Citi names Eternal (Zomato) top India internet pick, sees up to 29% upside with Rs 360 target
Citi maintains Buy on Eternal citing 22% YoY food delivery GOV growth and 15% QoQ Blinkit NOV gains. Slower store additions (~200 net new) lift margins, with consolidated Adj EBITDA at Rs 5.5bn (+29% QoQ). Firm projects 44% revenue CAGR and 109% EBITDA CAGR through FY26-29.
Citi names Eternal its top India internet pick, maintains Buy with Rs 360 target (29% upside), forecasting robust food delivery and Blinkit quick-commerce growth, slower store additions improving margins, and sustained profitability through FY29.
Why this matters
Citi's Buy call frames Eternal as a margin-improving compounder, with slower Blinkit store additions lifting profitability while food delivery GOV keeps growing 22% YoY.
Retail-company signals accelerating, up 609200% QoQ.