Shares of Eternal Ltd rose over 1% to ₹331.75 in early trade on Thursday, September 18, after Goldman Sachs reiterated its ‘buy’ rating on the stock and raised the target price to ₹360 per share, implying a potential upside of nearly 10% from current levels.
The brokerage highlighted that Blinkit’s growth momentum remains robust, with FY27 net order value (NOV) estimates now 80% higher than expectations a year ago, and 260% higher compared to two years ago. Store count is projected to double over the next 2–3 years, setting up a meaningful market share expansion that, Goldman Sachs said, is not yet fully reflected in Eternal’s valuation.
Additionally, Goldman Sachs pointed to improving margins as Blinkit transitions to a first-party (1P) model, coupled with stable competition in recent months. Margins in this segment are expected to expand by nearly 240 basis points of NOV over the next two quarters, supporting profitability growth.
At the time of writing, Eternal shares were trading at ₹331.75, up 1.07% from the previous close of ₹328.25.
Disclaimer: The views and recommendations expressed are those of Goldman Sachs and do not represent the views of this publication. Investors are advised to consult their financial advisors before making investment decisions.
