Zomato’s Deependra Goyal earned Rs 621 crore!
Usually in the corporate world, when the CEO of a company resigns, panic spreads among the investors and the shares of that company fall in the stock market. But in the case of Eternal Ltd, something happened on Thursday which surprised everyone. Despite the news of the resignation of the company’s founder and CEO Deepinder Goyal, a rise of more than 7 percent was recorded in the company’s shares. Deepinder Goyal himself directly benefited from this boom, who increased his wealth by more than Rs 600 crore immediately after leaving the post of CEO.
Money rained even after resignation
As soon as the market opened on Thursday morning, the shares of Eternal Limited gained momentum. The company’s shares rose 7.33 percent to reach a high of Rs 304.20 on BSE. For Deepinder Goyal, who holds 3.83 percent stake in the company, this gain was no less than a jackpot. Till the market closed on Wednesday, the total value of his stake was Rs 10,475 crore. But due to this rise in shares on Thursday, the value of his stake increased to Rs 11,096 crore. That means, in just a few minutes of trading, there was a huge jump of Rs 621 crore in his ‘notional wealth’ (paper assets). All this happened when he announced that he would leave the post of CEO and now take up the role of Vice Chairman.
Blinkit and Hyperpure did wonders
The reason for this enthusiasm in the market was not only the change in leadership, but also the company’s excellent December quarter results. The company has beaten market estimates in terms of revenue and profits (EBITDA). The biggest relief is that the company’s verticals ‘Blinkit’ and ‘Hyperpure’ have achieved breakeven (moving beyond the situation of neither profit nor loss) much earlier than expected.
Brokerage firms like Nuvama believe that even though Deepinder Goyal is leaving the post of CEO, he will continue to fulfill the responsibilities of the company. According to analysts, the move is aimed at giving Deepinder Goyal the freedom to focus on other ventures so that he can explore new opportunities along with his responsibilities within Eternal. This will also avoid conflict of interest.
Now in whose hands will the command of the company be?
Albinder Dhindsa has been appointed Group CEO, following Deepinder Goyal’s move to a non-executive role. JM Financial says that this change is going to be very smooth. Albinder Dhindsa’s track record of scaling businesses is now the cornerstone of Eternal’s future.
Market experts say that this is a strategic step. With this, the company is getting a leader who has proven his capabilities, while the company will continue to get the guidance of founder Deepinder Goyal. This is a ‘win-win’ situation for investors, where experience and new energy will be balanced.
There is still an opportunity to invest
Seeing this performance of Eternal, big brokerage houses have kept their opinion positive. JM Financial said they remain confident in Eternal’s ability to grow margins, even as the company faces store expansion and increasing competition. He has described the stock as his favorite pick with a target price of Rs 400.
At the same time, Nuvama has increased its target price from Rs 400 to Rs 430 and has maintained ‘BUY’ rating. They say that due to better than expected profits, they have increased their earnings estimates (EPS) for the financial year 2026-27. Motilal Oswal (MOFSL) has also set a target of Rs 360, which is about 27 percent above the current level.
Disclaimer: This article is for information only and should not be considered as investment advice in any way. TV9 Bharatvarsha advises its readers and viewers to consult their financial advisors before taking any money related decisions.