Eternal's (formerly Zomato) share price reached a 10-month high of ₹331.95, gaining 2% in Wednesday's intra-day trading on BSE. According to reports from Business Standard, the stock opened 1.7% higher at ₹330.55 at 09:59 AM, outperforming the BSE Sensex which rose 0.39%. The food delivery and quick commerce platform company's stock has demonstrated strong momentum, rallying 28% in the past two months and bouncing back 56% from its 52-week low of ₹212.55 touched on March 12, 2026.
A new CLSA report has confirmed that Eternal receives a 'High-Conviction Outperform' rating with a target price of ₹506 per share, implying an upside of 54.5%. The brokerage's strongest conviction goes to Eternal, with the case closely tied to Blinkit's growth and the opportunity to improve performance in food delivery. CLSA expects Blinkit to add more customers as it expands geographically and increases its dark-store network, with higher ordering frequency and customer additions through Zomato Gold supporting the food-delivery business. The brokerage also assigns a separate value to Blinkit in its valuation of Eternal, expecting the quick-commerce business to remain an important source of growth as the network expands.
Latest CLSA tracking data reveals that Blinkit has 57.4 million weekly active users, significantly ahead of Instamart's 11.9 million and DMart Ready's 1.6 million. Blinkit added 0.9 million users in the latest week, while Instamart added only 0.2 million. The gap has been widening over the quarter, with Blinkit adding 6.2 million weekly active users quarter-to-date compared to 4.8 million added by all other quick-commerce players combined. CLSA notes that Blinkit's gap versus other players continues to rise gradually, with the brokerage cautioning that weekly active users do not always have a direct relationship with orders or transacting users.
As reported by Business Standard, Eternal opened FY27 with impressive financial metrics across its key segments. The company's Business-to-Consumer Net Order Value (NOV) surged 54% year-on-year to ₹31,120 crore, while adjusted revenue increased 173% YoY and 17% quarter-on-quarter to ₹20,648 crore in Q1FY27. The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) more than tripled YoY to ₹555 crore, with Blinkit NOV reaccelerating to 19% quarter-on-quarter growth. The food delivery segment delivered 19% YoY NOV growth with record EBITDA margins of 5.5%.
As reported by Business Standard, CLSA maintains a 'High-Conviction Outperform' rating on Eternal with a target price of ₹506 per share, implying an upside of 54.5%. The brokerage values Blinkit at a price-to-earnings multiple of 57 times, a 15% discount to the 67 times multiple applied to brick-and-mortar retailer DMart, reflecting Blinkit's comparatively lower profitability. Equirus Securities maintains a 'LONG' rating with a target price of ₹385 per share, while Motilal Oswal Financial Services reiterates a 'BUY' rating with a target price of ₹400 per share. The brokerages expect Eternal to report PAT margins of 2.2%/3.0% in FY27/28E.
