Deepinder Goyal Steps Aside From Eternal, Albinder Takes Over

Zomato founder Deepinder Goyal has stepped away from executive responsibilities at parent company Eternal Limited, ending an 18-year run at the helm. The board has appointed Albinder Singh Dhindsa, founder and CEO of Blinkit, as Group CEO, effective February 1, 2026.

Goyal will continue as Vice Chairman and remain on the board, focusing on long-term direction, governance, and leadership development. Day-to-day control of the business now shifts fully to Dhindsa, marking a clear change in how the group is run.

Why the Leadership Change Happened Now

The timing of the move is closely linked to how the business has evolved. In the December quarter (Q3 FY26), Blinkit generated about 75% of Eternal’s consolidated revenue. What was once a food delivery-led company is now largely driven by quick commerce.

Eternal reported consolidated revenue of Rs. 16,315 crore in Q3 FY26, more than triple the level a year ago. Net profit rose 73% to Rs. 102 crore. Blinkit’s net order value crossed Rs. 13,300 crore during the quarter, and the business posted its first adjusted EBITDA-positive result, reversing losses seen in earlier periods.

Food delivery remains profitable and stable, but its share in the overall business has reduced. Growth in that segment has slowed compared with the pace seen in quick commerce. With Blinkit now contributing the bulk of revenue and growth, the board has handed operational control to the executive who built and scaled that business.

Goyal said in his note to shareholders that leading a listed company requires full attention and limits the ability to pursue higher-risk ideas. By stepping out of the executive role, he intends to focus on exploring new ideas outside the listed entity while staying closely tied to Eternal through his board role and shareholding.

What Albinder Dhindsa’s Appointment Signals for Investors

Dhindsa’s elevation reflects the turnaround at Blinkit. When Zomato acquired the business in 2022, it was under pressure, short on capital, and struggling with losses. Over the last three years, Dhindsa tightened store-level economics, improved supply chain efficiency, and expanded the dark-store network with tighter cost control. The result is a business that now leads India’s quick commerce market by scale and order volume.

Mixed Market Reactions

Market reaction to the announcement was mixed. The stock initially moved up on expectations of continuity in execution, but later saw profit-taking as investors weighed the implications of the leadership change. Analysts largely see the transition as a move from founder-led expansion to an execution-driven phase.

Dhindsa now takes charge of a group that includes food delivery, quick commerce, B2B restaurant supplies, and newer lifestyle categories. Competition in quick commerce remains intense, with rivals investing heavily and regulators paying closer attention to delivery timelines and worker conditions.

For Eternal, the shift is a signal of maturity. The company has moved beyond its early growth phase. The board’s choice suggests that disciplined execution and cost control will define the next phase. How effectively Dhindsa extends Blinkit’s operating model across the wider group will be closely watched by the market.