Eternal Limited has successfully concluded its postal ballot process with shareholders approving all five proposed resolutions on March 13, 2026. The company, formerly known as Zomato Limited, conducted the voting entirely through remote e-voting in compliance with regulatory requirements.

Board Restructuring Approved

Shareholders demonstrated strong support for the company's board restructuring initiatives. The postal ballot covered five key resolutions, including the re-appointment of four independent directors and the appointment of a new Vice Chairman.

Voting Process Details

The remote e-voting period commenced on February 12, 2026, at 9:00 AM and concluded on March 13, 2026, at 5:00 PM. The cut-off date for determining eligible shareholders was February 6, 2026. MUFG Intime India Private Limited served as the Registrar and Share Transfer Agent, facilitating the e-voting process through their platform.

Independent Director Appointments

The re-appointment of independent directors received varying levels of support from shareholders. Aparna Popat Ved's re-appointment garnered the highest approval rate at 98.72%, with 7,27,34,50,799 votes in favor. Kaushik Dutta's re-appointment, while approved, received the lowest support at 76.23%, indicating some shareholder concerns. Namita Gupta and Sutapa Banerjee secured strong approval rates of 94.55% and 97.74% respectively.

Leadership Changes

The appointment of Deepinder Goyal as Vice Chairman and Non-Executive Director received overwhelming shareholder support with 99.65% approval. This resolution attracted 7,34,22,03,836 votes in favor, representing the strongest mandate among all proposals.

Voting Statistics

The postal ballot process involved 22,95,003 shareholders on the record date. The total number of shares considered for voting was 9,11,33,10,523, with participation rates varying across resolutions. Notably, 53,70,40,124 equity shares held by the Employee Benefit Trust were excluded from the voting process as per regulatory requirements.

Regulatory Compliance

Nitesh Latwal, Partner of PI & Associates, served as the scrutinizer for the postal ballot process. The company fulfilled all regulatory obligations under the Companies Act, 2013, and SEBI Listing Regulations. The voting results and scrutinizer's report are available on the company's website and the e-voting platform for transparency.

Eternal has received a maintained Buy rating from UBS Group AG, with the brokerage setting a target price of ₹375 for the stock. The recommendation comes amid positive industry dynamics and the company's sustained competitive position in the food-delivery sector.

Strong Industry Growth Projections

UBS highlighted robust growth prospects for the food-delivery industry, projecting approximately 20-21% year-on-year volume growth for February 2026. This strong growth trajectory reflects the continued expansion and adoption of food-delivery services across the market.

Market Position and Competitive Landscape

The company has maintained stable market share during Q4, demonstrating resilience in a competitive environment. UBS noted the evolving quick-commerce landscape, where Blinkit continues to widen its reach gap over competitors Instamart and Zepto, indicating shifting dynamics in the rapid delivery segment.

Potential Near-term Challenges

Despite the positive outlook, UBS identified potential headwinds for March-April volumes due to cooking gas shortages. These supply constraints could impact food-delivery operations during this period, though the brokerage maintains its overall positive stance on the stock.

The maintained Buy rating reflects UBS's confidence in Eternal's market position and the broader industry growth trajectory, despite acknowledging near-term operational challenges that may affect volume growth in the coming months.