22-Oct-2026 14:37:08
MOTILALOFSGeneral news
MOTILAL OSWAL ON ETERNAL ; BUY | TP ₹420
• Blinkit expansion accelerating; store target raised to 3,500 by Mar-27 and ~5,000 by Mar-28. • Food delivery growth target remains 20%+ annually; margins likely range-bound over the next 1–2 years as profits are reinvested. • District expected to reach adjusted EBITDA breakeven within 4–6 quarters from Jan-26. • Hyperpure revenue grew 22.7% YoY; adjusted EBITDA margin improved to 0.9%. • Dark.ai remains an early-stage AI initiative; monetisation and investment needs to be assessed post-launch. • Q2FY27: Revenue ₹24,100 Cr, Blinkit NOV ₹20,900 Cr, EBITDA ₹750 Cr, PAT ₹125 Cr. • Motilal Oswal sees Blinkit as the key long-term growth driver with scope for higher structural margins.
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