Financial Modelling of Eternal (Zomato): Full 3-Statement Model + DCF Valuation

Описание: Description

In this video I build a complete financial model of Eternal Limited (formerly Zomato) from scratch in Excel. It covers the past performance, every assumption and the reason behind it, the income statement, balance sheet and cash flow statement, ratio analysis, and a DCF valuation with Bear, Base and Bull scenarios.

Eternal owns Zomato food delivery, Blinkit, District and Hyperpure. Its revenue was about ₹54,364 crore in FY26, but most of its profit came from interest income rather than operations. The question I answer is whether the current share price of about ₹338 can be justified using numbers.

What you’ll learn

How to read a company’s historical financials and quarterly trends
How to choose forecast assumptions and defend them with data
How the income statement, balance sheet and cash flow statement connect
How to check that a model balances
How to calculate WACC, free cash flow and terminal value
How to use sensitivity tables and scenarios instead of a single number

Timestamps (adjust these to match your final edit)
0:00 Introduction
1:30 Understanding Eternal’s businesses
3:30 Historical performance
6:00 Assumptions and the reasoning behind them
10:00 Building the three financial statements
13:30 Ratio analysis and DuPont
14:45 DCF valuation and sensitivity analysis
18:30 Limitations and risks
19:30 Conclusion

Key takeaway: My Base case values the share at ₹63 to ₹217, depending on the terminal value method, against a market price of ₹338. Only my Bull case comes close to the current price. Every forecast driver, including beta, terminal growth and the exit multiple, is my own assumption.

Download the Excel model: [paste your Google Drive or GitHub link]

Data sources: Screener.in consolidated financials (accessed 29 Oct 2026), Eternal’s Q2 FY27 shareholder letter as reported in the press, and the India 10-year government bond yield from Business Standard.

Disclaimer: This video is an educational project, not investment advice or a recommendation to buy or sell any security. Forecasts are assumptions and may differ from actual results. Please do your own research or consult a registered advisor before investing.