e-Commerce · Founded 2010 · www.zomato.com · BSE 543320 · NSE ETERNAL · ISIN INE758T01015
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Business
Eternal Ltd. is an e-Commerce company operating in India. It primarily functions as an online platform facilitating the buying and selling of goods and services over the internet. Its core business model likely involves either acting as a marketplace (connecting buyers and sellers and taking a commission on transactions) or as a direct online retailer (purchasing inventory and selling it directly to consumers). Eternal makes money through various streams which may include transaction commissions from sellers, direct sales revenue from its own inventory, advertising revenue from brands promoting products on its platform, subscription fees for premium services, and potentially logistics or payment processing fees.
Revenue Mix
Specific revenue breakdown for Eternal Ltd. is not provided. However, in the e-commerce sector, typical revenue segments often include:
Marketplace Services: Commissions on transactions, seller fees.
Direct Retail: Revenue from direct sales of inventory.
Advertising: Income from promotional slots and brand campaigns.
Logistics & Fulfillment: Fees for warehousing, shipping, and delivery services.
Payment Processing: Fees for facilitating digital transactions.
Given no specific data, it is not possible to quantify the contribution of each segment.
Industry
The Indian e-Commerce industry is highly competitive and rapidly growing, driven by increasing internet penetration, smartphone adoption, and a rising middle class. It is characterized by the presence of a few dominant players (e.g., Flipkart, Amazon India) alongside numerous specialized and niche platforms. Eternal Ltd. operates within this dynamic landscape. Without further information, its positioning could range from a broad-category online retailer to a specialized player focusing on specific product categories or regional markets, aiming to carve out a distinct identity amidst intense competition.
MOAT
Given the general information, Eternal Ltd.'s potential competitive advantages (moats) could include:
Scale & Network Effect: If it operates as a marketplace, a large base of buyers attracts more sellers, and more sellers attract more buyers, creating a powerful network effect. Scale can also lead to better pricing power with suppliers and logistics providers.
Brand Recognition & Trust: A strong, reliable brand in a crowded market can foster customer loyalty and repeat purchases.
Efficient Logistics & Supply Chain: Superior fulfillment capabilities, including last-mile delivery and warehousing, can enhance customer experience and operational efficiency.
Proprietary Technology & Data: Advanced AI/ML for personalization, efficient search, and robust payment systems, coupled with valuable customer data, can provide an edge.
Customer Experience: Exceptional customer service, easy returns, and a seamless shopping experience can differentiate the company.
Growth Drivers
Key factors that can drive Eternal Ltd.'s growth over the next 3-5 years include:
Increasing Internet & Smartphone Penetration: Continued growth in digital access, particularly in Tier 2 and 3 cities in India.
Rising Disposable Incomes: Higher purchasing power among Indian consumers.
Digital Payments Adoption: Greater comfort and usage of online payment methods.
Logistics Infrastructure Development: Improved last-mile delivery and broader reach.
Government Initiatives: Supportive policies promoting digital commerce and infrastructure.
Expansion into New Categories/Regions: Diversification into untapped product segments or geographical areas.
Technology Advancement: Leveraging AI, personalization, and augmented reality to enhance user experience.
Risks
Eternal Ltd. faces several key business risks:
Intense Competition: Fierce rivalry from established global and domestic players, leading to price wars and high customer acquisition costs.
Logistics & Infrastructure Challenges: Managing a vast and complex supply chain, especially in a diverse country like India, including last-mile delivery, returns, and inventory management.
Data Security & Privacy: Risks associated with protecting customer data and financial information from breaches.
Regulatory Changes: Evolving e-commerce policies, data protection laws, and taxation regulations in India.
Customer Acquisition & Retention Costs: High marketing and promotional expenses required to attract and retain customers in a competitive market.
Payment Gateway Risks: Dependencies on third-party payment providers and potential for transaction failures or fraud.
Economic Downturn: Reduced consumer spending during economic slowdowns.
Management & Ownership
Information regarding specific promoters, management quality, and ownership structure for Eternal Ltd. is not provided. In the e-commerce sector, a strong management team typically possesses deep expertise in technology, logistics, marketing, and financial management. Access to significant capital, often through venture funding or public markets, is also critical for sustaining growth in this capital-intensive industry.
Outlook
Eternal Ltd. operates in the dynamic and rapidly expanding Indian e-Commerce market, which offers substantial growth opportunities driven by favorable demographic trends and increasing digital adoption. The company stands to benefit from these secular tailwinds, provided it can execute effectively. However, the sector is characterized by intense competition, demanding high investments in technology, logistics, and customer acquisition. Eternal's long-term success will hinge on its ability to build a robust and efficient operational infrastructure, cultivate a strong brand, differentiate its offerings, and manage profitability amidst fierce rivalry and evolving regulatory landscapes. Strategic execution and prudent capital management will be crucial for navigating the competitive pressures and capitalizing on market potential.
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PE falls below X
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 3288 | 3562 | 4206 | 4799 | 5405 | 5833 | 7167 | 13590 | 16315 | 17292 |
| Other Income | 219 | 235 | 236 | 221 | 252 | 368 | 354 | 352 | 348 | 342 |
| Total Income | 3507 | 3797 | 4442 | 5020 | 5657 | 6201 | 7521 | 13942 | 16663 | 17634 |
| Total Expenditure | 3237 | 3476 | 4029 | 4573 | 5243 | 5761 | 7052 | 13351 | 15947 | 16806 |
| Operating Profit | 270 | 321 | 413 | 447 | 414 | 440 | 469 | 591 | 716 | 828 |
| Interest | 18 | 20 | 25 | 30 | 43 | 56 | 67 | 86 | 107 | 132 |
| Depreciation | 128 | 140 | 149 | 180 | 247 | 287 | 314 | 376 | 439 | 468 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 124 | 161 | 239 | 237 | 124 | 97 | 88 | 129 | 170 | 228 |
| Provision for Tax | -14 | -14 | -14 | 61 | 65 | 58 | 63 | 64 | 68 | 54 |
| Profit After Tax | 138 | 175 | 253 | 176 | 59 | 39 | 25 | 65 | 102 | 174 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 138 | 175 | 253 | 176 | 59 | 39 | 25 | 65 | 102 | 174 |
| Adjusted Earnings Per Share | 0.2 | 0.2 | 0.3 | 0.2 | 0.1 | 0 | 0 | 0.1 | 0.1 | 0.2 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 97 | 185 | 332 | 466 | 1313 | 2605 | 1994 | 4192 | 7079 | 12114 | 20243 | 54364 |
| Other Income | 17 | 22 | 67 | 20 | 87 | 170 | 133 | 514 | 725 | 881 | 1128 | 1396 |
| Total Income | 114 | 206 | 399 | 486 | 1400 | 2775 | 2126 | 4707 | 7804 | 12995 | 21371 | 55760 |
| Total Expenditure | 233 | 624 | 474 | 551 | 3513 | 4942 | 2469 | 6063 | 8332 | 12106 | 19657 | 53156 |
| Operating Profit | -120 | -417 | -75 | -65 | -2113 | -2167 | -343 | -1356 | -528 | 889 | 1714 | 2604 |
| Interest | 1 | 3 | 16 | 25 | 62 | 13 | 10 | 12 | 49 | 72 | 154 | 392 |
| Depreciation | 27 | 51 | 111 | 16 | 26 | 84 | 138 | 150 | 437 | 526 | 863 | 1597 |
| Exceptional Income / Expenses | 0 | -104 | -188 | 0 | 1200 | -122 | -325 | 297 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -148 | -574 | -390 | -106 | -1001 | -2386 | -815 | -1221 | -1015 | 291 | 697 | 615 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | -44 | -60 | 170 | 249 |
| Profit After Tax | -148 | -574 | -390 | -106 | -1001 | -2386 | -816 | -1223 | -971 | 351 | 527 | 366 |
| Adjustments | 0 | 0 | 1 | 0 | 45 | 18 | 4 | 14 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -148 | -574 | -389 | -106 | -956 | -2367 | -813 | -1209 | -971 | 351 | 527 | 366 |
| Adjusted Earnings Per Share | -0.8 | -2.9 | -2.2 | -0.5 | -4.2 | -11.8 | 0 | -1.6 | -1.2 | 0.4 | 0.6 | 0.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 67% | 69% | 51% | 71% |
| Operating Profit CAGR | 93% | 0% | 0% | 0% |
| PAT CAGR | 50% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -4% | 46% | NA% | NA% |
| ROE Average | 2% | -1% | -7% | -56% |
| ROCE Average | 3% | -0% | -6% | -41% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 573 | 583 | 204 | 1211 | 2609 | 710 | 8099 | 16506 | 19460 | 20413 | 30317 |
| Minority's Interest | 0 | 0 | -4 | 8 | -31 | -7 | -6 | -7 | -7 | -7 | -7 |
| Borrowings | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 6 | 0 | 0 |
| Other Non-Current Liabilities | 3 | 6 | 12 | 10 | 63 | 1475 | 93 | 118 | 701 | 871 | 2225 |
| Total Current Liabilities | 72 | 64 | 72 | 119 | 673 | 721 | 518 | 712 | 1441 | 2083 | 3326 |
| Total Liabilities | 649 | 654 | 286 | 1350 | 3315 | 2900 | 8704 | 17328 | 21601 | 23360 | 35861 |
| Fixed Assets | 405 | 314 | 29 | 171 | 297 | 1591 | 1539 | 1404 | 6344 | 6448 | 9532 |
| Other Non-Current Assets | 6 | 27 | 28 | 68 | 23 | 46 | 3014 | 8379 | 4426 | 11454 | 14628 |
| Total Current Assets | 238 | 312 | 229 | 1111 | 2995 | 1263 | 4151 | 7545 | 10831 | 5458 | 11701 |
| Total Assets | 649 | 654 | 286 | 1350 | 3315 | 2900 | 8704 | 17328 | 21601 | 23360 | 35861 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 32 | 45 | 46 | 48 | 100 | 212 | 167 | 307 | 392 | 218 | 309 |
| Cash Flow from Operating Activities | -70 | -455 | -134 | -84 | -1761 | -2144 | -1018 | -693 | -844 | 646 | 308 |
| Cash Flow from Investing Activities | -382 | -97 | 137 | -824 | -1276 | 1735 | -5244 | -7938 | 457 | -347 | -7993 |
| Cash Flow from Financing Activities | 477 | 549 | -1 | 961 | 3150 | 359 | 6402 | 8750 | -127 | -207 | 8042 |
| Net Cash Inflow / Outflow | 26 | -2 | 2 | 53 | 113 | -50 | 140 | 119 | -514 | 92 | 357 |
| Closing Cash & Cash Equivalent | 45 | 46 | 48 | 100 | 212 | 167 | 307 | 392 | 218 | 309 | 666 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.75 | -2.87 | -2.15 | -0.53 | -4.2 | -11.78 | 0 | -1.58 | -1.16 | 0.4 | 0.58 |
| CEPS(Rs) | -0.62 | 0 | 0 | -0.45 | 0 | 0 | 0 | -1.4 | -0.64 | 1.01 | 1.53 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 2.04 | 2.73 | 0.08 | 4.8 | 9.63 | 0.93 | 0 | 20.12 | 21.73 | 22.73 | 32.04 |
| Core EBITDA Margin(%) | -141.32 | -237.31 | -42.61 | -18.18 | -167.63 | -89.72 | -23.83 | -44.61 | -17.7 | 0.07 | 2.89 |
| EBIT Margin(%) | -151.63 | -309.24 | -112.53 | -17.39 | -71.52 | -91.1 | -40.38 | -28.83 | -13.65 | 3 | 4.2 |
| Pre Tax Margin(%) | -152.73 | -310.59 | -117.35 | -22.8 | -76.27 | -91.59 | -40.88 | -29.11 | -14.34 | 2.4 | 3.44 |
| PAT Margin (%) | -152.97 | -310.59 | -117.35 | -22.8 | -76.27 | -91.59 | -40.95 | -29.16 | -13.72 | 2.9 | 2.6 |
| Cash Profit Margin (%) | -125.17 | -283.11 | -83.97 | -19.36 | -74.32 | -88.35 | -34.04 | -25.57 | -7.54 | 7.24 | 6.87 |
| ROA(%) | -22.8 | -88.21 | -82.99 | -13 | -42.92 | -76.76 | -14.07 | -9.39 | -4.99 | 1.56 | 1.78 |
| ROE(%) | -36.91 | -121.3 | -139.07 | -21.74 | -63.43 | -200.51 | -21.84 | -10.79 | -5.79 | 1.85 | 2.16 |
| ROCE(%) | -25.59 | -98.95 | -94.82 | -11.44 | -49.12 | -142.88 | -18.27 | -9.82 | -5.37 | 1.82 | 3.36 |
| Receivable days | 49.31 | 24.3 | 16.85 | 17.68 | 13.41 | 13.55 | 23.16 | 12.62 | 15.9 | 18.85 | 24.7 |
| Inventory Days | 0 | 0 | 0 | 0 | 0.59 | 0.41 | 1.7 | 2.37 | 3.16 | 2.58 | 2.38 |
| Payable days | 0 | 0 | 0 | 0 | 4841.42 | 1073.36 | 538.21 | 252.56 | 144.93 | 99.1 | 79.43 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 450.91 | 346.82 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.09 | 2.35 | 8.02 | 6.29 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | -0.49 | -1.19 | 0.08 | -0.07 | 0 | -0.04 | -0.22 | 14.63 | 5.88 | 13.01 | 8.85 |
| EV/Core EBITDA(x) | 0.4 | 0.53 | -0.35 | 0.5 | -0 | 0.05 | 1.31 | -45.23 | -78.84 | 177.22 | 104.52 |
| Net Sales Growth(%) | 0 | 91.33 | 79.64 | 40.36 | 181.45 | 98.44 | -23.45 | 110.27 | 68.85 | 71.13 | 67.1 |
| EBIT Growth(%) | 0 | -290.21 | 34.63 | 78.31 | -1057.4 | -152.77 | 66.08 | -50.12 | 20.07 | 137.58 | 134.44 |
| PAT Growth(%) | 0 | -288.5 | 32.13 | 72.73 | -841.68 | -138.29 | 65.78 | -49.74 | 20.57 | 136.15 | 50.14 |
| EPS Growth(%) | 0 | -281.52 | 25.17 | 75.41 | -693.33 | -180.68 | 100 | 0 | 26.55 | 134.82 | 43.67 |
| Debt/Equity(x) | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 3.29 | 4.85 | 3.17 | 9.32 | 4.45 | 1.75 | 8.02 | 10.6 | 7.52 | 2.62 | 3.52 |
| Quick Ratio(x) | 3.29 | 4.85 | 3.17 | 9.32 | 4.45 | 1.75 | 7.99 | 10.55 | 7.46 | 2.58 | 3.47 |
| Interest Cover(x) | -138.31 | -228.42 | -23.35 | -3.22 | -15.06 | -187.79 | -79.7 | -100.71 | -19.71 | 5.04 | 5.53 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 54.88 | 55.11 | 54.11 | 52.53 | 47.3 | 44.36 | 42.34 | 39.04 | 36.24 | 32.61 |
| DII | 15.47 | 15.27 | 15.79 | 17.32 | 20.52 | 23.54 | 26.59 | 30.11 | 32.71 | 35.99 |
| Public | 29.65 | 29.62 | 30.1 | 30.14 | 32.18 | 32.1 | 31.07 | 30.85 | 31.05 | 31.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 478.02 | 486.04 | 477.63 | 464.09 | 456.48 | 428.07 | 408.57 | 376.73 | 349.77 | 314.68 |
| DII | 134.8 | 134.66 | 139.39 | 153.04 | 198 | 227.2 | 256.59 | 290.57 | 315.65 | 347.28 |
| Public | 258.27 | 261.28 | 265.68 | 266.3 | 310.56 | 309.76 | 299.87 | 297.74 | 299.62 | 303.07 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 871.09 | 881.98 | 882.7 | 883.44 | 965.04 | 965.04 | 965.04 | 965.04 | 965.04 | 965.04 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +67% | +69% | +51% | +71% |
| Operating Profit CAGR | +93% | — | — | — |
| PAT CAGR | +50% | — | — | — |
| Share Price CAGR | -4% | +46% | — | — |
| ROE Average | +2% | -1% | -7% | -56% |
| ROCE Average | +3% | 0% | -6% | -41% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 54.88 | 55.11 | 54.11 | 52.53 | 47.3 | 44.36 | 42.34 | 39.04 | 36.24 | 32.61 |
| DII | 15.47 | 15.27 | 15.79 | 17.32 | 20.52 | 23.54 | 26.59 | 30.11 | 32.71 | 35.99 |
| Public | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 478.02 | 486.04 | 477.63 | 464.09 | 456.48 | 428.07 | 408.57 | 376.73 | 349.77 | 314.68 |
| DII | 134.8 | 134.66 | 139.39 | 153.04 | 198 | 227.2 | 256.59 | 290.57 | 315.65 | 347.28 |
| Public | 871.09 | 881.98 | 882.7 | 883.44 | 965.04 | 965.04 | 965.04 | 965.04 | 965.04 | 965.04 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 871.09 | 881.98 | 882.7 | 883.44 | 965.04 | 965.04 | 965.04 | 965.04 | 965.04 | 965.04 |
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