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Deepinder Goyal forgoes ₹1,000cr ESOPs as he exits Eternal
22 Jan 2026

Deepinder Goyal, the billionaire founder of Eternal, has decided to forfeit over ₹1,000 crore worth of unvested employee stock options (ESOPs) as he steps down from his role as Group CEO.

He is returning 3.3 crore shares to the company's pool in a move that analysts are calling an extraordinary act of corporate governance.

The decision comes as he transitions to Vice Chairman and hands over day-to-day operations to Blinkit chief Albinder Dhindsa.

Goyal's decision boosts Eternal's ESOP pool
Strategic move

At the end of the December quarter, Goyal held a 3.83% stake in the company. His decision to return unvested ESOPs has expanded Eternal's ESOP pool by some 16%.

This strategic move gives the company an edge in retaining and rewarding talent without diluting existing shareholders.

Eternal CFO Akshant Goyal revealed that Goyal's ESOPs will likely expand this pool by another 3.3 crore shares.

While grants are allocated based on employee performance, the expansion is due to the returned ESOPs.

Goyal's transition and future plans
Leadership shift

Goyal's transition comes as he pursues "significantly higher-risk exploration and experimentation" outside Eternal's strategic scope.

He believes these ventures are not suitable for a public company constrained by regulatory expectations and shareholder scrutiny.

However, he has assured that his financial fortunes remain tied to Eternal's success.

"My financial future remains meaningfully tied to Eternal, and my incentives remain aligned with long-term shareholder value creation," Goyal wrote in his shareholder letter.

Analysts weigh in on leadership transition
Mixed reactions

Analysts have mixed reactions to the leadership transition.

Karan Taurani of Elara said Goyal's move to Vice Chairman "augurs well" as he retains strategic oversight and execution is uninterrupted.

However, Motilal Oswal warned that "the division of responsibilities between management and the board remains unclear as of now," adding that "the change does introduce some uncertainty to the business."

Goyal's vision for Eternal remains unchanged
Future goals

Despite his reduced operational role, Goyal's ambitions for Eternal remain unchanged.

"I want Eternal to become India's most valuable company. I want us to serve a billion customers. I want us to create the most positive impact on society," he said in a letter to shareholders on Wednesday.

Under new leadership, the company's future trajectory will be determined by execution in the coming quarters.