“What if I told you a food-delivery app just crossed the ₹3 lakh crore mark—without ever stopping its delivery bikes?”

The Meteoric Rise: From Menus to Market Titan Eternal (formerly Zomato) crossed the ₹300‐per‐share mark in December 2024, driving its market capitalization to nearly ₹3 lakh crore. The transformation accelerated in July 2025, when Q1 results showed a reported net “profit” of ₹25 crore—largely from interest on fixed‐deposits—yet the stock jumped 16% in two days. That surge lifted market cap from around ₹2.5 lakh crore to ₹2.92 lakh crore, underscoring investor enthusiasm rather than pure operating gains. Key Drivers Behind the Valuation - Profitable Core Delivery: Food delivery remains the sole profitable segment, supporting consistent cash flows and defending market leadership. - Blinkit’s Explosion: Quick commerce arm Blinkit posted a net order value of ₹9,000 crore—overtaking food delivery—and added 243 stores in one quarter, while revenue jumped to ₹2,400 crore from ₹942 crore a year ago. - Strategic Fundraising: A December 2024 QIP raised ₹8,500 crore at ₹252.62 per share, shoring up cash reserves to fuel expansion and weather competition. - Index Inclusion & F&O Entry: Addition to the BSE Sensex and the launch of Futures & Options contracts boosted liquidity, visibility, and institutional interest. - Broker Endorsements: Global and domestic brokerages have upgraded the stock—CLSA to ‘Outperform’ with a ₹370 target; Nomura to ₹320; Axis Securities to ₹350—highlighting growth prospects in both delivery and quick commerce. Industry Tailwinds The online food‐delivery market in India is projected to exceed ₹2 lakh crore by 2030, growing at an 18% CAGR, setting a strong backdrop for Eternal’s core business expansion. This rising tide of digital ordering and convenience spending amplifies network effects, reinforcing market share gains and customer loyalty. Stock Advantages - Diversified Engines of Growth - Strong Brand & Network Effects - Clear Path to Profitability - Robust Cash War Chest - Institutional Backing & Liquidity