Deepinder Goyal Surrenders Massive ESOPs Worth ₹900-1000 Crore as He Steps Down from Eternal CEO Role
In a significant corporate development, Deepinder Goyal, the founder of online food-delivery giant Zomato's parent company Eternal, is set to surrender his employee stock options (ESOPs) valued at approximately ₹900 to ₹1,000 crore. This move coincides with his resignation from the Chief Executive Officer (CEO) position, effective 21 January 2026, as reported by The Economic Times.
ESOP Surrender to Expand Company's Stock Option Pool
The news portal cited Eternal's Chief Financial Officer (CFO), Akshant Goyal, who provided details during the company's earnings call. According to the CFO, Deepinder Goyal's decision to surrender his ESOPs will add 3.3 crore shares to Eternal's existing stock option pool, which currently holds 20 crore shares.
Akshant Goyal emphasized the strategic benefit of this expansion, stating, "We have a large ESOP pool, which has north of about 20 crore shares...his (Deepinder's) ESOPs will perhaps expand the pool by 3.3 crore shares. Because the pool has expanded, we may not need to dilute our ESOPs again for slightly longer than what we would have otherwise done."
Valuation and Financial Implications
Based on data from the National Stock Exchange (NSE), Eternal shares closed at ₹276.50 on 23 January 2026. At this price, Deepinder Goyal's ESOPs, comprising 3.3 crore shares, are valued at nearly ₹912.45 crore, aligning with the earlier estimate of ₹900-1,000 crore.
In a letter addressed to shareholders, Deepinder Goyal explained the rationale behind his ESOP surrender. He stated that as part of his transition, all his unvested ESOPs will revert to the company's ESOP pool. This initiative aims to ensure that Eternal continues to offer meaningful wealth-creation opportunities for its next generation of leaders, while strengthening long-term retention without causing incremental shareholder dilution.
Leadership Transition and Future Plans
Eternal's board of directors announced Deepinder Goyal's resignation on 21 January 2026. Goyal cited his future plans to focus on other ventures that involve "higher risk" exploration and experimentation, which he believes are better pursued outside a publicly listed company like Eternal.
As Goyal transitions to a Vice Chairman and Director role, Albinder Singh Dhindsa, previously the CEO of Eternal's Blinkit business, will assume the key managerial position. Dhindsa's appointment is effective from 1 February 2026, coinciding with Goyal's stepping down date, pending shareholder approval.
Eternal's Strong Financial Performance
Amidst this leadership change, Eternal reported robust financial results for the third quarter of the financial year 2025-26. The company's net profit surged by 73% year-on-year to ₹102 crore, compared to ₹59 crore in the same period a year ago. Additionally, revenue from core operations witnessed a remarkable 201% increase, reaching ₹16,315 crore, up from ₹5,405 crore in the corresponding quarter of the previous year.
This financial strength underscores Eternal's market position and provides a solid foundation for the new leadership to build upon, as the company navigates this significant transition in its corporate journey.
