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December 9, 2025
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- Sun, 14 December 2025
Eternal Ltd., the parent company of Zomato and Blinkit, surprised investors this week with an unexpected surge in its stock price, despite reporting a sharp decline in profits. As of 2:36 PM on July 23, Eternal’s stock was trading at around ₹301, reflecting a remarkable 48-hour rally.
This spike came as a surprise as the company reported a sharp 90 per cent year-on-year drop in consolidated net profit to ₹25 crore for the June quarter, compared to ₹253 crore in the same period last year. However, the company’s revenue from operations saw a substantial increase, rising 70% year-on-year to ₹7,167 crore.
The sharp rise in Eternal’s share price is largely driven by Blinkit’s growing role in everyday consumer habits and its strong business performance. In Q1 FY26, Blinkit’s Net Order Value (NOV) overtook Zomato’s for the first time, showing that consumers are now using Blinkit more frequently than they are ordering food through Zomato.
Eternal’s total B2C NOV reached ₹20,183 crore, growing by 55% year-on-year. Of this, Blinkit contributed over 50%, while Zomato accounted for slightly less.
In terms of order volume, Blinkit saw a 70% increase YoY, with average order values rising by around 18%. The platform now handles over 5 lakh orders daily, across more than 1,550 stores in 400+ cities.
Blinkit’s store expansion strategy is also fueling growth. Eternal added over 100 Blinkit stores in the last quarter alone, focusing on Tier-1 and Tier-2 cities. The company plans to scale this to 2,000 stores by December 2025, with visibility to expand to 3,000 stores over time. This rapid growth in infrastructure, coupled with improved delivery times (often under 10 minutes), has helped drive higher user retention and frequency.
As Eternal’s market capitalisation crossed ₹3 lakh crore, it surpassed several well-established Indian giants in value, including Wipro (₹2.6 lakh crore), Tata Motors (₹2.7 lakh crore), Nestle India (₹2.3 lakh crore), and Asian Paints (₹3.1 lakh crore). Eternal is now among the top 25 most valuable companies on Indian stock exchanges, a major milestone for a tech-first consumer platform founded just over a decade ago.
With a 3.83% stake in Eternal, Deepinder Goyal’s net worth has now surged to approximately ₹11,515 crore (or $1.9 billion), making him one of the wealthiest startup founders in India. The 42-year-old IIT Delhi alumnus gained nearly ₹2,000 crore in just two trading days.
Under Deepinder Goyal’s leadership, Eternal has taken some bold but smart steps. The company shut down parts of the business that weren’t working well, like Zomato Everyday and the 10-minute food delivery service. This allowed them to focus more on areas that are growing fast, especially Blinkit. This practical and focused approach has impressed investors, with many experts now calling Eternal a “category-defining company”, one that’s not just about food delivery anymore, but also about quick commerce, delivery logistics, and B2B supply services.
[Credits for header image: INE
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