Blinkit boom works wonders! Deepinder Goyal richer by Rs 2,000 crore in just two days; Eternal shares see big rally
Goyal, the 42-year-old self-made billionaire and co-founder of Eternal, now holds an estimated net worth of Rs 11,515 crore ($1.9 billion), according to Forbes' real-time billionaire rankings, as per an ET report. His 3.83% stake in the company surged in value as investors rushed to buy into the quick-commerce growth story led by Blinkit.
The market rally pushed Eternal's market capitalisation past Rs 3 lakh crore, making it more valuable than legacy giants such as Wipro, Tata Motors, Nestle, and Asian Paints.
Investor enthusiasm was driven by Blinkit overtaking
Zomato
in net order value (NOV) terms—a milestone that marks a dramatic shift in the company's business mix and has cemented Goyal's bet on quick commerce.
The stock rally also benefited associated companies. Info Edge, which owns a 12.38% stake in Eternal, gained over 3%, with the value of its holding now accounting for over a third of its total market cap. Rival Swiggy also rallied 7% as sentiment lifted across the sector.
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Several top brokerages have revised their outlook on Eternal following Blinkit's performance. Jefferies upgraded the stock to 'Buy' and raised its target to Rs 400, admitting it had previously overestimated the competitive threat. 'Eternal is a play on the growing food services industry in India and increasing adoption of digital commerce,' Jefferies said. It also highlighted Blinkit's market leadership and expected margin improvement in the long run.
Goldman Sachs retained its 'Buy' rating and hiked the target price to Rs 340, citing Blinkit's strong 25% quarter-on-quarter GOV growth and new guidance for 3,000 stores as signs of sustained demand.
CLSA, which maintained its 'Outperform' rating, raised its target to Rs 385 and called Blinkit's rise 'a seismic shift' in Eternal's business model.
While the company posted a mixed Q1, analysts across the board pointed to management's bullish commentary on quick commerce as a sign that Eternal is pivoting decisively—and successfully—under Goyal's leadership.
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