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Shares of Eternal (formerly known as Zomato) had a stellar run on Tuesday, surging as much as 14.89% to hit a fresh all-time high of ₹311.6 on the BSE. Driven by the sharp spike in its share price, the market capitalisation (m-cap) of the Deepinder Goyal-led foodtech company briefly crossed the ₹3 lakh crore mark for the first time during intraday trade.
After paring some of its early gains, the stock ended the session at a new closing high of ₹299.85, up 10.56% on the BSE. The sharp rally added ₹27,647 crore to shareholder wealth, with Eternal’s market capitalisation rising to ₹2.89 lakh crore from ₹2.62 lakh crore at Monday’s close.
As a result, Eternal’s ranking in the BSE improved by three positions, climbing to 28th from 31st, overtaking major index constituents such as Power Grid Corporation of India , Wipro , and Avenue Supermarts (DMart) . The stock has already surpassed the market capitalisations of several notable names, including Tata Motors, JSW Steel, Nestle India, Coal India, Bajaj Auto, Asian Paints, Eicher Motors, Tech Mahindra, and Cipla.
As a result, Eternal’s ranking in the Nifty50 improved by three positions, climbing to 28th from 31st, overtaking major index constituents such as Power Grid Corporation of India, Wipro, and Avenue Supermarts (DMart). The stock has already surpassed the market capitalisations of several notable names, including Tata Motors, JSW Steel, Nestle India, Coal India, Bajaj Auto, Asian Paints, Eicher Motors, Tech Mahindra, and Cipla.
The rally in Eternal’s shares delivered a significant boost to the personal wealth of CEO Deepinder Goyal, who holds 36.94 crore shares in the company. With the stock rising from Monday’s closing level of ₹271.20 to ₹299.85 today, Goyal’s stake saw an estimated gain of over ₹1,058 crore.
What fuelled the rally in Eternal shares?
The sharp rally in Eternal shares was driven by a strong Q1FY26 performance, particularly in its quick commerce (QCom) unit Blinkit, which reported a 140% year-on-year (YoY) surge in gross order value (GOV) to ₹11,800 crore, surpassing the food delivery GOV of ₹10,800 crore for the first time.
Overall, Eternal recorded a 90% YoY decline in its profit at ₹25 crore in the June quarter of FY26 compared to ₹253 crore in the year-ago period. The revenue from operations surged 70% to ₹7,167 crore in Q1 FY26 compared to ₹4,206 crore in the same quarter last year.
“We believe QCom has a long growth runway and Blinkit is seen capitalising well on this. As QCom is currently in the ‘landgrab’ phase, we believe EBITDA breakeven for Blinkit is still some time away. Food delivery is likely to remain a cash cow for the company, and we expect the business to see 20%+ EBITDA CAGR over the long term,” Emkay Global said in a report.
ICICI Securities in a report said that Blinkit’s adjusted EBITDA margin (as a percentage of net order value, or NOV) improved by 60 basis points quarter-on-quarter in Q1FY26, despite the addition of 243 stores. This was achieved with a steady take rate and contribution margin, likely driven by the rationalisation of marketing spends amid a cooling of competitive intensity.
Management reiterated its target of 2,000 stores by Q3 and guided for a 100 bps adjusted EBITDA margin expansion, supported by a strategic pivot to an inventory-led model. A 70% YoY NOV expansion in Delhi, as noted in the shareholder letter, is a key positive that underpins Blinkit’s medium-term aspiration to scale up to 3,000 stores, the brokerage said in its report.
Meanwhile, food delivery NOV grew 13%, lower than estimates, but understandable given the ongoing management transition. A strengthening demand outlook in the food delivery segment is another encouraging sign, ICICI Securities said in its report.
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