Eternal, the parent company of Zomato, Blinkit, District and Hyperpure, reached a fresh all-time high of ₹372 per share on November 11, 2026. The stock closed at approximately ₹361, representing a gain of around 375% from its initial public offering (IPO) price of ₹76 in 2021. The rally has made Eternal one of the standout performers among India’s major technology and consumer internet companies.
The latest gains reflect growing investor interest in the company’s food delivery and quick-commerce businesses, particularly Blinkit, which reported 79.3% year-on-year growth in net order value (NOV) during the second quarter of FY27. Eternal has also reported strong food delivery growth, an expanding quick-commerce store network and improving profitability across several business segments. However, its elevated valuation and the substantial investment required to expand Blinkit remain important considerations for investors.
Eternal Shares Touch Record High of ₹372
Eternal shares climbed to ₹372 during trading on November 11, marking a new all-time high for the company.
The stock’s closing price of approximately ₹361 represented a gain of around 375% compared with its IPO issue price of ₹76 in 2021.
The distinction between the intraday high and closing price is important. The 375% return is based on the reported closing price, while the intraday high of ₹372 represents a larger gain from the original issue price.
According to NewsBytes, the stock has also gained approximately 30% during 2026, supported by improving business performance and optimism surrounding the company’s quick-commerce expansion.
| Stock performance indicator | Reported figure |
|---|---|
| IPO issue price (2021) | ₹76 |
| November 11 intraday high | ₹372 |
| November 11 closing price | Approximately ₹361 |
| Gain from IPO price at closing | Approximately 375% |
| Gain during 2026 | Approximately 30% |
The rally reflects a significant change in investor perception of Eternal since its stock market debut. The company has expanded beyond online food ordering into quick commerce, restaurant supplies and dining and entertainment services.
Blinkit Expansion Becomes a Major Growth Driver
Blinkit has emerged as one of the most important contributors to Eternal’s growth story.
The quick-commerce platform allows customers to order groceries, household essentials, personal care products and other items for rapid delivery.
During Q2 FY27, Blinkit’s net order value increased 79.3% year-on-year, reflecting higher customer spending and continued expansion of its delivery network.
The company added 308 net new stores during the quarter, taking its total dark-store network to 2,751 outlets.
| Blinkit business indicator | Q2 FY27 performance |
|---|---|
| Net order value growth | 79.3% |
| Total dark stores | 2,751 |
| Net new stores added during the quarter | 308 |
| Target stores by March 2027 | More than 3,500 |
| Long-term expansion target by March 2028 | Around 5,000 |
Dark stores are small fulfilment centres designed specifically for online orders rather than walk-in shopping. They allow quick-commerce platforms to store frequently purchased products closer to customers and fulfil orders within short delivery windows.
Blinkit targets more than 3,500 stores by March 2027
Eternal plans to accelerate Blinkit’s expansion, targeting more than 3,500 stores by March 2027 and approximately 5,000 by March 2028.
The expansion could help Blinkit increase its geographic coverage, reach additional customers and strengthen its position in India’s competitive quick-commerce market.
However, opening more stores also requires investment in property leases, inventory, employees, logistics and technology.
Eternal management has indicated that the expansion will be funded through the company’s cash balances and profits generated by its food delivery and quick-commerce operations.
The challenge will be to increase order volumes while maintaining healthy store-level economics.
Food Delivery Business Records 22% Growth
While Blinkit has attracted significant investor attention, Eternal’s traditional food delivery business continues to contribute to its growth.
The company’s food delivery gross order value (GOV) increased 22% year-on-year in Q2 FY27, outperforming Swiggy’s reported growth of 18% during the same period.
Monthly transacting users increased 16%, while food delivery net order value grew 21%.
| Food delivery indicator | Q2 FY27 growth |
|---|---|
| Gross order value | 22% |
| Monthly transacting users | 16% |
| Net order value | 21% |
| Swiggy gross order value growth | 18% |
Gross order value represents the total value of orders placed through the platform before certain adjustments, while net order value reflects the value after specified deductions.
The growth in monthly transacting users indicates that more customers are actively using the platform.
Management expects food delivery to sustain annual growth of more than 20%, although margins are expected to remain broadly flat over the next one to two years.
The business therefore provides an established revenue base while Blinkit continues its expansion.
Eternal Q2 FY27 Revenue Rises 77.6%
Eternal reported strong consolidated revenue growth for the July-September quarter of FY27.
Revenue increased 77.6% year-on-year to ₹24,138 crore, compared with ₹13,590 crore in the corresponding quarter last year.
Net profit rose 92.3% to ₹125 crore from ₹65 crore.
The company’s EBITDA increased to ₹752 crore from ₹239 crore, while its EBITDA margin improved to 3.1% from 1.8%.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹24,138 crore | ₹13,590 crore |
| Net profit | ₹125 crore | ₹65 crore |
| EBITDA | ₹752 crore | ₹239 crore |
| EBITDA margin | 3.1% | 1.8% |
Despite the strong year-on-year growth, Eternal’s quarterly net profit missed the analyst estimate of approximately ₹304 crore.
This is an important distinction because rapid revenue expansion does not necessarily translate into earnings growth at the same pace.
The company is investing in new stores, infrastructure and technology, which can increase depreciation, lease expenses and operating costs.
Blinkit accounts for the largest revenue contribution
Blinkit remained the company’s largest revenue contributor during the quarter.
Its segment revenue increased 93.6% year-on-year to ₹19,152 crore.
India food ordering and delivery revenue increased 36.7% to ₹3,396 crore, while Hyperpure reported revenue of ₹1,154 crore.
Revenue from the going-out business, which includes dining and entertainment activities, stood at ₹304 crore.
The figures demonstrate how quick commerce has become an increasingly important part of Eternal’s overall business.
Hyperpure Turns Adjusted EBITDA Positive
Another development supporting the company’s broader performance was the improvement in Hyperpure.
The business, which supplies ingredients and other products to restaurants, reported adjusted EBITDA of ₹10 crore in Q2 FY27 compared with a loss of ₹5 crore in the year-ago quarter.
Hyperpure operates a business-to-business supply platform connecting restaurants with suppliers of food ingredients and other operational requirements.
Its improved profitability indicates progress towards building a more sustainable restaurant supply business.
Eternal’s going-out platform, District, also recorded growth, with net order value increasing 58% year-on-year.
Management expects the going-out business to reach break-even within four to six quarters.
Why Investors Are Paying Attention to Eternal
Several factors have contributed to investor interest in Eternal.
First, the company operates across multiple consumer internet categories, including food delivery, quick commerce, restaurant supplies and dining and entertainment.
Second, Blinkit’s rapid expansion provides exposure to India’s growing quick-commerce market, where consumers increasingly use digital platforms for frequent household purchases.
Third, the food delivery business continues to record double-digit growth, providing an established platform alongside newer business segments.
The improvement in EBITDA margins and Hyperpure’s move into adjusted operating profitability have also added to the company’s growth narrative.
However, the stock’s valuation remains an important consideration. Strong business growth does not automatically mean that a share price is inexpensive.
Investors will need to assess whether future revenue and profit growth can justify the expectations already reflected in the market valuation.
Risks Facing Eternal Despite Its Record Rally
Despite the stock’s performance, Eternal faces several business challenges.
Intense quick-commerce competition: Blinkit competes with platforms such as Swiggy Instamart and Zepto. Competition can lead to higher discounts, increased marketing expenditure and pressure on margins.
Expansion costs: Increasing Blinkit’s store count to 3,500 and eventually 5,000 will require significant investment. New stores may take time to achieve mature order volumes and profitability.
Profitability expectations: Although EBITDA has improved, consolidated net profit remains relatively small compared with revenue. Investors will closely monitor whether growth translates into stronger earnings.
High valuation: A substantial rally can increase the risk of volatility if financial results fall short of market expectations.
The company’s ability to maintain growth while improving profitability will be central to its long-term performance.
The Bigger Picture
Eternal’s record share price reflects the growing importance of quick commerce in India’s consumer internet industry. Blinkit’s rapid expansion has become a major driver of investor interest, while the food delivery business continues to deliver steady growth. Improvements in Hyperpure and District also suggest that the company is developing a broader business ecosystem rather than depending exclusively on restaurant food ordering.
However, the next phase of growth will require a balance between expansion and profitability. More dark stores can increase customer reach and order volumes, but they also create additional operating costs. Eternal’s long-term performance will depend on its ability to convert higher transaction volumes into sustainable earnings while maintaining its competitive position against other food delivery and quick-commerce platforms.
Looking Ahead
Investors will closely monitor Blinkit’s progress towards its target of more than 3,500 stores by March 2027, alongside changes in order values, store-level profitability and market competition. Food delivery growth, Hyperpure’s operating performance and District’s progress towards break-even will also provide important indicators of how effectively Eternal is developing its different business segments.
The stock’s approximately 375% gain since its IPO highlights the scale of value creation investors have experienced since 2021. However, sustaining the rally will require continued financial execution. Revenue growth, stronger cash generation, improved margins and disciplined expansion will be important in determining whether Eternal can meet the expectations reflected in its record market valuation.
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SEO Title: Eternal Shares Hit ₹372 Record High After 375% Gain Since IPO
Meta Description: Eternal shares hit a record ₹372, delivering a 375% gain since their ₹76 IPO price as Blinkit reports 79.3% growth in Q2 FY27 net order value.
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Secondary Keywords: Eternal share price, Zomato IPO returns, Blinkit growth, Eternal Q2 FY27 results, Eternal stock rally, quick commerce India, Blinkit store expansion
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