MAM
Deepinder Goyal steps aside as Eternal CEO, Albinder Dhindsa takes charge
MUMBAI: The founder is not leaving the table, just changing seats. Deepinder Goyal has announced he will step down as Group CEO of Eternal from February 1, handing over the reins to Albinder Dhindsa, widely known as Albi, who will take over as the company’s new Group CEO.
In a letter to shareholders filed with regulators, Goyal said he will remain on Eternal’s board as Vice Chairman, subject to shareholder approval. The move, he explained, is driven by a desire to explore high-risk, experimental ideas that sit outside the strategic and risk framework of a listed company.
“Of late, I have found myself drawn to a set of new ideas that involve significantly higher-risk exploration and experimentation,” Goyal wrote, adding that Eternal “deserves to remain focused and disciplined” on growth areas aligned to its core businesses.
The leadership change comes alongside strong financial performance. Eternal reported a consolidated net profit of Rs 102 crore for Q3 FY26, a 73 per cent year-on-year jump from Rs 59 crore in the same quarter last year. Revenue from operations rose to Rs 16,315 crore, underlining the scale the business has reached.
Goyal, who co-founded Zomato in 2008, has been synonymous with the company’s journey from a restaurant discovery website to a diversified consumer internet group spanning food delivery, quick commerce and B2B supplies, later reorganised under the Eternal umbrella.
While stepping back from day-to-day control, Goyal stressed that his long-term involvement continues. He said he will stay closely engaged with strategy, culture, leadership development, and governance, areas where he has increasingly focused in recent years.
Operational control will now firmly rest with Dhindsa. As Group CEO, he will oversee execution, operating priorities and business decisions. Goyal pointed to Dhindsa’s track record at Blinkit, where he led the journey from acquisition to breakeven, building teams, supply chains and operating rhythm.
“The centre of gravity for operating decisions moves to Albi,” Goyal wrote, describing him as a “battle-hardened founder” with execution skills that make him well placed to lead Eternal’s next phase.
In short, the company’s founding voice remains in the room but the daily driving shifts to a leader groomed in the heat of execution, as Eternal looks to balance focus with ambition.
Brands
Kwality Wall’s reports standalone losses following strategic HUL demerger
Ice cream major faces Rs 64 crore Ebitda loss amid commodity inflation and muted Q3 sales
MUMBAI: Kwality Wall’s (India) Limited (KWIL) has released its first set of financial results as a standalone entity, revealing a challenging start to its independent journey. Following its successful demerger from Hindustan Unilever Limited (HUL) on 1st December 2025 and its subsequent listing on 16th February 2026, the company is navigating a transition period marked by structural changes and high input costs.
For the quarter ended 31st December 2025, the company reported revenue of Rs 222 crores. Despite the revenue base, the bottom line was impacted by several factors, resulting in an Ebitda loss of Rs 64.2 crores. When calculated on a Pre-IND AS 116 basis, the Ebitda loss stood at Rs 83.8 crores.
Organic Sales Growth (OSG) declined by 6.5 per cent year-on-year during the quarter. Volume growth, however, saw a marginal increase of 1.2 per cent. The company reported a gross margin of 41.5 per cent. Additionally, exceptional expenses amounting to Rs 94 crores were recorded, primarily linked to non-recurring costs during the transition phase.
Performance across portfolios and channels was mixed. Within the impulse portfolio, brands such as Magnum and Cornetto recorded mid-single digit volume growth, indicating steady demand in on-the-go consumption. However, the in-home portfolio, which includes take-home packs, experienced muted consumption. The company is planning a relaunch of this category with improved offerings ahead of the 2026 season.
Quick commerce (Q-Com) continued to emerge as a strong growth driver, delivering robust double-digit growth during the quarter. Meanwhile, the company also expanded its physical distribution network by increasing the number of company-owned cabinets across markets.
Margin pressure during the quarter was driven by a combination of one-off factors and broader cost inflation. Gross margins were impacted by around 600 basis points due to trade investments made for stock liquidation. Additionally, cocoa price inflation contributed to another 400 basis points of pressure on margins.
Deputy managing director Chitrank Goel attributed the muted performance partly to prolonged monsoons and transitional challenges linked to the GST framework. Operating expenses also increased as the company invested in establishing its standalone supply chain, operational systems and corporate infrastructure following the demerger.
Looking ahead, the management remains focused on a volume-driven growth strategy. To restore profitability, the company has initiated a cost productivity programme aimed at reducing non-consumer-facing costs. It is also working on building regional manufacturing networks to optimise logistics expenses and improve operational efficiency.
The commodity outlook for the near term remains mixed. Dairy prices are expected to remain firm due to tight supply conditions and rising fodder costs. Sugar prices may also move higher following increases in the Minimum Selling Price (MSP). While cocoa prices have moderated recently, currency depreciation has offset some of the potential cost relief for the company.
