KOTAK Sec ON Eternal | Raised Target to Rs 435 per share

Blinkit delivered an impressive 2QFY27 performance, with NOV growth of 22%/79% qoq/yoy, surpassing our expectations. It posted 30 bps sequential EBITDA margin improvement. Zomato’s food delivery NOV growth came in at 21% yoy, ahead of estimates, although EBITDA margin at 5.5% of NOV came in slightly below expectations. We increase our revenue estimates for Blinkit, as we bake in higher store addition. Overall EBITDA increase is moderated by lower margin assumptions for food delivery and others. Changes in estimates drive a revised SoTP-based FV of Rs435 (Rs395 earlier).

ETERNAL LIMITED

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