“The June quarter highlighted the importance of quality growth over market share for Eternal. Food delivery growth accelerated with stronger-than-expected profitability, and quick commerce performed healthily despite missing optimistic expectations. Management is confident that competitive intensity in quick commerce is more predictable, and value-led food delivery is unsustainable. Blinkit is not pursuing short-term discounting. Jefferies has a target price of ₹415 on the stock.”

Jefferies Analysis’s track record: 3 graded calls · 95% CI 44–100%