India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Eternal Ltd’s Q2FY26 revenue surged 183% YoY to INR 135B, driven by Blinkit’s shift to an owned-inventory quick commerce model, a major operational transformation.</li>
<li>The new model boosts revenue and gross margins but pressures profits amid higher marketing costs, dark store expansion, and increased working capital needs.</li>
<li>Eternal is prioritizing scale over near-term profits, investing heavily to strengthen its long-term leadership in Q-commerce and digital retail.</li>
</ul>


Eternal Ltd’s Q2FY26 revenue surged 183% YoY to INR 135B, driven by Blinkit’s shift to an owned-inventory quick commerce model, a major operational transformation.
The new model boosts revenue and gross margins but pressures profits amid higher marketing costs, dark store expansion, and increased working capital needs.
Eternal is prioritizing scale over near-term profits, investing heavily to strengthen its long-term leadership in Q-commerce and digital retail.


Eternal: Blinkit Leads Scale-Up as Inventory Model Lifts Margins

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>NOV Growth: Zomato’s B2C operations delivered a strong 57% YoY rise in Net Order Value (NOV) to Rs 23,164 Cr, underscoring broad-based demand momentum.</li><li>Consolidated revenue soared 183% YoY and 90% QoQ to Rs 13,590 Cr in Q2FY26, with LFL growth of 65%, primarily propelled by exceptional performance in the Quick Commerce segment, which recorded its highest-ever NOV growth of 137% YoY (27% QoQ) in the past 10 quarters.</li><li>The steep topline jump was largely driven by a shift towards inventory-led operations within the quick commerce vertical.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NOV Growth: Zomato’s B2C operations delivered a strong 57% YoY rise in Net Order Value (NOV) to Rs 23,164 Cr, underscoring broad-based demand momentum.Consolidated revenue soared 183% YoY and 90% QoQ to Rs 13,590 Cr in Q2FY26, with LFL growth of 65%, primarily propelled by exceptional performance in the Quick Commerce segment, which recorded its highest-ever NOV growth of 137% YoY (27% QoQ) in the past 10 quarters.The steep topline jump was largely driven by a shift towards inventory-led operations within the quick commerce vertical.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eternal Ltd (Zomato)  - Quick Commerce Led Growth; Competitive Intensity Remains

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe Pvt Ltd (1732974D IN)</a> 's new app, "Pincode", is based on the ONDC platform and offers hyperlocal e-commerce.</li>
<li>ONDC-Enabled Pincode could disrupt <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> food delivery and grocery businesses.</li>
<li>Loyal restaurants may choose to offer discounts via ONDC, putting pressure on <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>  and <a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a> to compete bringing back cash burn and discounting. </li>
</ul>



Phonepe Pvt Ltd (1732974D IN) 's new app, "Pincode", is based on the ONDC platform and offers hyperlocal e-commerce.
ONDC-Enabled Pincode could disrupt Zomato (ZOMATO IN) food delivery and grocery businesses.
Loyal restaurants may choose to offer discounts via ONDC, putting pressure on Zomato (ZOMATO IN)  and Swiggy (1255298D IN) to compete bringing back cash burn and discounting. 


Zomato (ZOMATO IN) | Houston, We Have A "Pincode" Problem

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Antfin (Netherlands) Holding B.V. is looking to raise up to US$612m via a cleanup of its remaining ~2% stake in <a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> .</li>
<li>Antfin has been selling off parts of its ~14% stake in the firm since the IPO. The company last sold a 2% stake to raise upto US$400m in Aug 2024.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Antfin (Netherlands) Holding B.V. is looking to raise up to US$612m via a cleanup of its remaining ~2% stake in Eternal (ETERNAL IN) .
Antfin has been selling off parts of its ~14% stake in the firm since the IPO. The company last sold a 2% stake to raise upto US$400m in Aug 2024.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Eternal (Zomato) Placement - Second Clean-Up by Antfin This Week, Will Lift the Overhang

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Overall, B2C NoV grew 55% YoY (15.7% QoQ) to reach INR 201.8bn in Q1FY26</li><li>Food delivery (FD) NOV growth at 13% (INR89.7bn) remained subdued (largely in-line), primarily impacted by sluggish discretionary demand, which led to an increase in restaurant-funded discounts</li><li>FD’s adj EBITDAM (as % of NoV) saw a QoQ decline of 20bps to 5%, largely attributable to seasonal factors such as elevated delivery partner incentives due to festive and weather-led shortages</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Overall, B2C NoV grew 55% YoY (15.7% QoQ) to reach INR 201.8bn in Q1FY26Food delivery (FD) NOV growth at 13% (INR89.7bn) remained subdued (largely in-line), primarily impacted by sluggish discretionary demand, which led to an increase in restaurant-funded discountsFD’s adj EBITDAM (as % of NoV) saw a QoQ decline of 20bps to 5%, largely attributable to seasonal factors such as elevated delivery partner incentives due to festive and weather-led shortagesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eternal (1QFY26 Results Review): Zomato Print In-Line, Blinkit Beats Expectations

India

Eternal Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurants, and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Eternal serves customers worldwide.

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Eternal (ETERNAL IN)

Eternal: Blinkit Leads Scale-Up as Inventory Model Lifts Margins

Eternal Ltd's revenue soars 183% YoY to INR 135B in Q2FY26 due to Blinkit's shift to owned-inventory quick commerce model, prioritizing scale over...

Sudarshan Bhandari

Eternal Ltd (Zomato) - Quick Commerce Led Growth; Competitive Intensity Remains

NOV Growth: Zomato’s B2C operations delivered a strong 57% YoY rise in Net Order Value (NOV) to Rs 23,164 Cr, underscoring broad-based demand...

Axis Direct

Zomato (ZOMATO IN) | Houston, We Have A "Pincode" Problem

Emergence of ONDC and PhonePe's Pincode app likely to disrupt food delivery and grocery businesses of Zomato and Swiggy, bringing back cash burn...

Pranav Bhavsar

Eternal (Zomato) Placement - Second Clean-Up by Antfin This Week, Will Lift the Overhang

Antfin is looking to raise up to US$612m via a cleanup of its remaining ~2% stake in Eternal Ltd (Zomato). In this note, we run the deal through...

Akshat Shah

Eternal (1QFY26 Results Review): Zomato Print In-Line, Blinkit Beats Expectations

Food delivery (FD) NOV growth at 13% (INR89.7bn) remained subdued (largely in-line), primarily impacted by sluggish discretionary demand, which led...

HDFC Securities

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Market Cap (USDm)

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Eternal: Blinkit Leads Scale-Up as Inventory Model Lifts Margins

​Eternal Ltd's revenue soars 183% YoY to INR 135B in Q2FY26 due to Blinkit's shift to owned-inventory quick commerce model, prioritizing scale over...

Sudarshan Bhandari

Eternal Ltd (Zomato) - Quick Commerce Led Growth; Competitive Intensity Remains

NOV Growth: Zomato’s B2C operations delivered a strong 57% YoY rise in Net Order Value (NOV) to Rs 23,164 Cr, underscoring broad-based demand...

Axis Direct

Zomato (ZOMATO IN) | Houston, We Have A "Pincode" Problem

Emergence of ONDC and PhonePe's Pincode app likely to disrupt food delivery and grocery businesses of Zomato and Swiggy, bringing back cash burn...

Pranav Bhavsar

Eternal (Zomato) Placement - Second Clean-Up by Antfin This Week, Will Lift the Overhang

Antfin is looking to raise up to US$612m via a cleanup of its remaining ~2% stake in Eternal Ltd (Zomato). In this note, we run the deal through...

Akshat Shah

Eternal (1QFY26 Results Review): Zomato Print In-Line, Blinkit Beats Expectations

Food delivery (FD) NOV growth at 13% (INR89.7bn) remained subdued (largely in-line), primarily impacted by sluggish discretionary demand, which led...

HDFC Securities

Eternal Ltd's revenue soars 183% YoY to INR 135B in Q2FY26 due to Blinkit's shift to owned-inventory quick commerce model, prioritizing scale over...