Deepinder Goyal loses Rs 555 crore in minutes after Eternal Q2 show; check latest targets

Deepinder Goyal, the founder and CEO of Eternal, took a notional loss of more than Rs 555 crore in a few minutes as the shares of the company, formerly known as Zomato, dropped more than 4.2 per cent to Rs 333.75 on Friday. The stock had settled at Rs 348.40 in the previous trading session Thursday. Goyal owned 36,94,71,500 equity shares or 3.83 per cent stake in Eternal.

As per these prices, the value of Goyal's holding in Eternal dropped to Rs 12,331.11 crore from Rs 12,887.16 crore as per the previous close. As per this data, a total of Rs 556.05 crore was wiped off from his wealth, after the company reported a muted set of numbers in the September 2025 quarter and analysts expecting limited upside in the counter.

Eternal reported a 63 per cent fall in the net profit on a year-on-year (YoY) basis to Rs 65 crore in the three-months ended on September 30, 2025. The parent company of Zomato and Blinkit clocked a 183 per cent YoY rise in revenue from operations to Rs 13,590 crore in the reported quarter.

Its Ebitda for the quarter tumbled 32 per cent YoY to Rs 224 crore. The Deepinder Goyal-led company, which operates under food delivery, quick commerce and going out business, announced incorporation of a wholly-owned subsidiary in the name of Eternal General Service Foundation.

Brokerage firms continue to remain divided on Eternal after Q2 performance. Some experts believe that Eternal is still in the investment phase and robust profitability may take a back seat as elevated spending in marketing and other business delays breakeven for the company.

The slowdown in FD has also continued in this quarter, and a slower uptick is expected in the near term. We reiterate our BUY rating, supported by Eternal’s market leadership in both quick commerce and food delivery and the long-term potential of Blinkit as a generational opportunity in retail, grocery, and e-commerce disruption, said Motilal Oswal Financial Services.

"We reduce our FY26/FY27 estimates, factoring in continued dark store expansion, branding and marketing investments in Q-commerce, as well as lower other income However, elevated investments in both Q-commerce and the going-out business are anticipated to constrain profitability in the short term," it said. Motilal Oswal has suggested a target price of Rs 410 on Eternal.

Nirmal Bang Institutional Equities acknowledged Blinkit’s growth in quick commerce is commendable, especially on a high base. However, the elevated marketing investments indicate an intensifying competitive environment. Losses in the ‘Going Out’ segment persist, and the Bistro (quick food delivery) initiative has further weighed on consolidated profitability, it said.

"While we remain constructive on the long-term story and maintain our 'buy' stance, we adopt a more cautious near-term view given the sharp stock run-up since the initiation and the overhang of elevated absolute losses, which may pose pressure in the interim," Nirmal Bang added, assigning a target price of Rs 402.

Eternal’s 2QFY26 results suggest that the management will henceforth be prioritising long-term value creation over near-term gains in quick commerce. However, its absolute loss reduction was nominal, said JM Financial. "We believe as and when management’s focus shifts towards profitability, Eternal will deliver a sudden ramp-up in its absolute ebitda profits."

Importantly, accelerated growth investments such as plans to expand dark-store network to 2,100 stores by December 2025 and increased marketing spends are likely to push out the break-even in the business till 1QFY27, it added, cutting FY26 ebitda and EPS but raised FY27 and FY28 estimates. JM has a 'buy' rating with a target price of Rs 450 apiece.

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, said HDFC Securities. "Most goodies seem priced in. We’ve largely maintained our adjusted Ebitda estimates for FY27/28," it added with a 'reduce' rating and a target price of Rs 320 on the stock.