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Shares of Zomato parent Eternal Ltd. surged to an all-time high of Rs 311.6 on Tuesday, pushing the company’s market cap past the Rs 3 lakh crore mark.
The parent company of food delivery and quick-commerce platform Zomato has now become more valuable than over 20 Nifty 50 heavyweights, including Wipro, Tata Motors, JSW Steel, and Nestle India.
Eternal outpaces Nifty blue chips
At its peak today, Eternal’s mcap touched ₹3 lakh crore, putting it ahead of several long-established Indian corporates:
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Wipro: Rs 2.72 lakh crore
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Tata Motors: Rs 2.53 lakh crore
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JSW Steel: Rs 2.52 lakh crore
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Nestle India & Coal India: Rs 2.38 lakh crore each
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Bajaj Auto: Rs 2.36 lakh crore
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Asian Paints: Rs 2.27 lakh crore
With this rally, Eternal has joined the elite club of India’s most valuable listed companies, a status that once seemed unlikely for a loss-making tech platform.
Quick-commerce turns the corner
The sharp uptick in Eternal’s stock price follows a strong set of June quarter earnings. While the company didn’t post a profit, its losses narrowed meaningfully in the quick-commerce vertical. Revenue also witnessed a healthy double-digit jump compared to the same quarter last year, signalling operating leverage kicking in.
Management commentary was upbeat on continued order growth, customer stickiness, and improving unit economics in its Blinkit (quick-commerce) arm, all key triggers for long-term bullish sentiment.
Brokerages bullish; Jefferies sees Rs 400 target
Several brokerages have revised their target prices upwards post Q1. Jefferies, one of the most bullish on the Street, now expects the stock to hit Rs 400, implying a further 33 per cent upside from current levels.
Others like CLSA and Macquarie have also upgraded the stock, citing margin improvements, order frequency uptick, and possible monetisation through advertisements and hyperlocal commerce.
Info Edge gains too, Rs 40,000 crore stake value
The surge in Eternal’s market cap has also proved to be a windfall for Info Edge (India) Ltd., which holds a significant stake in the company. The value of its holding has jumped to nearly Rs 40,000 cr accounting for over one-third of Info Edge’s own mcap of rs 94,000 crore.
This makes Eternal a key strategic asset on Info Edge’s balance sheet, potentially shielding it from volatility in its other verticals like Naukri and 99acres.
Stock cools off from day’s high, but up 44% in 2025
After hitting its intraday high of Rs 311.6, Eternal’s shares cooled slightly to trade around Rs 299.1, still up 10.1 per cent on the day. The stock has now delivered a 43.67 per cent return ytd in 2025, outpacing the broader Nifty 50 index.
Should you buy now?
While valuation concerns linger, most analysts believe the stock still offers upside, particularly for long-term investors with high risk tolerance. With improving cash flow visibility, operational discipline, and aggressive penetration in the hyperlocal delivery space, Eternal is increasingly being viewed as more than just a food-tech bet.
For retail investors, entry at current levels should be made with caution. Experts suggest staggered buying and keeping an eye on Q2 margins and order frequency as key metrics.
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