Eternal stock: Jefferies sees 20% food-delivery growth

Eternal stock traded close to its record high in Thursday's BSE session as Jefferies projected 20 percent compound annual growth in food-delivery revenue through FY29E. Business Standard reported the brokerage's base-case valuation at INR 430 per share.

Business Standard said Eternal shares rose 4 percent to INR 358.80 on the BSE at 1:04 p.m. IST on Thursday, November 5, 2026. The report placed the stock near its cited record high of INR 368.40 and said the price had gained 18 percent over the previous two weeks.

Food delivery and Blinkit drive valuation

Jefferies expects scale to improve food-delivery unit economics as Eternal captures cost efficiencies and customers continue to pay for delivery convenience. The brokerage also sees Blinkit as the key growth engine in quick commerce, with operating margins expected to improve as the business reaches greater scale.

For its base case, Jefferies values food delivery at 40 times estimated December 2028 adjusted EBITDA, quick commerce at 1.2 times estimated revenue, Hyperpure at 1 times revenue and Going-Out at 1.5 times gross order value. Its upside case assumes faster food-delivery growth and higher valuation multiples, producing a target of INR 520.

Execution remains the investment test

Eternal's investor-relations overview lists food delivery, quick commerce, going-out and B2B supplies as its main businesses. The breadth supports multiple growth avenues, but the investment case still depends on customer acquisition, order frequency, store expansion and sustainable profitability.

More news and analyses on Eternal stock will remain focused on Blinkit's expansion, food-delivery growth and the path to stronger operating economics.

The BSE Sensex provides the broader market backdrop for Indian equities.

More news and analyses on Eternal stock cover the latest company and analyst developments.