Eternal Q2 Review — Food Delivery Growth Pangs Continue, Says HDFC Securities Maintaining 'Reduce'

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HDFC Securities Institutional Equities

Eternal Ltd.'s food delivery continues to witness subdued demand, due to softer discretionary spending, although it is improving at the margin. Meanwhile, Blinkit’s blitz-scaling continues to impress us (100%+ growth for 10 quarters with most KPIs broadly intact).

Most goodies seem priced in. We’ve largely maintained our adjusted Ebitda estimates for FY27/28.

Reduce stays with an SOTP-based target price of Rs 320/share (incl. 45x Sep-27 EV/Ebitda for food delivery; 1.8x Sep-27 NoV for Blinkit).

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