As of 1 December 2025, Eternal Limited — the company behind Zomato and Blinkit — sits at the centre of India’s high‑growth, high‑debate internet stock universe. Here’s a complete look at the share price, latest results, tax overhang, block deals, and what analysts expect next.
Eternal Limited share price today (1 December 2025)
On 1 December 2025, Eternal Limited (NSE: ETERNAL, formerly Zomato Limited) is trading around ₹302 per share on the NSE, modestly higher than the previous close and implying a market capitalisation of roughly ₹2.9 lakh crore. [1]
Volatility has been intense:
- The stock hit a 52‑week high of about ₹368.40 in October 2025, only months after touching a 52‑week low near ₹189.60 in April 2025. [2]
- Over the last year, Eternal is up ~12%, up ~29% over six months, but down ~10% over the past month, as investors digested Q2 FY26 earnings and fresh tax headlines. [3]
Eternal is now firmly a heavyweight: by mid‑September it had climbed into the top 25 Nifty 50 names by market cap, overtaking Tata Motors and Titan and edging close to HAL and NTPC. [4]
From Zomato to Eternal: 2025 rebrand and structural changes
Name change and new corporate identity
In early February 2025, the company announced that Zomato Limited would rebrand at the corporate level to “Eternal Limited”, with the stock ticker switching from ZOMATO to ETERNAL and the investor website moving to eternal.com. The consumer‑facing brands — Zomato, Blinkit, District, and Hyperpure — continue under their existing names. [5]
The Ministry of Corporate Affairs approved the name change in March 2025, completing the legal transition from Zomato Limited to Eternal Limited. [6]
Foreign ownership cap
In April 2025, Eternal’s board proposed capping foreign shareholding at 49.5%, subject to shareholder approval via a postal ballot. The move was framed as compliance with securities and sectoral regulations and is being closely watched by institutional investors and index providers. [7]
Brand strength
Beyond paperwork, the brand itself has had a strong year. A November 2025 analysis highlighted Eternal (formerly Zomato) as India’s fastest‑growing major brand in 2025, with estimated brand value up about 69% as the company pushes beyond food delivery into a broader lifestyle and commerce ecosystem. [8]
Q2 FY26 results: explosive revenue, pressured profits
Eternal’s Q2 FY26 (quarter ended 30 September 2025) results, released on 16 October, are the core of the current debate around the stock.
Headline numbers
- Revenue from operations: approx ₹13,590 crore, up 183% year‑on‑year.
- Net profit:₹65 crore, down 63% YoY from ₹176 crore a year earlier, but up sharply from ₹25 crore in Q1 FY26. [9]
- Total expenses: around ₹13,700–13,800 crore, up nearly 190% YoY, outpacing revenue and squeezing margins. [10]
Markets were hoping for profit of roughly ₹100+ crore; the miss, combined with aggressive spending, triggered a post‑results sell‑off that has contributed to the 10% one‑month correction in the stock. [11]
Segment highlights: Blinkit in the spotlight
Most of the growth is coming from quick commerce (Blinkit):
- Quick commerce revenue for the quarter is reported around ₹9,891 crore, making it the largest growth engine in the portfolio. [12]
- Blinkit’s order value grew ~137% YoY, with store count rising to roughly 1,816 dark stores, and management plans to scale to about 2,100 by December 2025 and 3,000 by March 2027. [13]
- Despite expansion, adjusted loss margin improved to around ‑1.3% from ‑1.8% in the previous quarter, indicating operating leverage is beginning to show. [14]
Food delivery, Hyperpure and District
The core food delivery business is no longer the only story, but it remains a profit anchor:
- B2C net order value grew about 57% YoY, with food delivery growth rebounding to roughly 14% YoY after several subdued quarters.
- Food delivery EBITDA margin hit a record 5.3%, with absolute segment EBITDA crossing ₹500 crore for the quarter. [15]
Other verticals are earlier in their journeys:
- District (going‑out business) grew about 32% YoY, expanded to the UAE and added a stores category with several thousand outlets, but is still in heavy investment mode. [16]
- Hyperpure, the B2B restaurant supply arm, grew ~42% YoY, with margins improving from around ‑2.2% to ‑0.9%; management guides for a potential move into profitability within the next couple of quarters. [17]
The combined effect is a company growing rapidly at the top line but still wrestling with the cost of scaling multiple businesses at once.
Tax headwinds: ₹128 crore GST demand from Uttar Pradesh
In October 2025, Eternal disclosed that the Deputy Commissioner of State Tax, Lucknow (Uttar Pradesh) had issued a GST demand order totalling about ₹128.3–128.4 crore for the period April 2023 to March 2024. [18]
Key details:
- The order includes GST demand of roughly ₹64.17 crore and an equal penalty of ₹64.17 crore, plus interest. [19]
- The authority alleges short payment of output tax and excess input tax credit. [20]
- Eternal has stated in exchange filings that it believes it has a strong case and intends to appeal, and has indicated it does not expect a material adverse financial impact if it ultimately prevails. [21]
This GST demand follows earlier, smaller tax orders also originating from Lucknow, making tax litigation and indirect‑tax compliance a non‑trivial overhang for the stock. [22]
Major shareholder moves: Antfin and big block deals
2025 has also been a year of heavy secondary share activity in Eternal.
Antfin / Alibaba exit
In August 2025, Antfin Singapore Holding Pte Ltd, an affiliate of China’s Ant Group / Alibaba, moved to fully exit its stake in Eternal:
- Antfin planned to sell its entire ~1.9–2.08% stake (about 18.8–18.9 crore shares) via block deals at a floor price of ₹285 per share, worth roughly ₹5,370 crore (about $612–613 million). [23]
- The sale represented a 4–5% discount to the then‑prevailing market price and marked Antfin’s second large India exit that week after Paytm. [24]
Post‑deal, Eternal’s shares dipped around 2–3% intraday, reflecting short‑term supply pressure rather than a change in fundamentals. [25]
Other institutional flows
Earlier in the year, Goldman Sachs sold over 1 crore Eternal shares (~₹355 crore) in a block trade, with BofA Securities stepping in as the buyer. [26]
These trades underscore an important dynamic: while early overseas backers such as Antfin have exited, local and global institutions continue to rotate into the stock, contributing to volatility but also broadening the shareholder base.
Fundamentals and valuation: rich multiples, strong balance sheet
Multi‑year financial trajectory
Eternal has moved from heavy losses to sustained profitability:
- FY24 revenue is estimated around ₹8,600+ crore, marking a major milestone in scale. [27]
- FY25 net profit rose to about ₹5,270 million (₹527 crore), up ~50% from roughly ₹3,510 million in FY24, versus a net loss near ₹9,710 million only a few years earlier. [28]
On the balance sheet side, Eternal is lightly leveraged:
- Debt‑to‑equity is around 0.01, effectively making it a largely debt‑free, net‑cash company. [29]
Price‑to‑sales and premium positioning
However, the market is paying a premium:
- A Simply Wall St analysis pegs Eternal’s price‑to‑sales (P/S) ratio around 12.7x, while roughly half of Indian hospitality/consumer‑services peers trade below 4.2x, with many under 2x. [30]
In other words, Eternal is priced as a high‑growth, platform‑style tech stock, not a traditional restaurant or hospitality name — which magnifies both upside and downside if growth or margins surprise.
What analysts are saying: consensus “Buy”, but with sharp disagreements
Street consensus and price targets
Across broker and data platforms, the overall stance is positive but not unanimous:
- According to one consensus tracker, 31 analysts rate Eternal a “Buy” on average (27 Buy, 4 Sell, 0 Hold), with a 12‑month target price near ₹383, and a target range of ₹200 (bear case) to ₹483 (bull case). [31]
- Trendlyne data points to an average target of about ₹360.8, based on 18 reports from six analysts, implying roughly 19% upside from current levels around ₹302. [32]
Several houses have raised estimates after the Q2 FY26 revenue beat, even as they cut earnings forecasts due to margin pressure — a sign that top‑line optimism is battling with profitability realism. [33]
Bullish camp: Morgan Stanley, Motilal Oswal and others
- Morgan Stanley recently reaffirmed “Overweight” on Eternal, raising its target price to about ₹427, arguing that the stock offers the best risk‑reward in the Indian food delivery and quick‑commerce space and that market share gains justify near‑term margin compression. [34]
- An earlier Morgan Stanley note in mid‑2025 had already flagged Eternal as a top pick with a target near ₹320, citing strong Q4 earnings and limited equity‑dilution risk. [35]
- Motilal Oswal has reiterated a “Buy” with a target around ₹420, clubbing Eternal with Swiggy as beneficiaries of improving industry structure and quick‑commerce adoption. [36]
These bulls broadly share a thesis that:
- Eternal will dominate both food delivery and quick commerce,
- Unit economics will gradually improve as scale builds and competition rationalises, and
- The platform will extend into adjacencies (dining‑out, advertising, logistics, B2B supplies) that can lift profitability over time.
Bearish camp: Ambit and valuation skeptics
On the other side, Ambit Capital has stuck to a “Sell” rating, warning of up to 39% downside from current levels. [37]
Ambit’s concerns include:
- High cash burn and aggressive marketing spends, especially in Blinkit,
- The risk that quick commerce remains structurally unprofitable even at scale, and
- Elevated valuations that assume “everything goes right” on growth and margins.
Independent equity‑research platforms add to the caution:
- Simply Wall St has flagged Eternal’s elevated P/S multiple and weak profit‑margin trend, even as consensus revenue estimates have been raised by double‑digit percentages. [38]
In short, the Street mostly likes Eternal — but the gap between the most bullish and most bearish views is unusually wide for a Nifty 50 name.
Sector backdrop: quick commerce under global scrutiny
Eternal’s story is inseparable from the fate of ultra‑fast delivery in India.
A mid‑2025 Breakingviews column from Reuters argued that 10‑minute delivery models globally are entering a “slow death”, citing heavy capex for dark stores, intense competition and persistent losses. In India, it noted that players such as Zepto (43% share), Swiggy Instamart and Eternal’s Blinkit are all grappling with profitability, even as Tata‑backed BigBasket prepares for a stronger push into quick commerce. [39]
The piece also highlighted investor fatigue after underwhelming IPOs and weak share‑price performance in some newly listed consumer‑internet names — a macro context that helps explain why Eternal’s stock is so sensitive to every tick in Blinkit’s loss margin.
Eternal stock forecast 2025–2026: key scenarios, not guarantees
Given the wide range of analyst targets (₹200–₹483) and the sector’s moving parts, any price “prediction” should be treated as a scenario, not a certainty. [40]
What the numbers currently imply
From today’s price near ₹302:
- Consensus targets around ₹360–₹385 suggest roughly 20–25% upside over 12 months, assuming execution on growth and gradual margin expansion. [41]
- Bull‑case targets in the ₹420–₹483 range assume continued market‑share gains, faster Blinkit breakeven, and a sustained re‑rating as Eternal cements its position as a top‑tier consumer‑tech platform. [42]
- Bear‑case estimates in the ₹200 zone effectively price in slower growth, persistent cash burn and/or adverse regulatory or tax outcomes. [43]
Fundamental triggers to watch
For 2025–2026, investors and analysts are likely to focus on a handful of critical datapoints:
- Blinkit’s path to profitability
- Store‑level economics, density, and whether loss margins continue to narrow with scale. [44]
- Food delivery growth vs. take‑rate and fee increases
- Balancing order growth with higher platform fees and any regulatory scrutiny of commissions and charges. [45]
- Resolution of GST and other tax disputes
- The outcome of the ₹128 crore GST demand (and smaller historic orders) will signal both potential one‑off financial hits and the company’s compliance posture. [46]
- Competitive intensity in quick commerce
- Moves by Swiggy, Zepto, BigBasket and others, and whether the industry shifts towards more rational pricing and delivery incentives. [47]
- Further large shareholder exits or entries
- After Antfin’s exit and other big block deals, any new secondary transactions by major holders could again influence near‑term supply‑demand for the stock. [48]
Bottom line: a high‑growth platform stock with equally high debate
As of 1 December 2025, Eternal Limited is:
- One of India’s most valuable internet companies,
- Growing revenue at triple‑digit rates, especially in quick commerce,
- Profit‑positive but margin‑constrained,
- Under tax scrutiny, and
- Valued at rich multiples that assume continued execution.
Most sell‑side analysts remain positive, but a vocal minority warns that cash burn, regulatory risk and quick‑commerce economics could still derail the story.
For investors, that combination makes Eternal less like a sleepy consumer stock and more like a high‑beta, execution‑sensitive tech platform: the upside could be significant if Blinkit and other verticals mature as planned, but the margin for error is narrow.
References
1. www.nseindia.com, 2. www.livemint.com, 3. www.livemint.com, 4. timesofindia.indiatimes.com, 5. www.moneycontrol.com, 6. www.moneycontrol.com, 7. www.moneycontrol.com, 8. www.angelone.in, 9. www.livemint.com, 10. www.livemint.com, 11. www.tradingview.com, 12. stockanalysis.com, 13. www.linkedin.com, 14. www.reuters.com, 15. www.linkedin.com, 16. www.linkedin.com, 17. www.linkedin.com, 18. www.livemint.com, 19. hospitality.economictimes.indiatimes.com, 20. www.newindianexpress.com, 21. www.newindianexpress.com, 22. medial.app, 23. www.livemint.com, 24. www.livemint.com, 25. www.moneycontrol.com, 26. m.economictimes.com, 27. blinkx.in, 28. www.equitymaster.com, 29. blinkx.in, 30. simplywall.st, 31. www.investing.com, 32. trendlyne.com, 33. simplywall.st, 34. m.economictimes.com, 35. economictimes.indiatimes.com, 36. economictimes.indiatimes.com, 37. www.financialexpress.com, 38. simplywall.st, 39. www.reuters.com, 40. www.tradingview.com, 41. trendlyne.com, 42. m.economictimes.com, 43. www.tradingview.com, 44. www.reuters.com, 45. a2ztaxcorp.net, 46. www.newindianexpress.com, 47. www.reuters.com, 48. www.reuters.com
