Zomato Limited

“Eternal (formerly Zomato) is a credible platform business with a decade of reinvestment runway across food delivery and quick commerce in India, but it is priced for near-perfection at roughly 10.5x revenue and 574x earnings — multiples that embed a 35%+ revenue CAGR with no room for execution shortfalls. Blinkit's ROIC is unproven, food delivery growth is decelerating, ESOP dilution is structurally dilutive to per-share value, and FCF is negative. The business deserves a place on the watchlist, not a full position at current prices; the rational entry is after a 35-40% correction or upon tangible evidence of Blinkit profitability.”