Today › Food delivery and quick commerce › Eternal

Food delivery and quick commerce Historical case study · data as of 02 Jul 2026 · published 05 Oct 2026 (95 days later)

Eternal — 100-point case study

How Eternal looked on 50 technical and 50 fundamental measures on 02 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: ETERNAL · BSE: 543320
Close on 02 Jul 2026	₹279.70
Market cap then	₹2,69,835 crore
Valuation	P/E 737.3× · P/B 8.71×
Momentum	RSI (14) 69 · 1-year return +7.7%
Next 3 months	+12.2% vs Nifty 50 -7.3% (to 01 Oct 2026)

Scorecard

Technical — 50 points

23 bullish · 21 neutral · 4 caution · 1 bearish — the picture leaned positive.

Fundamental — 50 points

8 bullish · 28 neutral · 4 caution · 9 bearish — the picture was mixed.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Eternal (formerly Zomato) has no promoter group, so the promoter points read 'no promoter (widely held)'. Its profit is small relative to market value, which makes the P/E very high and sensitive to small changes in profit.

Technical analysis — 50 points

Calculated by code from daily prices up to 02 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +0.54%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 0.54% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +20.0%	Neutral	The 100-session trend line was down (-0.04%/day) and the stock was +20.0% over three months, so the medium-term picture was neutral. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +7.7%	Neutral	Compared with a year earlier the price was +7.7%. Little net progress over twelve months. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 253.66 / 30W 259.02	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 258.80→267.50; lows 242.70→234.25	Neutral	The two most recent swing points showed a higher high but a lower low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	20.4	Bullish	ADX at 20.4 shows a trend of moderate strength. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 43.0 / –DI 16.0	Bullish	+DI was above –DI: upward price pressure outweighed downward pressure. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	256.40 (+9.1%)	Bullish	Close of 279.70 was 9.1% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	252.49 (+10.8%)	Bullish	Close of 279.70 was 10.8% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	279.49 (+0.1%)	Bullish	Close of 279.70 was 0.1% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 266.10 / 21E 259.07	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 16 Jun 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 9.7% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+2.9% in 20 sessions	Bullish	The 50-day average rose 2.9% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	256 / 252 / 252 / 279	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	277.57 (+0.8%)	Bullish	Anchored to the start of July, the volume-weighted average price was 277.57; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	69.3	Bullish	RSI at 69.3 showed positive momentum without being overbought. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 6.16 / signal 3.67	Bullish	MACD was above its signal line — momentum turning or staying positive. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	0.75 → 2.48	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	6.16	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 92.1 / %D 85.7	Caution	Slow stochastic at 92.1 was in overbought territory (>80). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-12.9	Caution	%R of -12.9 put the close near the top of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	219	Bullish	CCI at 219 signalled an unusually strong upward deviation (>+100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	+8.2%	Bullish	Price changed +8.2% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 1.02 (bands 233.97–278.83)	Caution	%B of 1.02 — close above the upper band, an overextended move. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 17.5% (71st pct of 6M)	Neutral	Band width was at the 71st percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹8.19 (2.9% of price)	Neutral	A typical day's range was about ₹8.19, or 2.9% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	33.0% vs 1Y 34.2%	Neutral	Annualised 30-day volatility was 33.0%, close to the one-year level of 34.2%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	242.91–275.99	Bullish	The close was above the upper channel — a strong trending push. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.42	Neutral	A beta of 1.42 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 1.36× / 5-day 1.29×	Neutral	The final session traded 1.36× its 20-day average volume and the last five sessions averaged 1.29× — heavier than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.34	Bullish	Average volume on up days was 1.34× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price rose — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.07	Bullish	CMF at +0.07 indicated net inflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	81.2	Caution	MFI, a volume-weighted RSI, was 81.2 — overbought. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹787 cr/day	Neutral	About ₹787 crore changed hands per day on average over 20 sessions — highly liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	278.40 / 253.96 / 242.68	Neutral	Nearest support (prior swing lows) sat at 278.40, 0.5% below the close, then 253.96, 242.68. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	287.75 / 299.78 / 310.44	Neutral	Nearest resistance (prior swing highs) sat at 287.75, 2.9% above the close, then 299.78, 310.44. How to read: Information only.
40	Monthly pivot points (for next month)	P 276.98 \| R1 288.67 \| S1 268.02	Neutral	Classic pivots from July's high/low/close gave a pivot of 276.98; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 235 \| 38.2% 249 \| 50.0% 261 \| 61.8% 272	Neutral	Measuring the 6-month fall from 308.55 to 212.60, the close was nearest the 61.8% retracement at 271.90. How to read: Information only.
42	52-week high / low	H 368.45 / L 212.60	Neutral	The close was 24.1% below the 52-week high and 31.6% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-up 15 Jun at 244.50	Neutral	There was 1 unfilled gap(s). The latest, a gap-up on 15 Jun 2026, left an open level at 244.50 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	broad sideways range	Neutral	Rule-based pattern scan: broad sideways range. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 234.25–280.60	Neutral	The close was inside the prior 20-day range of 234.25–280.60. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary red candle	Neutral	On 02 Jul the candle opened 282.00, ranged 278.60–285.95 and closed 279.70: Ordinary red candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 239.00–245.62; Tenkan 269.23 / Kijun 260.10	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +8.6% / 3M +14.0%	Bullish	The stock outperformed the Nifty 50 by 14.0 points over three months and outperformed by 8.6 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +6.0%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 6.0 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	23 bullish · 1 bearish · 21 neutral · 4 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 278.40, resistance 287.75. This is a description of the chart on 02 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 02 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 02 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	737.3×	Neutral	At ₹279.70 the market valued the company at about ₹2,69,835 crore, or 737.3× the ₹366 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	8.71×	Neutral	Market cap was 8.71× the Mar 2026 book value (equity + reserves) of ₹30,980 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	4.96×	Neutral	The company was valued at 4.96× its trailing-12-month sales of ₹54,364 crore. How to read: Information only.
4	EV / EBITDA (approx.)	227.2×	Neutral	Enterprise value (market cap + ₹4,592 cr borrowings; cash not netted) was 227.2× trailing operating profit of ₹1,208 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	0.1%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹0.1 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	n/m	Neutral	PEG is not meaningful because 3-year profit growth was not available. Note: revenue jumped more than 40% in Mar 2023, Mar 2024, Mar 2025, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	n/a	Neutral	Dividend history in our data window was not available. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹2,69,835 cr	Neutral	At about ₹2.70 lakh crore the company was a large-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹16.56 vs ₹279.70	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹16.56; the price was 1589% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+168.6%	Bullish	Revenue for FY26 was ₹54,364 crore, +168.6% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+196.5%	Bullish	The Jan–Mar 2026 quarter brought ₹17,292 crore of revenue, +196.5% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	-30.6%	Bearish	FY26 net profit was ₹366 crore, -30.6% on FY25's ₹527 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+346.2%	Bullish	Quarterly profit was ₹174 crore versus ₹39 crore a year earlier (+346.2%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	97.3%	Caution	Revenue compounded at 97.3% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, Mar 2024, Mar 2025, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	n/a	Neutral	Not available. Note: revenue jumped more than 40% in Mar 2023, Mar 2024, Mar 2025, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	93.7%	Caution	Over five years (FY21–FY26) revenue compounded at 93.7% a year. Note: revenue jumped more than 40% in Mar 2023, Mar 2024, Mar 2025, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	-30.9%	Bearish	Reported EPS went from ₹0.55 to ₹0.38 (-30.9%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	2%	Neutral	Operating profit (EBITDA) was 2% of sales in FY26 versus 3% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	2% → 2% → 2% → 3%	Bullish	Quarterly margins moved from 2% to 3% over the last four quarters — expanding. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	0.7%	Neutral	₹0.7 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	1.2%	Bearish	FY26 profit was 1.2% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	2%	Bearish	Return on capital employed (debt + equity) was 2% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	0.90%	Neutral	Net profit was 0.90% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	40%	Neutral	The company paid about 40% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	227%	Caution	Non-operating 'other income' of ₹1,396 crore made up 227% of pre-tax profit — a large share, so core earnings were lower than headline profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.15	Bullish	Borrowings of ₹4,592 crore were 0.15× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	3.80×	Bearish	Debt equalled 3.80 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	2.6×	Bearish	Earnings before interest and tax covered interest cost 2.6 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+2.2%	Neutral	Shareholders' equity grew +2.2% from ₹30,317 crore to ₹30,980 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹136 cr (1% of fixed assets)	Neutral	Projects under construction (CWIP) were 1% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	23 days	Neutral	Working capital tied up equalled 23 days of sales (FY25: 45). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	2 days	Neutral	It took 2 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	12 (FY25 35)	Neutral	Customers took 12 days on average to pay, versus 35 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹632 cr	Bullish	The business generated ₹632 crore of operating cash in FY26 versus ₹308 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹-1,114 cr	Bearish	After capital spending, free cash flow was ₹-1,114 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	1.73×	Bullish	Operating cash flow was 1.73× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	-0.4%	Neutral	FY26 free cash flow was -0.4% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹-1,293 cr	Bearish	Free cash flow over FY24–FY26 added up to ₹-1,293 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹1,746 cr	Neutral	Implied capital expenditure was about ₹1,746 crore, 3.2% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	0%	Neutral	The company paid out about 0% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	0% / 0% / 0%	Neutral	Payout ratios for FY24 / FY25 / FY26 — dividends were irregular. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+1.3%	Caution	Paid-up equity capital changed +1.3% (₹907 cr → ₹919 cr). A fall indicates a buyback; a rise indicates new shares were issued. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	No promoter (widely held)	Neutral	The company has no identified promoter group — ownership is spread among institutions and the public. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	32.61% (-11.75 pts YoY)	Bearish	FIIs held 32.61% at Mar 2026, down from 44.36% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	35.88% (+12.41 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 35.88%, up from 23.47%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	23.0 lakh (-17.4% YoY)	Neutral	The shareholder count moved from 27.9 lakh to 23.0 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Not applicable — no promoter group. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	5/8	Neutral	Passed: positive profit, positive operating cash flow, CFO > net profit, asset turnover improved, no meaningful dilution (<3%). Failed: leverage fell, operating margin improved, ROA improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	2 strength(s) · 4 weakness(es)	Neutral	Strengths: Company is expected to give good quarter; Company's working capital requirements have reduced from 36.3 days to 22.9 days. Weaknesses: Stock is trading at 9.78 times its book value; Though the company is reporting repeated profits, it is not paying out dividend; Company has a low return on equity of 0.88% over last 3 years; Earnings include an other income of Rs.1,417 Cr. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	8 bullish · 9 bearish · 28 neutral · 4 caution	Neutral	On the numbers published by 02 Jul 2026 the fundamental picture was mixed. Valuation: P/E 737.3×, P/B 8.71×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 02 Apr 2026 – 02 Jul 2026 that an investor could have known on the snapshot date.

23 Apr 2026 Zomato drops restaurant pricing clause after pushback, source says — Reuters, citing a source, reported that Eternal's Zomato agreed to remove a contract clause that penalised restaurant partners for offering lower prices to dine-in customers than on the platform, after objections from restaurants. source
28 Apr 2026 Eternal Q4 FY26: revenue up 186%, net profit rises to Rs 174 crore — Eternal reported Q4 FY26 consolidated revenue from operations of Rs 17,292 crore and net profit of Rs 174 crore (vs Rs 39 crore a year earlier). Blinkit posted positive adjusted EBITDA of Rs 37 crore vs a Rs 178 crore loss a year earlier; Hyperpure turned EBITDA positive. FY26 revenue was Rs 54,364 crore. source
28 Apr 2026 India's Eternal beats quarterly profit view on Blinkit growth — Reuters reported that Eternal's fourth-quarter profit exceeded analyst expectations, helped by growth in its quick-commerce unit Blinkit. source
29 Apr 2026 Nomura and Jefferies trim Eternal price targets after Q4, keep Buy — After the Q4 results, Nomura cut its price target on Eternal to Rs 340 from Rs 380 and Jefferies cut its target to Rs 400 from Rs 480; both kept Buy ratings. source
29 Jun 2026 Goldman Sachs sets Rs 350 target on Eternal with Buy rating — Goldman Sachs issued a Buy rating on Eternal with a Rs 350 target, projecting about 85% YoY growth in Blinkit net order value and around 20% food-delivery order growth, while flagging competition from Swiggy Instamart and Zepto as a risk. source

What happened next (02 Jul 2026 → 01 Oct 2026)

Price went from ₹279.70 to ₹313.90 by 01 Oct 2026 (+12.2%) while the Nifty 50 moved -7.3% — outperforming by 19.5 points.
Highest ₹344.40 on 23 Sep 2026; lowest ₹275.55 on 22 Jul 2026.
S1 278.40: held on a closing basis.
S2 253.96: held on a closing basis.
R1 287.75: cleared on a closing basis on 07 Jul 2026.
R2 299.78: cleared on a closing basis on 28 Jul 2026.
200-day SMA: price was above it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 22 Jul 2026): revenue ₹20,211 crore (+182.0% YoY), net profit ₹92 crore (+268.0% YoY), operating margin 3% vs 2% a year earlier (Screener consolidated figures).

Later news

22 Jul 2026 Eternal Q1 FY27: revenue Rs 20,211 crore, net profit Rs 92 crore — Eternal reported Q1 FY27 consolidated revenue of Rs 20,211 crore (up 182% YoY from Rs 7,167 crore) and net profit of Rs 92 crore (vs Rs 25 crore). Reuters said profit missed analyst estimates of about Rs 258 crore; Blinkit's adjusted EBITDA rose to about Rs 102 crore (0.6% of NOV), NOV grew 86% YoY and the store count reached 2,443. The company said it expects Blinkit's long-term adjusted EBITDA margin at the higher end of its 5-6% guidance. source
23 Jul 2026 Nomura and Jefferies raise Eternal price targets after Q1 — Nomura raised its price target on Eternal to Rs 350 from Rs 340 and Jefferies to Rs 415 from Rs 400, both keeping Buy ratings. source
28 Jul 2026 Swiggy, Eternal rise as Zepto's IPO valuation reset eases competition worries — Eternal shares rose 4.23% to Rs 308.35 after reports that rival Zepto was discussing an IPO at about a $3 billion post-money valuation, below earlier expectations; investors read this as possibly limiting discount-led competition. source
18 Sep 2026 Blinkit offers iPhone 18 delivery; Eternal shares gain about 2% — Blinkit began offering quick delivery of Apple's iPhone 18 models in select Indian cities on launch day; Eternal shares were reported up about 2.3% on the day. source
29 Sep 2026 Goldman Sachs raises Eternal target to Rs 385, keeps Buy — Goldman Sachs raised its price target on Eternal to Rs 385 from Rs 350, citing visibility on the company's FY29 EBITDA target, food-delivery market-share gains, Blinkit growth and new businesses such as Going-Out. source

Educational summary. On 02 Jul 2026 the technical picture leaned positive and the fundamental picture was mixed. Over the next three months the stock moved +12.2% against -7.3% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Eternal today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 05 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

More case studies today

₹438.90close 02 Jul

Coal mining (PSU)NSE: COALINDIAData as of 02 Jul 2026

Coal India — 100-point case study

Technical

Fundamental

What happened next (3 months): -4.2% vs Nifty 50 -7.3%

Technical: negativeFundamental: positiveP/E 8.7×P/B 2.27×RSI 411Y +13.4%

₹1,345.70close 02 Jul

PharmaceuticalsNSE: DRREDDYData as of 02 Jul 2026

Dr. Reddy's Laboratories — 100-point case study

Technical

Fundamental

What happened next (3 months): -10.4% vs Nifty 50 -7.3%

Technical: positiveFundamental: was mixedP/E 27.0×P/B 2.96×RSI 611Y +5.9%

₹7,250.00close 02 Jul

Motorcycles and commercial vehiclesNSE: EICHERMOTData as of 02 Jul 2026

Eicher Motors — 100-point case study

Technical

Fundamental

What happened next (3 months): -4.6% vs Nifty 50 -7.3%

Technical: was mixedFundamental: positiveP/E 36.1×P/B 7.93×RSI 471Y +26.7%