Eternal

Q1 FY27 (Jun 2026): consolidated revenue ₹20,211 crore (+182% YoY, +~182% driven mainly by Blinkit's expansion rather than any one-off accounting item - no non-comparability flagged by the company this quarter). Net profit of ₹92 crore was up 268% YoY, but that implies last year's base was only around ₹25 crore, so the percentage is a tiny-base effect, not a sign of a mature, repeatable profit stream - profit also fell roughly 47% sequentially from Q4 FY26. The more useful number: consolidated adjusted EBITDA rose 223% YoY (and 29% QoQ) to a record ₹555 crore, and Blinkit alone swung from an EBITDA loss of ₹42 crore a year ago to a positive ₹365 crore. Management reiterated it is on track for 3,000 Blinkit stores by March 2027 and guided toward 5-6% EBITDA margin (as % of order value) over time.

This is not a cheap stock by conventional measures, and it's worth separating why from whether. P/E estimates across data providers range wildly - from roughly 117x to over 700x - which itself is a red flag that trailing earnings are small and possibly distorted by a one-off item in a prior quarter; not verified which figure is clean, check Screener directly. P/B is around 10x. Separately, ROE (~1.2%) and ROCE (~2.6-3.3%) are both well below typical market and peer benchmarks. The high multiple exists because profits have only just turned positive and the market is pricing in years of future margin expansion from Blinkit, not today's earnings - whether that bet pays off is an open question, not a given.

Growth looks genuinely volume-led, not just price-led: management's commentary ties the revenue jump to expanding Blinkit store count and order volumes (not price increases), and the fact that EBITDA margin is improving alongside volume (Blinkit EBITDA swung from a loss to a profit) means this isn't dilutive growth - both scale and margin are moving in the same direction, which is the more durable combination.

Data on debt is contradictory across sources - one dataset shows zero debt and a large net cash position (~₹6,600 crore), another shows total debt of ~₹4,592 crore and net debt of ~₹3,069 crore as of March 2025. Not verified - check Screener for the latest balance sheet before relying on either figure. What is consistent: the business has historically been funded through equity raises rather than borrowing, so financial (leverage) risk looks low. The real risk here is business risk - thin absolute profitability relative to scale, and intensifying quick-commerce competition - not balance-sheet stress.

Promoter holding is 0% - there is no promoter group on this register at all, which is unusual for an Indian listed company and worth knowing rather than assuming a typical founder-led ownership structure. Pledging is correspondingly 0% since there's no promoter block to pledge. Foreign institutions hold roughly 29%, domestic institutions roughly 7.6%, and public shareholders roughly 7.8% (the remaining categories are not fully broken out here - check Screener for the complete table). Two previously famous names are notably absent now: Tiger Global exited its entire stake back in 2023, and Antfin (the Alibaba-linked entity) sold out its remaining ~1.9% stake via a block deal in August 2025.