Eternal Ltd. readied investors for a sharper climb when Goldman Sachs analysts bumped the stock’s price target to ₹385, translating to a 16% upside from the Monday close of ₹331.25, which itself had slipped 1.12% on the day.
Goldman Sachs highlighted the company’s $1 billion FY29 EBITDA goal as a key driver of valuation. The brokerage argues that every quarter of progress toward that milestone could trigger a re‑rating of the earnings multiple, setting a clear path for upside.
Market‑share gains in food delivery and incremental margin improvement are the next pillars in the analysis. The firm notes that Eternal’s share in the segment has stayed flat for several quarters, yet the brand’s premium positioning hints at a forthcoming lift.
Blinkit’s expansion is another catalyst, with analysts projecting a 60% CAGR in net order value over three years versus a 45% estimate. If the platform sustains this pace, the company could unlock substantial earnings growth beyond the core Zomato‑Blinkit bundle.
Optionality from newer ventures such as Going‑Out adds diversification to the business model. Goldman Sachs suggests that these ancillary streams could offer upside when they reach scale, further supporting the revised target.
The consensus remains overwhelmingly bullish: 31 of 34 analysts rate the stock as ‘Buy’, while only three have a ‘Sell’ stance. This alignment, coupled with a sector that is tightening on capital, bodes well for the share’s trajectory.
Looking ahead, Eternal will report Q1 FY30 results on Oct. 15, with guidance expected to clarify the trajectory of its EBITDA and margin profile. Market participants will be watching the release to gauge whether the company can sustain the growth momentum underpinning the 16% upside.