Whalesbook
Valuation Aur Analysts Ka Conflicting View
Eternal ka P/E ratio 960 ke paar hai, jo ki historical median 453.48 se kaafi zyada hai. Iska matlab hai ki investors current earnings ke comparison mein stock ke liye bahut zyada paisa de rahe hain, expecting future growth. Lekin, yeh dekhne wali baat hai ki 31 analysts ne is stock ko 'Buy' recommend kiya hai aur price target ₹360-₹376 ke beech mein diya hai, jo ki potential 50% tak ka upside dikhata hai. Even Goldman Sachs ne ₹350 ka target diya hai, matlab 46% growth potential. Yeh gap bata raha hai ki market long-term risks ko lekar thoda nervous hai, jabki analysts ko operational gains dikh rahi hain.
Blinkit Ki Dominance Aur Future Plans
Company ka quick commerce service, Blinkit, India mein market leader hai, jiske paas September 2025 tak 50% se zyada market share hai. Yeh Swiggy Instamart aur Zepto jaise competitors ko peeche chhod raha hai. Plan hai ki 2026 tak 2,100 se zyada dark stores honge, jo order volume aur value ko badhane mein madad karega. Analysts expect kar rahe hain ki Blinkit ki revenue 2026 tak ₹268 billion tak pahunch jayegi, kyunki India ka e-retail market 19-21% tak grow hone wala hai 2025 mein. Is expansion mein paisa lag raha hai aur operational losses bhi hain, par JM Financial ke according, margins improve ho kar 0.4% of net order value tak pahunch sakte hain. Overall quick commerce market 2031 tak USD 6.64 billion ka ho sakta hai.
Market Saturation Aur Competition Ka Risk
Par yahan ek badi warning hai. Quick commerce mein monthly users ab addressable market ka 50% se zyada ho gaye hain. Isse lagta hai ki growth kam ho sakti hai, aur kuch bade cities mein 1-2 saal mein market saturation ho sakta hai. Stock mein bhi kaafi volatility dekhi gayi hai, jaise February 2026 mein 8 din mein 13% ki girawat hui thi, woh bhi ₹2,403 crore ke ek bade institutional trade ke baad. Iska ₹368.45 se ₹209.86 tak ka 52-week range raha hai, jo kaafi choppiness dikhata hai.
Bear Case Aur Future Projections
High P/E ratio aur kam Return on Equity (ROE) jo ki sirf 0.61% hai, yeh sab factors caution karne ko keh rahe hain. Competition bhi bahut tight hai, aur ultra-fast delivery models ki long-term profitability par sawal uth rahe hain, khaas kar jab market saturation nazdeek hai. Lekin, analysts expect kar rahe hain ki company ki revenue aage 4 saal tak 82% annual growth rate se badhegi. Company apne Q4 FY26 results April 30, 2026 ke aas-paas announce kar sakti hai. Agar sab kuch plan ke hisab se chalta hai, toh Jefferies ne ₹400 aur CLSA ne ₹503 ka target diya hai, jo kaafi achha upside potential dikhata hai.