MACQUARIE ON ETERNAL ; UNDERPERFORM | TP ₹225

• Execution remains strong. • Management raised store guidance to >3,500 by Mar-27 from 3,000 earlier. • Consistent execution continues to support consensus expectations. • Macquarie prefers Eternal over Swiggy. • Despite this, Eternal is rated Underperform as much of the upside is seen as already priced in.

ETERNAL LIMITED

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