JEFFERIES ON ETERNAL ; BUY | TP RAISED TO ₹430 FROM ₹415

• Jefferies sees multiple growth engines across Zomato, Blinkit, District and dark.ai. • Blinkit store rollout is accelerating while unit economics continue to improve. • Food delivery growth seen above 20%; confidence in District is rising. • Key monitorable beyond Q2 is the dark.ai platform. • Outcome from dark.ai remains uncertain, but Jefferies likes Eternal’s experimental approach.

ETERNAL LIMITED

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