India’s e-commerce sector is set to surpass $160 billion by 2025, growing annually at 25–30%. This surge is fueled by rising smartphone use, digital payments, and expanding internet access, especially in Tier 2 and 3 cities. With over 270 million online shoppers, India now boasts the world’s second-largest e-retail market.
With a market capitalization of Rs 2.52 lakh crore, the shares of Eternal Ltd were trading at Rs 262.00 per share, increasing around 0.02 percent as compared to the previous closing price of Rs 261.95 apiece.
Eternal Ltd shares surged 10 percent over the past three trading sessions after receiving bullish ratings from multiple brokerages. Morgan Stanley issued a ‘Buy’ call with a target price of Rs 320 per share, implying a 22 percent upside from Monday’s price of Rs 261. The positive outlook boosted investor sentiment and stock momentum.
Morgan Stanley is bullish on India’s growing quick commerce market, now projecting it to reach $57 billion by 2030, up from $42 billion. Faster customer additions and city expansion have led to a 9-11% upward revision in Eternal’s gross order value estimates for FY26–28.
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Despite intense competition, Morgan Stanley expects losses in the quick commerce segment to peak this quarter, with margins improving from FY26. The food delivery business is also likely to see better margins, driven by stronger monetisation and improved fixed cost absorption.
Further, according to CLSA and Sensor Tower data, Blinkit has nearly caught up with Zomato in weekly active users, reporting 30.1 million as of May 26, just behind Zomato’s 30.7 million and ahead of Swiggy. This indicates a major shift in India’s online shopping behaviour.
Quick commerce is expanding rapidly, with Blinkit widening its lead over competitors. The WAU gap between Blinkit and its nearest rival grew from 1.79 million in January to 7.7 million by late May, its highest ever. The trend reflects growing consumer preference for fast delivery of groceries, personal care, and even fashion.
Looking forward to the company’s financial performance, revenue increased by 64 percent from Rs 3,562 crore in Q4FY24 to Rs 5,833 crore in Q4FY25. Further, during the same time frame, net profit decreased by 77 percent from Rs 175 crore to Rs 39 crore.
Written by Abhishek Singh
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