Nomura has maintained its buy rating on Eternal (Zomato Group) with a target price of ₹370 per share, describing the company’s Q2FY26 results as a mixed bag. The brokerage said the food delivery segment performed marginally below expectations, while the quick commerce business saw strong traction as the inventory-led model began to scale effectively.
Nomura noted that the pace of store additions in quick commerce is expected to remain elevated, positioning the company for higher order volumes in the coming quarters. Eternal expects overall growth to pick up through the second half of FY26, supported by festive demand and operational expansion.
The brokerage said the company has guided for net order value (NOV) growth of about 15% in FY26 and 20% over the medium to long term, driven by higher repeat usage and category penetration. Nomura remains confident in Eternal’s growth outlook, citing its expanding footprint, strong execution, and leadership position in the quick commerce space.
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