Eternal stock: Bernstein favors Blinkit, sets INR 370 target

Bernstein has named Eternal's quick-commerce arm Blinkit its preferred sector pick for 2026, according to The Economic Times on November 4. The brokerage expects Blinkit to outpace Swiggy, Instamart and Zepto in 2026 and set a target price of INR 370 for Eternal.

Competition keeps margins uneven

Bernstein's view rests on Blinkit's stronger operating metrics, lower cash burn and more established contribution margins. The brokerage expects the business to retain its lead, while warning that aggressive discounting, dark-store expansion and efforts to defend customer cohorts could keep profitability volatile.

The analysis also argues that much of the competitive pressure is already reflected in Eternal's share price. For investors, the key issue is whether Blinkit can preserve its lead while improving unit economics rather than relying only on rapid scale.

Unit economics drive valuation

Bernstein expects quick commerce to remain a fast-growing but difficult market in 2026. Store-level operating metrics, capital allocation and the pace of customer acquisition are likely to matter more than headline scale as rivals expand their networks.

Eternal describes its businesses as food delivery, quick commerce, going-out and B2B supplies on its investor relations page. That mix leaves the company exposed to the investment cycle in Blinkit while its food-delivery operations provide a separate operating base.

Eternal at a glance

• Business: Food delivery, quick commerce, going-out and B2B supplies
• Quick-commerce brand: Blinkit
• Brokerage: Bernstein
• Target price: INR 370
• Outlook: Market leadership with continued margin volatility

Quick-commerce investors will next focus on competitive spending, dark-store productivity and contribution-margin development. Those indicators should show whether Blinkit's operating advantage can withstand a more aggressive market.