A large block deal was executed in Eternal Ltd (formerly Zomato) today, with around 1.88 crore shares, equivalent to 0.2% equity, changing hands at a price of ₹24,536 per share. The transaction comes on a day when Eternal’s stock surged over 12%, hitting a record high of ₹311.25, driven by robust Q1FY26 results, positive management commentary, and a series of bullish brokerage upgrades.
For the quarter ended June 2025, Eternal reported a 70.4% YoY increase in revenue to ₹7,167 crore, exceeding Street expectations. EBITDA declined 35% YoY to ₹115 crore due to continued investments in growth, though the company maintained a positive EBITDA margin of 1.6%. Profit after tax dropped to ₹25 crore from ₹253 crore a year ago, while other income rose 50% YoY to ₹354 crore, providing some cushion.
CEO Deepinder Goyal acknowledged recent softness in food delivery but noted that growth appears to have bottomed out. He added, “Margins in quick commerce have also bottomed out, and we see a path to scale our new venture District to $3 billion in topline and $150 million in adjusted EBITDA over the next five years.”
A key development highlighted by CLSA was that Blinkit, Eternal’s quick commerce business, has now surpassed food delivery in gross order value and contribution. CLSA retained its High Conviction Outperform rating with a ₹385 target price.
Other brokerages also expressed optimism:
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Jefferies upgraded to Buy with a ₹400 target.
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Goldman Sachs maintained Buy and raised its target to ₹340.
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Bernstein reiterated Outperform with a ₹320 target.
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Nuvama retained Buy, raised the target to ₹320, and revised FY26–FY27 earnings upward.
At the time of writing, Eternal shares were trading at ₹306.25, up 12.72%, after touching an intraday high of ₹311.25.
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