Initiating CoverageIndia · Consumer Internet2 March 2026
The Cash Cow
and the Land Grab.
Eternal is a food-delivery duopoly at a record margin, funding a quick-commerce network that has just turned profitable for the first time. Three deliverables, one model — pick the depth you need.
Deliverables
Primary
Web · ~20pp
Investment Thesis
The full initiating coverage note: business overview, competitive structure, financial analysis, DCF / SOTP / comps valuation walkthrough, bull & bear cases, risks and what we watch.
Read the thesis
Summary
Web · 1pp
One-Pager
The call, the target, the three valuation methods and the falsification condition — compressed to a single screen for a first read or a quick share.
Open one-pager
Backbone
.XLSX
Excel Model
The three-statement build, DCF, SOTP, WACC, comps and scenarios — fully linked, balance-checked to zero, every output in both write-ups traces back to this file.
Download model