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Investing.com - Bernstein has initiated coverage on Eternal Ltd (ETERNAL:IN) with an Outperform rating and a price target of INR390.00, citing the company’s strong position in India’s quick commerce sector.
The research firm highlighted Eternal’s clear market leadership across both Quick Commerce and Food Delivery segments, with year-to-date share price returns of +15%. While Bernstein remains below consensus on Food Delivery growth, it acknowledges this segment as a critical cash flow generator of approximately $225 million per year.
Bernstein noted that Blinkit, Eternal’s quick commerce business, has emerged from a period of market skepticism between December 2024 and June 2025 and is now "widely accepted as the eventual market leader for Quick Commerce." The firm cited Blinkit’s strong execution track record, best-in-class unit economics, and substantial $2 billion cash reserves as factors supporting its medium-term market dominance.
Despite increasing competition in the quick commerce space, Bernstein expects Eternal to maintain aggressive investment in Blinkit, projecting the unit will turn free cash flow positive only by fiscal 2027. The research firm also anticipates continued reinvestment of cash into new growth initiatives.
Bernstein specifically identified "District," Eternal’s dine-out and events business, as a potential "key component of future growth" for the company.
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