A New Giant Emerges

Eternal Ltd, the holding company of food delivery platform Zomato and quick commerce player Blinkit, has hit a market capitalisation of ₹3.16 trillion. The stock closed at ₹327.3 on Tuesday, gaining over 1 percent for the day. With this surge, Eternal has leapfrogged several big Indian corporates, including Adani Ports, ONGC, Bharat Electronics, Adani Enterprises, Wipro, Tata Motors and Coal India. The milestone firmly cements Eternal among India’s most valuable listed companies, although it still trails giants like Reliance Industries, HDFC Bank and Bharti Airtel.

Strong Rally in the Stock

Eternal’s share price has been on a steady climb, rising 2.75 percent in the past month and over 31 percent in the last three months. Earlier this month, Motilal Oswal Financial Services upgraded the stock with a revised target price of ₹420, highlighting its strong consumption outlook and improving competitive dynamics. The brokerage also turned positive on rival Swiggy, giving it a buy rating with a target price of ₹560.

Analyst Optimism on Growth

Brokerage firm Nomura has also raised its target price for Eternal to ₹370, citing three key factors: visibility in food delivery growth, profitability improvements in quick commerce, and stronger valuation metrics. According to Nomura, Eternal’s food delivery business is now in a phase of steady, profitable expansion. The market structure has evolved into a firm duopoly between Eternal and Swiggy, making the sector more rational and disciplined, which is expected to support sustainable margins.

Blinkit Transformation Boosts Outlook

Eternal’s quick commerce arm Blinkit is undergoing a structural transformation that analysts believe will unlock long-term margin improvements. As consumer adoption of quick commerce continues to rise in urban centres, Blinkit’s evolution into a more margin-friendly model is expected to be a critical driver of Eternal’s overall profitability. Analysts see the company’s diversified portfolio between food delivery and quick commerce as a strategic advantage in capturing India’s growing digital consumption story.

The Bigger Picture

Eternal’s rise reflects the changing face of India’s stock market where consumer technology firms are commanding valuations once dominated by traditional heavyweights. The company’s ascent past established players like ONGC and Adani Ports is symbolic of how rapidly digital-first businesses are capturing investor attention and consumer spend. With food delivery stabilising as a profitable business and quick commerce scaling up, Eternal is positioning itself for the next phase of growth.

The Bottom Line

Crossing a ₹3.16 trillion market cap is not just a financial milestone for Eternal but a marker of how far India’s internet economy has come. Backed by strong consumption trends, a rational competitive landscape, and a promising transformation at Blinkit, Eternal is emerging as one of India’s most closely watched companies.

 

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