Eternal Shares Rally 6% in Two Days, Approach Record High Amid Blinkit Optimism

Eternal, the parent company of food delivery marketplace Zomato and quick commerce platform Blinkit, saw its share price rally 6 per cent over two days, hitting a 52-week high of ₹345.65 on the BSE during Friday’s intraday trades. The stock is currently trading close to its all-time high of ₹368.40 recorded on October 16, 2025.

According to reported market data and brokerages, the recent momentum follows a 13 per cent surge over six trading days, supported by the company's performance in the July–September quarter (Q2FY27) and optimism surrounding Blinkit's growth visibility and store expansion plans.

Brokerage Outlook and Financial Revisions

Analyst projections and brokerage assessments highlight mixed revisions following Blinkit's updated guidance:

• Elara Capital: Raised FY27E/28E/29E revenue estimates by 5.7 per cent, 1.9 per cent, and 1.8 per cent respectively. However, it trimmed EBITDA estimates by up to 3.4 per cent and PAT by up to 17.2 per cent due to higher depreciation, lease interest from a larger store network, and ongoing losses in the going-out segment. Elara retained a 'Buy' rating with a target price of ₹425.
• Jefferies: Maintained an SOTP-based valuation approach, assigning specific multiples to food delivery, quick commerce, and going-out segments, resulting in a target price of ₹430.
• Store Expansion: Blinkit raised its March 2027 target to over 3,500 stores, up from 3,000, alongside a target of 5,000 stores by March 2028.

Emerging Initiatives and Risks

Eternal's newly discussed dark.ai initiative introduces a privacy-focused approach within a competitive category. Analysts at Jefferies noted that user adoption, verifiable privacy architecture, model quality, and inference economics will dictate its long-term viability.

Reported key risks highlighted by analysts include:

• Heightened competition in the quick commerce segment.
• Slower ramp-up in non-metro regions.
• Adverse regulatory changes and lower-than-expected market growth.

Shareholding Pattern Shifts

Shareholding data for the July–September 2026 quarter (Q2FY27) indicates changes in investor distribution:

• Foreign Portfolio Investors (FPIs): Increased their stake to 33.0 per cent, up from 29.1 per cent in Q1FY27.
• Domestic Institutional Investors (DIIs): Reduced their holding to 36.22 per cent from 39.32 per cent.
• Retail Investors: Decreased their stake to 6.89 per cent from 7.85 per cent.

Readers should verify original exchange filings and official corporate disclosures to confirm current financial data before making investment decisions.