Eternal (formerly Zomato) has breached the top 25 of the Nifty50 in record time, climbing from rank 34 in March 2025 to 22 as of September 16, just under six months later. The food delivery and quick commerce platform now commands a market capitalisation of Rs 3.16 lakh crore, up 62% from Rs 1.95 lakh crore when it first entered the benchmark index on March 28.
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The company’s rapid ascent has seen it edge past heavyweights, such as Tata Motors, Wipro, Adani Ports and ONGC. It now sits just below names like Titan, NTPC, Bajaj Finserv, Axis Bank and UltraTech Cement, while Maruti, Mahindra & Mahindra, HCL Technologies, Kotak Mahindra Bank and Sun Pharma make up the next rung of companies ranked 12 to 16 on the Nifty50 ladder.
Stock surge mirrors index climb
This surge has been mirrored in Eternal’s stock performance. Year-to-date, the stock is up 18.32%, while over the past six months it has delivered a 62.41% gain. The rally has remained strong even in recent quarters, with the stock rising 29.74% over the last three months and 2.75% in the past month, underlining resilience amid market volatility.
Behind the rally lies Eternal’s shifting business mix. In the June 2025 quarter, the company reported a steep 90% year-on-year drop in consolidated net profit, from Rs 253 crore to Rs 25 crore. Adjusted Ebitda also fell 42% on year to Rs 172 crore as it ramped up investments in its quick commerce and dining-out verticals. Despite this, topline growth remained healthy, with revenues jumping 70% to Rs 7,167 crore from Rs 4,206 crore a year earlier.
Blinkit drives growth momentum
Eternal’s quick commerce arm Blinkit has emerged as the engine of this growth. Revenue from Blinkit more than doubled to Rs 2,400 crore — a 154% year-on-year jump — overtaking revenue from the firm’s food delivery platform (Rs 2,261 crore) for the first time.
Blinkit now contributes nearly half of Eternal’s $10 billion annualised net order value across its B2C businesses. The unit added 243 new stores during the quarter, taking the total to 1,544, with plans to hit 2,000 by the end of 2025.
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