Goldman Sachs raised target for Eternal stock to INR 385

Goldman Sachs raised its target for Eternal stock to INR 385 from INR 345 in a note dated September 29, 2026, while maintaining its Buy rating, as The Economic Times reported. The revised target was linked to expectations for continued growth in quick commerce and improving operating leverage.

Revenue growth changes the debate

The Economic Times reported that Eternal generated INR 202.11 billion in revenue in the first quarter of fiscal 2027, up 182.00 percent from INR 71.67 billion in the same quarter a year earlier. The comparison shows how the company has expanded beyond its original food-delivery base.

The same report put consolidated net profit attributable to the parent at INR 870.00 million in the first quarter of fiscal 2027, down 11.00 percent from INR 980.00 million in the year-earlier quarter. Revenue growth therefore remains much faster than earnings growth, leaving margin execution central to the valuation case.

Quick commerce is the valuation test

Goldman Sachs sees Eternal reaching USD 1.00 billion in earnings before interest, taxes, depreciation and amortization by fiscal 2029, according to The Economic Times. The brokerage also cited Blinkit growth and steadier food-delivery margins as important drivers of that scenario.

Eternal's investor-relations page describes food delivery, quick commerce, going-out experiences and B2B supplies as its four operating businesses, according to Eternal. The breadth of those activities gives the company several growth channels, but the first-quarter profit comparison shows that scale has not yet translated into uniform earnings expansion.

Valuation remains above the 52-week low

Eternal had a market capitalization of INR 2.9 trillion on October 8, 2026. Its 52-week range was INR 212.60 to INR 368.45, leaving the valuation case dependent on whether higher revenue can develop into durable operating profit.

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