Eternal shares hit record high, up 57% in six months; more upside likely?

Shares of Eternal Ltd (formerly Zomato) hit their record high amid a rally in the broader market today. Eternal stock rose 1.71% to a high of Rs 353.80 against the previous close of Rs 347.85 on BSE. A total of 8.77 lakh shares of Eternal changed hands amounting to a turnover of Rs 30.85 crore on BSE. The market cap of the firm climbed to Rs 3.40 lakh crore in the current session. On NSE, the stock reached a high of Rs 353.80.  

The stock fell to its 52-week low of Rs 189.60 on April 7, 2025. With today's rally, the stock has surged 27.56% in 2025. It has gained 57% in six months. 

The stock of the online food delivery firm has traded bullish in the short as well as long term as the scrip traded higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages. 

The multibagger stock has gained 217% in two years and risen 470% in three years. It has seen very high volatility in the last one year with a beta of 1.9. 

JM Financial has a buy call on Eternal with a price target of Rs 400. 

"Further, food delivery margins are likely to be stable, within the sustainable range of 5-6% as % of NOV, as adverse impact of lowering of MOV will likely be offset by platform fee increase. Overall, we believe Eternal is likely to report improving trends across both its key businesses in the near term. We, therefore, reiterate our bullish view on Eternal with a revised Sep’26 TP of Rs 400 that values its stock at 80x NTM EPS (75x earlier)," said the brokerage. 

Motilal Oswal has a buy call on Eternal with a price target of Rs 420. 

The brokerage believes that food delivery growth, which was stunted at 17-18%, could accelerate beyond 20% in the next 2-4 quarters, driven by the upcoming festive season, as well as a spur from the recent GST reforms 

"We continue to see structural tailwinds and upside to earnings estimates for the company," said Motilal Oswal. 

Choice Broking is bullish on the stock with a target of Rs 362 and a stop loss of Rs 288. 

"The price is well-supported above its 20, 50, 100, and 200-day Exponential Moving Averages, all trending upward, confirming the strength of the prevailing trend. On the downside, immediate support lies at Rs 300, which may serve as an attractive accumulation zone in case of minor pullbacks," said Choice. 

"Traders may consider a buy-on-dips strategy around Rs 300, with a positional stop-loss at Rs 288. Upon confirmation, Eternal could aim for Rs 362 and beyond, offering a favorable risk-reward setup for positional trades," added Choice.