The market capitalisation of (earlier Zomato) today surpassed that of Tata Group majors — and . Eternal’s m-cap currently stands at ₹3.13 lakh crore as against Tata Motors’ ₹2.64 lakh crore and Titan’s ₹3.11 lakh crore. The Deepinder Goyal-led Zomato is also nearing the defence PSU Hindustan Aeronautics’ market cap of ₹3.22 lakh crore.
Apart form these, Eternal’s stock has also crossed some major firms like Adani Ports ( ₹3.02 lakh crore), ONGC ( ₹2.94 lakh crore), Bharat Electronics ( ₹2.92 lakh crore), Adani Enterprises ( ₹2.75 lakh crore), JSW Steel ( ₹2.71 lakh crore), PowerGrid ( ₹2.68 lakh crore), Wipro ( ₹2.63 lakh crore), Bajaj Auto ( ₹2.52 lakh crore), Coal India ( ₹2.43 lakh crore), among others.
Eternal is now under the top 25 stocks in the Nifty50 pack by market capitalisation. The stock is just below NTPC ( ₹3.24 lakh crore) and Bajaj Finserv ( ₹3.33 lakh crore) currently.
Eternal Share Performance
Eternal share price has witnessed significant growth since its stock market debut on July 23, 2021, over four years ago. The company was listed at ₹116 per share on the NSE, a 52.63% premium over its IPO issue price of ₹76. Since then, Eternal has become part of the benchmark Nifty 50 index and has outpaced several legacy companies in terms of market value.
Currently, the stock is trading 325 per cent over its issue price, delivering multibagger gains to IPO investors.
Eternal share price has gained just 2% in one month and 29% in three months. The stock has rallied 61% over the past six months, while it has risen 17% on a year-to-date (YTD) basis.
From its 52-week low of ₹189.60, hit in April 2025, the scrip has jumped 70.5 per cent (as of the previous close). Meanwhile, it touched its 52-week high of ₹334.40 earlier in September.
Technical View
“ETERNAL is showing signs of exhaustion after its recent rally, with the stock appearing overbought on technical indicators. The MACD is signalling negative divergence, suggesting momentum may be weakening and caution is warranted at current levels. In light of this setup, we recommend booking profits and avoiding fresh long positions for now, as the risk-reward ratio is turning unfavourable. A decisive close below the 320 level could trigger further downside, potentially dragging the stock toward the 300 mark. On the upside, immediate resistance is placed at 335, while key support remains at 300. Until momentum strengthens again, it is advisable to remain cautious and adopt a wait-and-watch approach,” said Jigar S Patel, Senior Manager – Technical Research Analyst, Anand Rathi Shares and Stock Broker.
Eternal Q1 Results
Eternal, the parent company of Zomato, reported a sharp 90 per cent year-on-year (YoY) fall in net profit for the first quarter of FY26, with earnings slipping to ₹25 crore. However, revenue from operations surged 70 per cent YoY to ₹7,167 crore, reflecting strong momentum across its businesses.
A key highlight of the quarter was Blinkit, whose net order value (NOV) surpassed that of Eternal’s core food delivery business for the first time on a full-quarter basis. On an annualised basis, the company said its total NOV across B2C businesses now stands close to $10 billion, with Blinkit contributing nearly half.
Blinkit’s Q1 FY26 revenue soared to ₹2,400 crore from ₹942 crore in the year-ago period, while its gross order value (GOV) surged 140 per cent YoY. The quick-commerce arm also posted improving financials, with adjusted EBITDA loss narrowing to ₹162 crore versus ₹178 crore in Q4 FY25. Eternal said EBITDA losses at Blinkit have peaked and projected that a shift to an inventory-led model over the next 2–3 quarters could add around 100 basis points to margins while requiring minimal working capital. The company also announced plans to almost double Blinkit’s dark store network from 1,544 to 3,000.
Brokerages reacted positively to these developments. JM Financial said Eternal surprised investors with its upbeat management commentary on Blinkit, which contrasted with the cautious stance after Q4 FY25. CLSA maintained its high-conviction outperform rating with a target price of ₹385, calling Blinkit’s rise above food delivery a “seismic shift” in business dynamics. Jefferies upgraded Eternal to a Buy rating and raised its target price to ₹400, admitting it had earlier overestimated competition.
According to Jefferies, Eternal remains a key play on India’s expanding food services market and the accelerating adoption of digital commerce. With only around 23 million monthly transacting users, the firm’s food delivery business still has significant headroom for growth, while Blinkit — the market leader in quick commerce — is poised for sharper margin improvement in the steady state.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.