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Eternal Ltd

| Consolidated Financial Results for the Quarter (Unaudited) and Year (Audited) Ended March 31, 2026

Report Source

⬤28th Apr 26

Summary : Eternal Limited reports strong revenue growth, strategic acquisitions, and efficiency improvements, despite ongoing GST legal challenges.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated FY26 Total expenses: INR 55,145 crore.
  2. Standalone FY26 Total expenses: INR 9,736 crore.
  3. Consolidated FY26 Purchases of stock-in-trade: INR 32,115 crore.
  4. Consolidated FY26 Delivery and related charges: INR 9,065 crore.
  5. Consolidated FY26 Revenue from operations: INR 54,364 crore.
  6. Standalone FY26 Revenue from operations: INR 10,899 crore.
  7. Consolidated FY26 Quick commerce revenue: INR 37,779 crore.
  8. Consolidated FY26 India food ordering and delivery revenue: INR 10,159 crore.
  9. Consolidated FY26 Net cash from operating activities: INR 632 crore (vs INR 308 crore in 2025).
  10. Consolidated FY26 Net cash used in investing activities: INR (7,993) crore (vs INR (2,005) crore in 2025).
  11. Consolidated FY26 Net cash from financing activities: INR 8,042 crore (vs INR (842) crore in 2025).
  12. Standalone FY26 Net cash from operating activities: INR 1,614 crore (vs INR 340 crore in 2025).
  13. GST show cause notices and demand orders on delivery charges.
  14. Consolidated Total Assets (Mar 2026): INR 40,736 crore (vs INR 35,623 crore in 2025).
  15. Consolidated Total Equity (Mar 2026): INR 30,973 crore (vs INR 30,310 crore in 2025).
  16. Consolidated Total Liabilities (Mar 2026): INR 9,763 crore (vs INR 5,313 crore in 2025).
  17. Standalone Total Assets (Mar 2026): INR 39,405 crore (vs INR 35,851 crore in 2025).
  18. Asset transfer to Wasteland Entertainment Private Limited (wholly owned subsidiary) at arm's length.
  19. Loans given to subsidiaries.
  20. Consolidated results include 11 subsidiaries and 1 trust.
  21. Standalone results include the parent company and 1 trust.

Corporate Overview

  1. India (food ordering, Hyperpure)
  2. Foreign operations (implied by exchange differences)
  3. Show cause notices and demand orders from GST authorities regarding delivery charges.
  4. Online marketplace platform for food ordering and delivery.
  5. Farm-to-fork supplies (B2B business) for restaurants.
  6. Online platform (Blinkit) for quick commerce.
  7. Dining-out and entertainment ticketing business.
  8. Confident in legal position regarding GST notices.
  9. Focused on improving organizational efficiency.
  10. Committed to unlocking further business opportunities.
  11. End users
  12. Restaurant partners
  13. Independent delivery partners
  14. Businesses for onward sales
  15. India food ordering and delivery
  16. Hyperpure supplies (B2B business)
  17. Quick commerce
  18. Going Out
  19. All other segments (Residual)
  20. Asset transfer agreement with Wasteland Entertainment Private Limited (WEPL) for technology stack.
  21. Acquisition of Orbgen Technologies Private Limited (OTPL) and WEPL.
  22. Long-term strategic investments in subsidiaries (ZHPL, ZEPL, BCPL, OTPL, WEPL) for growth.

Risk Factors

  1. Uncertainty regarding GST delivery charges.
  2. Impact of new Labour Codes.
  3. Subsidiaries in initial growth stages.
  4. Potential for material misstatements.

Key Drivers

  1. Strong revenue growth across segments.
  2. Strategic acquisitions for business expansion.
  3. Improved operational efficiency initiatives.
  4. Unmodified audit opinion on financials.

Auditor’s Report

  1. Unmodified opinion on standalone and consolidated financial results.
  2. Uncertainty regarding outcome of GST show cause notices.
  3. Note 6 (consolidated) and Note 9 (standalone) regarding GST show cause notices on delivery charges.

Board Commentary

  1. Mr. Deepinder Goyal resigned as MD & CEO, appointed Vice Chairman and Non-Executive Director.
  2. Mr. Albinder Singh Dhindsa appointed Chief Executive Officer.
  3. Contesting GST show cause notices and demand orders on delivery charges.
  4. GST show cause notices and demand orders on delivery charges.
  5. New Labour Codes (Social Security, Occupational Safety, Industrial Relations, Wages) notified by Government of India.
  6. Asset transfer agreement with Wasteland Entertainment Private Limited (WEPL).
  7. Acquisition of Orbgen Technologies Private Limited (OTPL) and WEPL.
  8. Long-term strategic investments in various subsidiary companies.

Corporate Governance

  1. Chairman and Independent Director: Kaushik Dutta.
  2. Audit Committee reviewed financial results.

Management Discussion & Analysis

Future Strategy

  1. Improve organizational efficiency and unlock business opportunities through asset transfer.
  2. Transitioning quick commerce to a combination of marketplace and inventory-led model.
  3. Strategic investments in subsidiaries for future growth and returns.

Operational Focus Areas

  1. Improve organizational efficiency.
  2. Unlock further business opportunities.

Performance Drivers

  1. Strong revenue growth across all operating segments.
  2. Strategic acquisitions and investments in subsidiaries.
  3. Transitioning to inventory-led model in quick commerce.

Risk Control Measures

  1. Company believes it has a strong case on merits for GST issues, supported by external expert advice.
  2. Parent committed to support subsidiaries unable to meet individual liabilities.

Critical Risks

  1. Uncertainty regarding the outcome of GST show cause notices.
  2. Subsidiary companies are in initial/developing stages of operation.