Eternal Limited’s December quarter delivered more than just a strong set of numbers. Alongside a sharp jump in profit and a long-awaited turnaround at Blinkit, the company announced a leadership transition that marks the end of an era.
Founder Deepinder Goyal will step down as Group CEO from February 1, 2026, handing operational control to Albinder Dhindsa, even as he remains on the board as vice chairman.
A Big Jump in Profit and Revenue
Eternal, formerly known as Zomato Ltd, reported a consolidated net profit of Rs 102 crore for the quarter ended December 31, 2025. This marked a 72.88 per cent rise from the Rs 59 crore profit posted in the same quarter last year.
The topline growth was even more striking. Revenue from operations surged to Rs 16,315 crore, up from Rs 5,405 crore in the corresponding quarter of the previous fiscal year, underlining the scale at which the company’s multiple businesses are now operating.
Operationally, the company posted an adjusted EBITDA of Rs 364 crore, reflecting a 28 per cent year-on-year growth. This translated into an adjusted EBITDA margin of around 2.2 per cent on revenue from operations, a modest margin, but one that signals improving operating leverage across the group.
Blinkit Delivers a Milestone Quarter
The December quarter was especially significant for Blinkit, Eternal’s quick commerce arm, which turned adjusted EBITDA profitable for the first time.
Blinkit reported an EBITDA profit of Rs 4 crore, a dramatic turnaround from the Rs 156 crore loss recorded in the previous quarter. The shift marks a key validation of the company’s strategy in the fiercely competitive quick-commerce space, where profitability has remained elusive for most players.
A Founder Steps Away From the Helm
Amid these numbers came the quarter’s most consequential announcement. On January 21, Eternal informed stock exchanges that Deepinder Goyal has resigned as Group CEO and Managing Director, with effect from February 1.
Subject to shareholder approval, Goyal will move to the role of vice chairman on the board, while Albinder Dhindsa, currently the CEO of Blinkit, will take over as Group CEO.
In a letter to shareholders, Goyal framed the decision as a personal and strategic choice, not one driven by immediate business pressures.
“Today, I am going to step away from the Group CEO role, and subject to shareholders’ approval, will remain on the board of directors as Vice Chairman. Albinder Dhindsa (Albi) will be Eternal’s new Group CEO,” he wrote.
Why Goyal Chose to Step Down Now
The heart of Goyal’s exit lies in the kind of work he now wants to pursue. In his letter, he said: “Of late, I have found myself drawn to a set of new ideas that involve significantly higher-risk exploration and experimentation. These are the kinds of ideas that are better pursued outside a public company like Eternal.”
He made it clear that these ideas do not fit within Eternal’s current strategy. “If these ideas belonged inside Eternal’s strategic scope, I would have pursued them within the company. They do not,” Goyal wrote.
A Controlled Transition, Not a Sudden Exit
Founder-led transitions are rarely impulsive, and this one appears carefully planned. While Goyal is stepping away from day-to-day management, he is not cutting ties with the organisation he built.
His continued presence on the board suggests a transition designed to preserve continuity, even as operational control shifts to a new leader. For shareholders, this offers reassurance that the company’s strategic memory and institutional knowledge will not disappear overnight.
On his successor, Goyal wrote: “The centre of gravity for operating decisions moves to Albi. As Group CEO, he will own day-to-day execution, operating priorities, and business decisions.”
Albinder Dhindsa Takes Centre Stage
Dhindsa’s elevation comes at a moment when Blinkit has just crossed a key profitability milestone, strengthening his credentials as an execution-focused leader.
As Group CEO, Dhindsa will now oversee Eternal’s diverse portfolio, from food delivery to quick commerce and newer verticals. The appointment signals the board’s preference for operational stability rather than radical reinvention at the top.
The quarter captures a turning point in Eternal’s evolution. Financial performance is improving, Blinkit has delivered a long-awaited breakthrough, and leadership is passing from founder to professional manager in a controlled manner.
Goyal’s resignation also reflects a broader pattern in the startup-to-public-company journey. As companies mature, founders often face a choice: stay within the discipline of a listed firm or step outside to chase riskier ideas.
