11 | 0.18 | 0.10 | 0.13 |
Financials of Eternal
Profit & Loss
Annual income statement trend
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 466 | 1,313 | 2,605 | 1,994 | 4,192 | 7,079 | 12,114 | 20,243 | 54,364 | 77,956 |
| Expenses + | 558 | 3,556 | 4,909 | 2,461 | 6,043 | 8,290 | 12,071 | 19,606 | 53,156 | 75,756 |
| Operating Profit | -92 | -2,243 | -2,305 | -467 | -1,851 | -1,211 | 43 | 637 | 1,208 | 2,200 |
| OPM % | -20% | -171% | -88% | -23% | -44% | -17% | 0.3% | 3.1% | 2.2% | 2.8% |
| Other Income + | 21 | 1,285 | 16 | -200 | 793 | 682 | 846 | 1,077 | 1,396 | 1,416 |
| Interest | 6 | 9 | 13 | 10 | 12 | 49 | 72 | 154 | 392 | 545 |
| Depreciation | 29 | 43 | 84 | 138 | 150 | 437 | 526 | 863 | 1,597 | 2,078 |
| Profit before tax | -107 | -1,010 | -2,386 | -815 | -1,220 | -1,015 | 291 | 697 | 615 | 993 |
| Tax % | 0% | 0% | 0% | 0% | 0% | -4% | -21% | 24% | 40% | |
| Net Profit + | -107 | -1,010 | -2,386 | -816 | -1,222 | -971 | 351 | 527 | 366 | 493 |
| EPS in Rs | -0.46 | -4.26 | -10.46 | -3.45 | -1.54 | -1.14 | 0.40 | 0.55 | 0.38 | 0.52 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Eternal
Balance Sheet
Capital structure and asset base
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.03 | 0.03 | 0.03 | 0.00 | 764 | 836 | 868 | 907 | 919 | 921 |
| Reserves | 1,036 | 2,356 | 457 | 7,644 | 15,741 | 18,624 | 19,545 | 29,410 | 30,061 | 30,354 |
| Borrowings + | 186 | 348 | 326 | 527 | 70 | 507 | 749 | 2,045 | 4,592 | 5,757 |
| Other Liabilities + | 152 | 709 | 2,117 | 532 | 751 | 1,632 | 2,194 | 3,261 | 5,150 | 8,077 |
| Total Liabilities | 1,374 | 3,413 | 2,900 | 8,704 | 17,327 | 21,599 | 23,356 | 35,623 | 40,722 | 45,109 |
| Fixed Assets + | 190 | 389 | 1,591 | 1,539 | 1,404 | 6,344 | 6,448 | 9,532 | 12,675 | 14,609 |
| CWIP | 1 | 1 | 1 | 0 | 1 | 7 | 18 | 51 | 136 | 296 |
| Investments | 829 | 2,145 | 324 | 2,205 | 4,718 | 6,765 | 11,645 | 13,192 | 14,833 | 14,662 |
| Other Assets + | 354 | 879 | 985 | 4,959 | 11,204 | 8,483 | 5,245 | 12,848 | 13,078 | 15,542 |
| Total Assets | 1,374 | 3,413 | 2,900 | 8,704 | 17,327 | 21,599 | 23,356 | 35,623 | 40,722 | 45,109 |
Financials of Eternal
Cash Flows
Operating, investing and financing cash movement
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -2,144 | -1,018 | -693 | -844 | 646 | 308 | 632 | ||
| Cash from Investing Activity + | 1,740 | -5,245 | -7,971 | 797 | -348 | -7,993 | 540 | ||
| Cash from Financing Activity + | 359 | 6,402 | 8,750 | -127 | -207 | 8,042 | -842 | ||
| Net Cash Flow | -45 | 139 | 86 | -174 | 91 | 357 | 330 | ||
| Free Cash Flow | -2,165 | -1,028 | -750 | -945 | 444 | -623 | -1,114 | ||
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 92% | 222% | 36% | 67% | 1,747% | 67% | 83% |
Financials of Eternal
Ratios
Working capital efficiency and return ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 20 | 20 | 17 | 24 | 14 | 24 | 24 | 35 | 12 |
| Inventory Days | 28 | 28 | 22 | 11 | 12 | 26 | |||
| Days Payable | 565 | 298 | 178 | 112 | 101 | 36 | |||
| Cash Conversion Cycle | 20 | 20 | 17 | -513 | -257 | -132 | -77 | -54 | 2 |
| Working Capital Days | -43 | -31 | -20 | 96 | 316 | 200 | 41 | 45 | 23 |
| ROCE % | -115% | -135% | -12% | -13% | -6% | 1% | 3% | 2% |
Guidance history
How Eternal's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q4 FY26 call → | 40%+ | Flat | Planned | — | — |
| Q3 FY26 call → | 20–40% | — | Planned | — | Flat |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
70 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −2.6% | 57% |
| Last 6 months | +28.3% | 80% |
| Last 3 months | +4.6% | 74% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Eternal: 0.4 × 57 + 0.4 × 80 + 0.2 × 74 = 70.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Eternal's management said in earlier quarters
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