Eternal Limited Share Price Today (8 December 2025): ₹1,535 Crore Block Deal, Mixed Analyst Targets, and Blinkit‑Led Growth Outlook

Eternal Limited (NSE: ETERNAL, BSE: 543320) – the rebranded parent of Zomato and Blinkit – is back in focus on 8 December 2025 after a large secondary market block deal worth about ₹1,535 crore and fresh commentary from global brokerages on the quick‑commerce story and valuation risks.

Below is a comprehensive, news‑style overview of the latest Eternal stock developments, forecasts and analyses as of 8 December 2025.

Key Takeaways

• Large block deal executed today: About 5.3 crore shares (≈0.54% of equity) changed hands at an average price of ₹290.4 per share, valuing the deal at around ₹1,535 crore. ^[1]
• Stock reaction: Eternal shares traded in the ₹290–₹297 band in morning trade, modestly higher after the deal, with market cap around ₹2.7–2.8 lakh crore and a 52‑week range of roughly ₹194.8–₹368.45. ^[2]
• Q2 FY26 snapshot: Revenue surged over 180% year‑on‑year to about ₹13,590 crore, but net profit fell ~63% YoY to ₹65 crore, driven by heavy investment in Blinkit and quick‑commerce expansion. ^[3]
• Street is split:
  • JP Morgan: Overweight, target ₹390. ^[4]
  • Goldman Sachs: Eternal is a core India internet holding with expected 50%+ B2C GOV CAGR through FY27. ^[5]
  • CLSA: Includes Eternal among key India picks in a strategy that sees ~16% upside for Indian equities by end‑2026. ^[6]
  • Macquarie: Underperform, target ₹200, implying sizeable downside from current levels amid intensifying quick‑commerce competition. ^[7]
• Structural driver: Blinkit’s net order value has grown triple‑digit YoY and has overtaken Zomato’s food‑delivery GOV, making quick commerce the central driver of the Eternal story – and also the main source of margin risk. ^[8]

Eternal share price today: where the stock stands on 8 December 2025

On 8 December 2025, Eternal shares were quoted in the low‑₹290s in early trade, with Upstox reporting the stock at around ₹293.50 on the NSE shortly after the open. ^[9] Moneycontrol later noted that after the block deal, the stock was up about 1.5%, trading near ₹296.90 on the NSE. ^[10]

Price and valuation snapshot from major data providers:

• Last traded zone (intraday, 8 Dec 2025): ~₹290–₹297
• Previous close (5 Dec 2025): ~₹292–₹295 per share, depending on the source. ^[11]
• 52‑week high / low: About ₹368.45 / ₹194.80. ^[12]
• Market capitalisation: Roughly ₹2.8 lakh crore (₹2.79–2.82 trillion) based on different live‑data providers. ^[13]
• Volatility: One‑year beta around 1.4–1.5, indicating somewhat higher volatility than the broader market. ^[14]
• Valuation multiples:
  • Trailing P/E well into four digits (various feeds show ~1,100–1,400x, depending on the earnings base used). ^[15]
  • Price‑to‑book roughly 9x. ^[16]
  • Dividend yield: 0%; Eternal does not currently pay dividends. ^[17]

Performance context:

• Over the last three months, Eternal is down around 10–11%, while the Sensex has gained over 6% and the BSE Consumer Discretionary index is modestly negative. ^[18]
• Over six months, the stock is still positive in mid‑teens percentage terms, and roughly flat to slightly positive over one year. ^[19]

In short, Eternal remains a high‑valuation, growth‑priced internet stock that has recently lagged headline indices, making every large trade and earnings print a sentiment reset moment.

The ₹1,535 crore block deal: what changed hands today

Deal structure and size

The headline event on 8 December 2025 is a sizeable secondary market transaction:

• Around 5.3 crore shares, equivalent to roughly 0.54% of Eternal’s equity, traded in the block deal window. ^[20]
• The average deal price was about ₹290.4 per share, implying a total deal value close to ₹1,535 crore. ^[21]
• NDTV Profit earlier reported terms for an undisclosed institutional investor to offload up to 0.5% stake at a floor price of ₹289.5, a discount of roughly 1% to the then market price. ^[22]

Moneycontrol’s post‑trade report confirms execution of the block at ₹290.4 and notes that the deal extends a pattern of institutional activity in Eternal shares through 2025, including two block deals in mid‑November and one in June. ^[23]

Ownership context

Business Today, citing September‑quarter shareholding data, underlines how widely held Eternal already is: ^[24]

• Public shareholding: ~94.3%
• Mutual funds:24.68%
• Foreign portfolio investors (FPIs):41.40%, including investors such as Camas Investments and Government Pension Fund Global
• Promoter / strategic stakes:
  • Info Edge (India): ~12.38%
  • Deepinder Goyal (CEO): ~3.83%

Since the latest deal is a secondary sale, Eternal does not receive new capital; the transaction instead reflects portfolio rebalancing by a large institutional shareholder.

Price reaction

Following the block deal:

• Upstox reported the stock up around 0.4% at ₹293.50 in early trade. ^[25]
• Moneycontrol later cited a gain of about 1.5% with the stock around ₹296.90 on the NSE. ^[26]

The mildly positive price action suggests no panic around the seller’s exit; if anything, the market appears comfortable absorbing supply near the ₹290 mark.

Earnings picture: explosive revenue, pressured profits

FY21–FY25: from losses to profits

Moneycontrol’s long‑term financials and Eternal’s public filings show a classic internet‑platform trajectory: ^[27]

• Revenue (consolidated) has climbed from about ₹1,994 crore (FY21) to ₹20,243 crore (FY25) – a ten‑fold increase in four years.
• Net profit has turned from losses (over ₹1,200 crore loss in FY22) to a profit of ₹351 crore in FY24 and ₹527 crore in FY25.
• Return on equity (ROE) remains low (low single digits), reflecting the very recent shift to profitability.
• Eternal has no reported long‑term debt, giving it flexibility to fund aggressive capex in Blinkit and other businesses.

Q1 FY26: quick commerce crosses food delivery

In July 2025, Eternal reported that Blinkit’s quick‑commerce net order value (NOV) surpassed its food‑delivery business for the first time: ^[28]

• Blinkit’s NOV rose 127% year‑on‑year to ₹92.03 billion in the June quarter.
• Revenue from operations jumped over 70% YoY to ₹71.67 billion, but consolidated net profit fell about 90% YoY to ₹25 crore, hurt by higher Blinkit costs and heavy capex (~₹310 crore in the quarter).
• Management said Blinkit’s margins likely “hit bottom” and expected absolute losses to start shrinking, assuming competition does not intensify further.

Broker reaction was enthusiastic; Reuters noted that at least 10 brokerages raised price targets, and the median target moved up to about ₹311 from ₹287.5 within a month. Jefferies openly admitted it had overestimated competitive risk in Blinkit. ^[29]

Q2 FY26: growth accelerates, profit dips again

Fast‑forward to the September quarter (Q2 FY26):

• Eternal’s consolidated net profit fell to around ₹65 crore, down roughly 63% YoY from the ₹176 crore profit in the same quarter last year. ^[30]
• At the same time, revenue surged over 180% to ≈₹13,590 crore, with Blinkit again driving most of the growth. ^[31]
• In the core food‑delivery business, Business Today notes that food net order value grew about 14% YoY, slightly better than the previous quarter’s 13% growth. ^[32]
• Food delivery’s adjusted EBITDA margin reached an all‑time high of 5.3% of NOV, with more than ₹500 crore in adjusted EBITDA for the quarter. ^[33]
• Quick commerce saw NOV growth accelerate to 137% YoY, with 272 net new dark stores, taking total stores to 1,816 by quarter‑end. ^[34]

Eternal’s own shareholder letter flagged a “slow uptick in growth rate in the near term” for Zomato’s food‑delivery NOV, citing softer discretionary consumption, cannibalisation from quick commerce and weather volatility. ^[35]

Taken together, the numbers paint a clear picture: Blinkit is now the growth engine, while food delivery is the profitability anchor. That mix is exactly what today’s analyst debates – and the stock’s valuation – revolve around.

Competitive landscape: Amazon Now, Swiggy, Zepto and the quick‑commerce arms race

The 8 December NDTV Profit coverage of the Eternal block deal gives a wider competitive context: ^[36]

• Amazon Now is rolling out in key metros, offering same‑day delivery for a large catalogue with no handling fees and aggressive cashback slabs.
• Zepto is reportedly raising around $300 million from domestic investors, while Swiggy is targeting about ₹10,000 crore (~$1.1 billion) via a qualified institutional placement, bolstering their balance sheets.
• Macquarie, in the same NDTV piece, maintained ‘Underperform’ on Eternal with a ₹200 target price, arguing that Amazon Now’s pricing model and the capital being raised by rivals could pressure Blinkit’s growth economics. ^[37]

Reuters has described India’s quick‑commerce industry as a “battleground”, with Eternal, Swiggy and Zepto locked in a race for share while burning cash on discounts, free delivery and dark‑store expansion. ^[38]

This is the core strategic tension:

• Eternal is investing aggressively to cement Blinkit’s lead.
• Competitors are well‑funded and increasingly price‑aggressive.
• The more Eternal leans into Blinkit, the more near‑term profits stay volatile – but also the more powerful the long‑term growth story becomes if it wins.

What analysts are saying: targets from ₹200 to ₹390

JP Morgan: Overweight, target ₹390

In September 2025, JP Morgan turned more bullish on Eternal, lifting its target price from ₹310 to ₹390 and reiterating an “Overweight” rating. ^[39]

Key points from the JP Morgan note:

• They see Eternal “growing higher for longer”, led by quick commerce, and are willing to accept lower near‑term profit for total addressable market (TAM) expansion.
• The bank estimates Blinkit has a store network of ~1,750 locations, about 1.6x the size of key rivals, and has achieved leadership in Mumbai and a top‑two position in Bengaluru after overcoming its late‑mover disadvantage. ^[40]
• Alternative‑data checks suggest Blinkit is gaining share in profitable, convenience‑seeking customers, with higher basket sizes, lower subsidies and superior service levels, while competitors fight harder over value‑conscious users. ^[41]
• JP Morgan raises Blinkit’s GOV estimates for FY26–28 by 6–35%, while keeping EBITDA largely unchanged, reflecting greater confidence in growth durability rather than margin expansion. ^[42]

Goldman Sachs: core internet holding with 50%+ GOV CAGR

Goldman Sachs includes Eternal among its top 14 Indian stock picks to ride the next phase of the market rally. ^[43]

In NDTV Profit’s summary of the report:

• Goldman calls Eternal a “core India internet holding”.
• It expects Eternal’s B2C gross order value (GOV) – spanning food delivery and quick commerce – to grow at 50%+ compound annual growth through FY27.
• Blinkit is projected to sustain 90%+ annual growth, while food delivery remains structurally profitable.
• Goldman argues Eternal trades at a “growth‑adjusted discount” versus Indian consumer peers, implying room for valuation catch‑up if execution stays on track. ^[44]

CLSA: Eternal among preferred India picks

In a late‑November strategy note, CLSA identified a basket of preferred Indian stocks and included Eternal alongside ICICI Bank, SBI, Infosys and NTPC, while projecting about 16% upside for Indian equities by December 2026. ^[45]

CLSA’s thesis is macro‑driven – focused on India’s profit cycle, supply of equities and relative valuations – but Eternal’s presence in that shortlist indicates that at least one global broker sees it as a high‑conviction way to play India’s digital consumption story.

Macquarie: Underperform, target ₹200

In contrast, Macquarie maintains an ‘Underperform’ rating with a ₹200 target, as highlighted in NDTV’s preview of today’s block deal. ^[46]

Macquarie’s concerns centre on:

• Quick‑commerce competition, especially from Amazon Now’s low‑fee, cashback‑heavy offering.
• The risk that a prolonged price war could delay Blinkit’s path to sustainable profitability, challenging Eternal’s lofty multiples.
• Valuation downside if the market re‑rates the entire quick‑commerce space more conservatively.

Consensus trend

Earlier LSEG data cited by Reuters showed the median Street target climbing to around ₹311 after the July results, with at least ten brokerages raising targets and four upgrading ratings. ^[47]

Put together, broker opinion on Eternal currently spans a wide band – from ₹200 to ₹390 – reflecting genuine disagreement on how quickly Blinkit can scale with acceptable margins.

Fundamentals and valuation: growth priced in

Based on public filings and aggregator sites: ^[48]

• Business mix:
  • Food delivery (Zomato)
  • Quick commerce (Blinkit)
  • B2B supplies (Hyperpure)
  • Dining‑out and experiences
  • Online ticketing and events (via acquired Paytm assets)
• FY25 revenue: ≈₹20,243 crore
• FY25 net profit: ≈₹527 crore
• ROE: ~1.7% (low, given fresh profitability)
• Balance sheet: essentially debt‑free
• Valuation:
  • P/E based on FY25 earnings is extremely elevated. Even if one annualises the latest quarterly profits more generously, Eternal still trades at a triple‑digit earnings multiple.
  • Price‑to‑book around 9x and market‑cap‑to‑sales around 14x based on FY25 revenue and current market‑cap, a level typical of high‑growth, high‑risk internet platforms rather than mature consumer staples.

The valuation therefore assumes:

1. Sustained high‑double‑digit growth in gross order value across food and quick commerce.
2. Meaningful margin expansion over the next few years, especially in Blinkit.
3. No significant regulatory or tax shock that permanently dents unit economics.

Any deviation from that script – via slower GOV growth, heavier subsidies or regulatory cost shocks – is likely to be punished by the market.

Regulatory and policy backdrop: tax orders and labour codes

State‑tax orders

Moneycontrol’s corporate‑action feed shows that Eternal recently informed exchanges about orders from state tax authorities: ^[49]

• On 4 December 2025, Eternal disclosed an order from the Deputy Commissioner (State Tax), State Special Circle‑I, Andhra Pradesh.
• On 7 November 2025, it reported another order from the Deputy Commissioner, State Tax, Lucknow, Uttar Pradesh.

The exchange announcements do not prominently spell out the final financial impact in the aggregator summaries, and there is no widely reported indication yet of a material hit to Eternal’s financials. Investors will nevertheless watch follow‑up disclosures for clarity on any additional tax demands, penalties or provisions.

Labour codes and gig‑worker rules

The Upstox report on today’s block deal also revisits Eternal’s stance on India’s new labour‑code regime, which formally recognises gig and platform work: ^[50]

• Under the Code on Social Security, 2020, aggregators like Eternal must contribute 1–2% of annual turnover, capped at 5% of the amount paid or payable to gig workers, to social‑security schemes.
• Eternal has publicly welcomed the implementation of the four labour codes, saying the new rules will strengthen social‑security access for gig workers powering its Zomato and Blinkit businesses.
• The company has stated that it does not expect the financial impact to be detrimental to its long‑term health and sustainability, though near‑term cost lines may see some pressure. ^[51]

For equity investors, this means the regulatory direction of travel is clear: Eternal and its peers will shoulder more explicit obligations towards gig workers, and the market will closely track how such costs are absorbed or passed on.

How Eternal’s stock looks after today’s block deal

Putting all of this together, the 8 December 2025 setup for Eternal Limited looks like this:

1. Technicals and flows
   • The block deal has successfully cleared a large seller around the ₹290 level without destabilising the stock.
   • Over three months, the share price remains in a consolidation/downtrend, underperforming the Sensex, but six‑month returns are still positive. ^[52]
2. Fundamentals
   • Eternal is now a profitable, large‑cap Nifty 50 constituent with FY25 profits and zero net debt. ^[53]
   • Revenue growth is extremely strong, driven by Blinkit and the integration of newer verticals like ticketing and events. ^[54]
3. Key positives for the bull case
   • Blinkit leadership in quick commerce, with the largest store network and strong early mover advantage in many cities. ^[55]
   • Ongoing capital support – ₹2,600 crore infused into Blinkit in 2025 alone – signalling Eternal’s willingness to back the franchise. ^[56]
   • Supportive analyst views from JP Morgan, Goldman Sachs and CLSA, each highlighting Eternal as a long‑term structural play on Indian digital consumption. ^[57]
4. Key risks for the bear case
   • Valuation risk: The stock trades at very high multiples on current earnings and modest ROE; any growth wobble or margin disappointment can trigger sharp de‑rating. ^[58]
   • Competitive intensity: Amazon Now, Swiggy and Zepto are raising capital and pushing aggressive pricing, which could delay Blinkit’s break‑even and keep consolidated profitability under strain. ^[59]
   • Regulatory/tax overhang: New labour‑code contributions and state‑tax orders introduce incremental compliance and cost complexity, even if the eventual P&L impact turns out manageable. ^[60]

What to watch next

For investors and market watchers tracking Eternal after today’s block deal, the next checkpoints are:

• Next earnings release: Any update on Blinkit’s unit economics, store‑level profitability and GOV growth trajectory will be crucial.
• Food‑delivery trends: Whether food NOV growth stabilises in the mid‑teens or re‑accelerates will influence how much “safety buffer” investors perceive in the overall business. ^[61]
• Further stake sales: If more large institutional sales emerge, the market will need to distinguish between simple profit‑taking and structural de‑risking by early backers.
• Regulatory clarity: Detailed disclosures on the AP and UP tax orders, and the quantified cost of social‑security contributions for gig workers, will help refine forecasts. ^[62]

For now, Eternal remains one of India’s most closely watched “new‑age” large caps – a stock where every earnings line, every new store, and every big block trade is effectively a referendum on the future of Indian quick commerce.

References

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