Eternal shares touch record high as Blinkit growth drives strong investor returns

Shares of Eternal, the parent company of Zomato and Blinkit, touched a record ₹372 on Wednesday before closing 1 percent lower at ₹361. The stock has gained 30 percent so far this year and bounced back 71 percent from its March low of ₹212.60. Investors who bought shares at the 2021 initial public offering price of ₹76 have seen gains of 375 percent. The company listed at ₹116 in 2021, fell 57 percent in 2022, but later recovered. Blinkit added 308 net new stores in the September quarter, bringing its total network to 2,751 locations. Eternal plans to reach over 3,500 stores by March 2027 and about 5,000 by March 2028. Blinkit's net order value grew 79.3 percent year-on-year to ₹20,940 crore in the second quarter of fiscal year 2027, with an adjusted EBITDA of ₹184 crore. Brokerages remain positive, with Motilal Oswal expecting food delivery growth above 20 percent and Kotak Neo giving a buy rating with a target price of ₹435.

Context

Quick-commerce platforms like Blinkit have grown rapidly by promising ultra-fast delivery of groceries and daily essentials. Companies in this sector typically expand their dark-store networks to cover more neighborhoods and reduce delivery times.