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Swing Capital

Eternal Ltd

NSE: ETERNAL BSE: 543320

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.

₹241
52W: ₹213 — ₹368
PE 87.5 · Book ₹38.4 · +528% vs book
Market Cap₹2,32,284 Cr
Stock P/E87.5Price to Earnings
ROCE8.36%Return on Capital
ROE7.46%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 53.9% CAGR over last 5 years
  • +Company's median sales growth is 46.0% of last 10 years

Weaknesses

  • −Stock is trading at 6.15 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Tax rate seems low
  • −Company has a low return on equity of 6.81% over last 3 years.
  • −Earnings include an other income of Rs.1,803 Cr.
  • −Working capital days have increased from 115 days to 237 days

Shareholding Pattern

Promoters0%
FIIs32.61%
DIIs35.88%
Public26.68%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters0%0%0%0%0%0%0%0%
FIIs54.11%52.53%▼1.647.31%▼5.244.36%▼3.042.34%▼2.039.04%▼3.336.24%▼2.832.61%▼3.6
DIIs15.79%17.32%▲1.520.51%▲3.223.47%▲3.026.49%▲3.030.04%▲3.632.61%▲2.635.88%▲3.3
Public28.64%28.86%▲0.226.09%▼2.826.08%▼0.025.17%▼0.925.12%▼0.125.47%▲0.326.68%▲1.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,7821,8242,0482,1512,2262,1922,4132,6502,8832,953
Expenses1,6091,6351,8311,8971,9321,9032,0892,2602,5042,647
Operating Profit173189217254294289324390379306
OPM %10%10%11%12%13%13%13%15%13%10%
Net Profit384396470421494575602691657705
EPS ₹0.440.450.530.480.510.60.620.720.680.73

AI Insights

Revenue Trend

Mar 2026 revenue at ₹10,899Cr, up 26.5% YoY. OPM at 13%.

Debt Position

Borrowings at ₹414Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 35.88% (+25.95pp change). FIIs: 32.61% (-21.82pp change). Promoters hold 0%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 8% (Mar 2026). Working capital days: 237.

Valuation

PE 87.5x with 8.36% ROCE. Price is 528% above book value of ₹38.4. Dividend yield: 0%.

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