After nearly 18 years at the helm, Deepinder Goyal has decided to step down as Group CEO of Eternal Ltd.
From February 1, 2026, Albinder Singh Dhindsa, currently CEO of Blinkit, will take over the role, subject to shareholder approval.
Even so, Goyal is not leaving the company. He will continue as Vice Chairman and Director, remaining involved in shaping Eternal’s long-term direction.
Why Goyal chose to step aside
In a letter to shareholders, Goyal explained his decision in direct terms.
He said he wants to explore new ideas that carry higher risk and longer timelines. Those ideas, he noted, are difficult to pursue within a publicly listed company that must prioritise stability and predictability.
At the same time, Goyal acknowledged the demands of leading a listed firm in India. The role requires constant focus, leaving little room for experimentation alongside daily responsibilities.
What stays unchanged at Eternal
Despite the leadership shift, Goyal stressed continuity.
Going forward, he will work closely with Dhindsa and the leadership team. His focus will move toward long-term strategy, governance, leadership development, and company culture.
Meanwhile, Eternal’s decentralised structure will remain intact. Business heads will continue to run their units with the same independence as before.
Why Albinder Dhindsa was chosen
With the transition, day-to-day control will move to Dhindsa.
As Group CEO, he will oversee operations, drive execution, and take charge of key decisions across the company. To explain the choice, Goyal pointed to Dhindsa’s track record at Blinkit.
Under his leadership, Blinkit moved from acquisition to breakeven. Along the way, he built teams, strengthened the supply chain, and put systems in place to support scale.
Goyal described Dhindsa as someone who combines a founder’s mindset with the discipline needed to run large businesses.
Blinkit remains central to growth
Blinkit will continue to serve as Eternal’s largest growth engine.
Even as Dhindsa takes on broader responsibilities, the company expects continuity in how Blinkit operates and expands. Leadership believes this will help maintain momentum rather than disrupt it.
Returning ESOPs to the company
Alongside the leadership change, Goyal announced another decision. He will return his unvested ESOPs to Eternal’s ESOP pool.
The reasoning is straightforward. The move frees up stock for future leaders and supports long-term retention, without placing additional pressure on shareholders.
At the same time, Goyal said his own financial future remains closely tied to Eternal’s long-term performance.
What does this mean next?
Goyal does not view the change as an exit. Instead, he sees it as a shift in focus.
“This is a change in role, not in commitment,” he said, calling Eternal his life’s work.
For Eternal, the move opens a new phase with operational leadership in Dhindsa’s hands. For Goyal, it creates space to explore new ideas while staying closely connected to the company he built.
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