Eternal share price: Shares of Eternal (formerly Zomato) have remained extremely volatile in recent months, reflecting heightened investor uncertainty around the company’s shifting business dynamics and earnings performance.
The stock has delivered mixed returns across timeframes — rising 12 percent over the past year and 29 percent in the last six months, but slipping 4 percent over the previous three months and shedding a sharp 10 percent in the past month. Eternal hit its 52-week high of ₹368.40 in October 2025, only months after touching its 52-week low of ₹189.60 in April 2025, underscoring the sharp swings investors have had to navigate.
In Wednesday’s (November 19) session, the stock was trading 0.75 percent higher at ₹308.20, as market participants weighed the company’s recent financial updates against its long-term growth potential.
Eternal Q2 Results
Eternal reported a 63 percent year-on-year decline in profit after tax (PAT) at ₹65 crore for the second quarter (Q2) of FY26, down from ₹176 crore in the same period last year.
The company, which rebranded from Zomato to Eternal in March, had posted a net profit of ₹25 crore in the previous quarter.
Revenue from operations jumped 183 percent year-on-year to ₹13,590 crore in Q2, compared to ₹4,799 crore a year earlier. Revenue in the previous quarter stood at ₹7,167 crore.
Morgan Stanley pegs Eternal target price at ₹427
Brokerage firm Morgan Stanley has maintained its overweight rating on Nifty 50 stock Eternal Ltd. (formerly Zomato), which operates the food delivery platform Zomato and quick-commerce arm Blinkit, in its latest report released on Tuesday, November 18.
The global brokerage has raised its target price to ₹427 from ₹420, implying an upside of over 38 per cent from current levels. It said the recent 14–15 per cent correction in the stock provides an attractive opportunity for long-term investors. “The recent pullback offers one of the best risk-reward setups in our coverage, and we would use the weakness to accumulate,” Morgan Stanley said.
The brokerage highlighted Eternal’s strategy of prioritising customer market share expansion, noting that gains in wallet share can follow once the user base deepens. It added that even in a stress case where heightened competitive aggression delays profitability, the downside is limited and does not alter the company’s structural outlook.
Morgan Stanley expects the stock to find strong support in the ₹280–285 zone. At current prices, Eternal is valuing Blinkit at a two-year forward EV/GOV of 1.1 times, broadly unchanged from March this year, reinforcing its view that the stock remains mispriced relative to fundamentals.
Eternal’s recent price action has drawn attention from technical analysts, with the stock consolidating after a sharp pullback from record levels. Experts believe the ongoing sideways movement could be setting the stage for a potential reversal if key support levels hold in the coming sessions.
Anand James, Chief Market Strategist, Geojit Investments Limited, said the recent stabilisation in the counter has opened up the possibility of an upside rebound.
“A month long downtrend appears to have softened, as indicated by the sideways moves since the second week of this month. This consolidation has allowed oscillators to form positive divergences, which in turn is pointing towards an upside reversal move in the next few weeks. While we have our eyes on 330–340 as the near term upside objectives, inability to float above 302 could signal loss in upside momentum,” he noted.
Hitesh Tailor, Research Analyst, Choice Broking, said Eternal is currently trading near ₹304.30 and still maintains a positive longer-term structure.
He observed that after hitting an all-time high of ₹368.45, the counter corrected and slipped toward the ₹304.30 area, where it is now consolidating near immediate support at ₹300. Stronger support is placed at ₹280–275, which also aligns with the 50-week EMA on the weekly chart.
According to Tailor, traders should wait for clear confirmation before entering fresh positions.
He said a move above ₹315 with strong volumes and improving technical strength could trigger the next leg of upside. A breakout above ₹315 may lead to targets in the ₹380–400 range. Traders, he added, should consider entries only after the breakout, with a strict stop loss at ₹275, provided risk management rules are followed.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
