Eternal Ltd.

“Eternal is a structurally sound, founder-led compounding platform with a real moat in food delivery and a high-conviction reinvestment thesis in Blinkit — but the stock already prices near-perfect execution at 116x forward earnings, leaving no margin of safety and a likely 10-year base-case return of only 2–3x; the business deserves a place on every watchlist but not in a portfolio at today's price.”