Emkay Global has reaffirmed its ‘BUY’ rating on Eternal—the Indian parent of Zomato and Blinkit, setting a target price of Rs 330 against the current market price of Rs 328. The brokerage said Blinkit’s execution in the quick commerce (QCom) space remains robust, giving it an edge despite intensifying competition.
“We retain BUY on Eternal with a target price of Rs 330,” Emkay stated in its research note, underscoring that Blinkit’s scale and better unit economics make it well-positioned in the ongoing market expansion phase.
Amazon Now Expands to Mumbai
The report noted that Amazon Now, Amazon’s QCom business, has expanded to Mumbai following earlier launches in Bengaluru (December 2024) and Delhi (July 2025). Amazon has already opened around 100 dark stores to support its 10-minute delivery promise.
According to Emkay, “demand has exceeded expectations, with orders growing ~25% MoM, and prime customers’ order frequency tripling once they start using Amazon Now.”
Amazon Now is integrated inside the core Amazon app, alongside Pay, Fresh, Bazaar, MX Player, and Medical, marking a clear intent to scale up under new leadership.
Competition Signals Industry Land Grab
The entry of Amazon into QCom follows moves by Flipkart and Reliance, heating up competition against incumbents like Blinkit, Swiggy’s Instamart, and Zepto. Emkay described this as part of the “land grab phase”, where adjacent players enter to expand the market.
“Increasing competitive intensity by entry of adjacent players is a feature of the land grab phase in any upcoming industry,” the brokerage noted, adding that this will eventually give way to a consolidation phase, where weaker players fold operations once growth slows.
Blinkit’s Advantage in Scale and Profitability
Despite new entrants, Emkay stressed that Blinkit is executing strongly, with over 1,544 dark stores, compared to 1,062 for Instamart and just 100 for Amazon. Eternal’s ₹188.6 billion cash reserves also provide ample room for marketing investments and store rollout.
The report concluded, “Blinkit has best-in-class unit economics leading to significantly better EBITDA margins versus peers.”
Eternal Share Price Target
With strong execution and consumer stickiness, Emkay believes Eternal remains better placed to withstand rising competition and maintains its BUY rating with a target of Rs 330.
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