ETERNAL LIMITED

Internet Software/Services/ NSE

Compiled

Auto-generated from filings and public channels — no analyst dossier.

If management delivers what it guided

arithmetic on filed guidance and past valuations · not a price target

ETERNAL

FY26 → FY27 · 1 year of guidance · ~0.7 years from today₹302 today

BEAR

₹10

-97%

34.7% a year · 19.2x exit

BASE

₹14

-95%

60% a year · 22.9x exit

BULL

₹32

-90%

81.5% a year · 46.1x exit

Where the market has priced it

14x796x today — outside the range55x

management named no year; shown one year out

the guided figure reached earnings through a low-confidence bridge
this company has too little filed history for a multiple band of its own, so the exit multiple is the median of 6 Internet Software/Services peers
at 796x its FY26 earnings the stock already trades above the top of its own ten-year range (46x)
the range is unusually wide — read it as the span of management's own claim, not as a forecast

How these numbers are produced

Earnings base	FY26 fiscal year EPS ₹0.38 (screener)
Guided growth	60% a year, said on the call of 29-Jul-2026 · transcript
Read across as	operating: unlabelled growth figure, read as revenue — low confidence
Delivery calibration	0.58x / 1x / 1.36x of what was guided — measured: 76 annual guided-vs-filed pairs + 77 near-complete quarterly years — NSE transcripts against the companies' own filings
Exit multiple	19.22x / 22.95x / 46.13x, this company’s own p20 / median / p80 across 6 filed years
Filed-industry peers	median 22.95x across 6 peers — the cross-check, not the input
Arithmetic	base EPS × (1 + guided growth × delivery)¹ × exit multiple

Arithmetic on management’s own guidance and this company’s own past valuations. Not a price target, not a recommendation, and not a forecast of what the stock will do.

How to read this

It answers one question. If this management delivers the growth it told its own investors it would, and the market pays what it has historically paid for this company's earnings, where does the arithmetic land? Nothing here is a forecast of the share price.
Three cases, two moving parts. Bear, base and bull vary the delivery — what fraction of guidance managements actually file — and the exit multiple together, because a company that misses its guidance is usually de-rated for missing it. Each case shows the growth rate and the multiple that produced it.
Read the width, not just the middle. A wide gap between bear and bull means the inputs are uncertain, not that the upside is bigger. A narrow range is a more confident statement than a high one.
“Where the market has priced it” puts today's P/E on the company's own historical range. Sitting far below that range is why a scenario can look enormous: the number is then mostly about re-rating, not about delivery, and the board marks those separately.
The bullets underneath are the caveats — a borrowed peer multiple, a thin filed history, an earnings base that carried a one-off. They are the reasons to trust the number less, listed rather than buried.

Not a price target, not a recommendation, and not a forecast of what the stock will do. The field guide covers the method.

What management said

from a third-party research digest · not our own extraction

implied earnings growth 60%

Maintained 60% CAGR guidance for quick commerce over three years, reaffirmed 3,000 store target by March, and removed the 100% YoY growth target while emphasizing flexibility to respond to market dynamics.

Call 29-Jul-2026 · bridge confidence low · transcript PDF

Coverage

SectorInternet Software/Services

Dossiersnone

Guidanceyes

Scenarioyes

Street chatter

unverified · logged from public channels

ETERNAL / SWIGGY: Amazon targets quick commerce leadership with 100+ cities expansion plan.

Guidance08 Jun 13:29

ETERNAL: Partners with Meesho, Amazon, Swiggy and Zepto to launch Digital Commerce Coalition.

02 Jun 13:29

Even PB Fintech margins are likely to be soft QoQ due to seasonality but up YoY

For Eternal, despite high competition in Quick Commerce

Expect to show strong QoQ NOV & margin improvement

Guidance02 Jul 03:26

Both Eternal & Swiggy continue to make progress

But Eternal further consolidates its leadership position

See Eternal's superiority on most metrics

However, Swiggy's food EBITDA grew 5x vs 2x for Eternal

If this trend repeats in quick commerce, Swiggy is a high-risk-reward opportunity

See Eternal as a proxy for India's internet & co

31 Jul 06:58