Eternal shares hit record high as Goldman Sachs raises target price
Published on 18/09/2025 05:07 PM
Eternal shares hit record high as Goldman Sachs raises target priceWith store count expected to double over the next two to three years, Goldman Sachs believes Blinkit could capture a larger market share, a dynamic not yet fully reflected in Zomato's current valuation.By Meghna Sen September 18, 2025, 5:07:07 PM IST (Published)2 Min ReadShares of Eternal Ltd., the parent company of food delivery aggregator Zomato, rose around 3% on Thursday, September 18, marking the stock's fourth straight session of gains.
Global brokerage Goldman Sachs reiterated its 'Buy' rating on Eternal and raised the price target to ₹360 from ₹340 earlier, implying a potential upside of about 10% from Wednesday's close. Its bull-case scenario suggests as much as 44% upside.
The brokerage wrote in its note said Blinkit's growth momentum remains robust, with its FY27 net order value (NOV) estimates now tracking 80% higher than projections made 12 months ago and 260% above expectations from 24 months ago.
With store count expected to double over the next two to three years, Goldman Sachs believes Blinkit could capture a larger market share, a dynamic not yet fully reflected in Zomato's current valuation.
The brokerage further said that with a relatively stable competitive environment, slower sequential store growth, and Blinkit's transition to a first-party (1P) model, margins in this segment may expand by 240 basis points of NOV over the next two quarters.
It also expects Blinkit to achieve EBITDA break-even by December 2025, which it flagged as a key catalyst for the stock.
Shares of Eternal settled 2.92% higher on Thursday at ₹337.85. The stock has risen 22% so far this year.Continue ReadingNote To ReadersDisclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!TagsZomatoZomato Share Price