What's Behind the Jump?
Q3 profit leaped 73% YoY to ₹102 crore. That's ₹1.02 billion for the math nerds. Blinkit orders jumped 105%, revenue up 122%. Street loves it – targets hiked to ₹360 by some. Price now ₹275-ish, down a tad from peak ₹305. Market cap clocks ₹2.51 lakh crore. Huge!
Eternal (Zomato) boasts a market cap of ₹2.51 trillion.
P/E ratio sits sky-high at 1,197x, way above food delivery industry peers around 500-1,000x.
Op cash flow was ₹3B in recent Q3, though Q4 dipped negative.
Total debt ₹61B, debt-to-equity a comfy 0.20 with equity at ₹308B. Dividend yield? Zero – growth mode.
ROE turned positive ~0.3% lately.
Q3 profit surged 73% YoY to ₹102Cr. Solid turnaround, but watch cash burns.
Deepinder Goyal, ex-Bain guy, hated menu hassles in 2008. Built FoodieBay with Pankaj. Zomato by 2009. Spread to 20+ countries. Tough ride – losses, COVID pivot to delivery. 2021 IPO valued at $20B+. Now Eternal, post-name change. Deepinder's still CEO, no-nonsense type. Respect.
How They Make Money?
App connects you to biryani spots. Commissions 20-25% per order. Hyperpure sells veggies to chefs. Blinkit? Rocket-fast groceries in 10 mins. Gold subs for deals. Ads from brands. Quick commerce exploding – 40% GOV growth QoQ. Model: High volume, slim margins first, scale later. Like Amazon in early days.
2026? ₹345 base case, bulls say ₹505. 2030 could hit ₹600-1000 if Blinkit owns 10-min game. 2035? ₹800-1500, assuming India urbanizes more. 2040 wild – ₹2000? If they go global big. But doubts: Rivals, fuel costs, rules. Me? Bullish mildly. Buy dips?
