Target: ₹450
CMP: ₹300.95
Eternal’s Chief Financial Officer, Mr. Akshant Goyal, recently participated in a fireside chat during the company’s annual investor conference, highlighting the significant growth potential of its main division, Blinkit. Currently accounting for approximately 50% of the company’s B2C Net Order Value (NOV), Blinkit is positioned to capitalize on the shift from traditional e-commerce and offline shopping to quick commerce, especially in tier 1 and tier 2+ cities.
Demand for Blinkit services remains robust, even in mature markets such as Delhi, where year-on-year growth exceeds 70%. Goyal suggested that Blinkit’s Monthly Active User (MAU) base could significantly surpass that of Zomato, attributing this potential to Blinkit’s non-discretionary use cases. He projected that Zomato, which represents about 40% of the company’s revenue, could see a NOV compound annual growth rate (CAGR) of 20% in the medium term, although growth for FY26 may be slightly subdued at around 15%+. He also indicated that the District division, despite its current smaller share of 10% of NOV, is gaining momentum by introducing services that meet latent consumer demands.
Addressing profitability within Blinkit, Goyal expressed optimism that it is a matter of time before the venture achieves sustainable margins. Some markets are already reporting an adjusted EBITDA margin of over 3% relative to NOV, despite facing tough competition. Goyal confirmed that achieving a long-term sustainable margin of 5-6% is feasible, driven by opportunities for brand and customer monetization, enhanced throughput per store, and operating efficiencies. He reiterated that Eternal is committed to maintaining its growth trajectory.
Published on November 24, 2025.
