Info Edge reports over Rs 8,000 Cr Q4 valuation hit on Eternal, PB Fintech holdings
- ByStartupStory | May 26, 2026
Info Edge witnessed sharp fluctuations in the value of its investments in Eternal and PB Fintech during FY26, which shows the volatility in listed technology stocks.
According to the company’s annual filings, Info Edge recorded an unrealised fair value gain of Rs 3,296 crore on its stake in Eternal Limited (formerly Zomato) during FY26. However, during Q4 FY26 alone, the company reported an unrealised fair value loss of Rs 5,874 crore on the investment, which resulted in a sharp correction in Eternal’s share price during the quarter ending March.
The company’s investment in PB Fintech also saw significant volatility during the year. In Q4 FY26, Info Edge recorded an unrealised fair value loss of Rs 2,287 crore on its PB Fintech holding through other comprehensive income (OCI). For the full fiscal year FY26, the firm reported a net negative fair value movement of Rs 1,472 crore.
Despite the quarterly correction, Info Edge’s annual financials were supported by a one-time exceptional gain related to PB Fintech. During FY26, the firm booked an exceptional gain of Rs 5,200 crore after Makesense Technologies, earlier classified as a joint venture of Info Edge, merged with PB Fintech.
Following the merger, the PB Fintech shares received by the company were reclassified as financial investments and valued at fair market value under Ind AS 109 accounting norms. The revaluation led to the exceptional gain recorded during the year.
The gains and losses related to Eternal and PB Fintech are non-cash in nature and were routed through OCI, meaning they did not directly impact the company’s operating revenue or cash flows. However, they significantly influenced Info Edge’s comprehensive income and net worth during FY26. So far in FY27, PB Infotech shares have actually gained a bit, even as Eternal has been stagnant or dipped.
The development highlights how Info Edge’s financials are increasingly linked to movements in listed technology stocks alongside its core internet businesses such as Naukri, 99acres, Jeevansathi, and Shiksha. For investors, there would seem to be a strong case to see InfoEdge’s investment business in a separate firm now, considering the considerable portfolio the firm has built up and the funds it manages accordingly.
With its own JV with Singapore’s Temasek investing in multiple firms, the price is already volatile with just two listed firms where it has significant holdings. Investors who want pure-play exposure to Naukri’s classified advertising business are forced to also carry exposure to a venture portfolio with binary outcomes, illiquid holdings, and a valuation methodology that relies on mark-to-market estimates.
Conversely, investors who want the venture portfolio pay for Naukri’s relatively mature, slower-growing operating business. Neither constituency gets exactly what they want. With matters reaching a high point soon, we expect FY27 to be the year when Infoedge starts moving towards a formal separation. The only thing delaying such a move is InfoEdge’s willingness to wait much longer than most investors before it exits.
Driven by conviction as well as a claimed lack of ‘better options’ as management has repeatedly stressed, investments like Ixigo and Bluestone are still part of the firm post IPO’s, although their impact is smaller than Eternal and PB Infotech.
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