Goldman Sachs has reiterated its buy rating on Eternal and raised the target price to ₹360 per share, implying a potential upside of about 9.9% from the current market price of ₹327.70.
The brokerage highlighted that Blinkit’s growth momentum remains strong, with FY27 net order value (NOV) estimates now tracking nearly 80% and 260% higher compared with expectations 12 months and 24 months ago, respectively. It added that store count is expected to double over the next 2–3 years, which could lead to meaningful market share expansion — a trend not yet fully reflected in Zomato’s current market price.
Goldman Sachs also pointed out that with competition remaining relatively stable in recent months, along with a deceleration in quarter-on-quarter store growth and Blinkit’s transition to a first-party (1P) model, margins in this segment are expected to expand by about 240 basis points of NOV over the next two quarters.
Disclaimer: The views and investment recommendations expressed are those of Goldman Sachs. These do not represent the views of this publication and should not be considered as investment advice. Investors are advised to consult their financial advisors before making any investment decisions.
