Zomato, rebranded as Eternal Limited in 2025, is one of India’s leading consumer technology companies operating across food delivery, quick commerce, restaurant services, and on-demand logistics. Founded in 2008 by Deepinder Goyal and Pankaj Chaddah, the company originally began as a simple online restaurant menu and discovery platform called FoodieBay. Over the years, it evolved into a full-scale digital food ecosystem, eventually growing into one of India’s most recognized internet brands.
Eternal (Zomato) Share Price Target
Today, Eternal Limited runs a multi-engine business model built around four major verticals
1. Food Delivery (Core Business)
This is the company’s primary revenue driver, connecting millions of customers with restaurants across 1,000+ Indian cities. Zomato manages a highly optimized delivery network supported by real-time data, route algorithms, and a large fleet of delivery partners. The food delivery business has transitioned from high cash burn to sustainable unit economics and positive contribution margins over the past few years.
2. Blinkit (Quick Commerce)
Acquired and integrated in 2022, Blinkit has become Eternal’s fastest-growing business segment. It delivers groceries, essentials, electronics, and lifestyle products within 10–20 minutes through a network of dark stores. Blinkit is positioned as a major growth engine with strong customer adoption and expanding order volumes. Market Cap: ₹ 2,95,496 Cr. (As of November 2025) Price to Earnings: 1,572 Return on equity: 1.71% Debt to equity: 0.11 Current ratio: 3.18 Dividend Yield: 0.00% Return on assets: 1.47% ROCE: 2.66% Face Value: ₹1.00 52 Week High: ₹368 52 Week Low: ₹190 1. Year 2021 Start of Year: 116 End of Year: 137.40 Return: 18.45% Reason for the move IPO pop + early investor enthusiasm after listing; markets digested the business model, and big retail interest remained. 2. Year 2022 Start of Year: 139.70 End of Year: 59.30 Return: -57.55% Reason for the move Tech/consumer de-risking & sharp correction for high-growth loss-making models; stake sales by large holders and macro volatility hit valuations. 3. Year 2023 Start of Year: 60.65 End of Year: 123.70 Return: 103.96% Reason for the move Re-rating on improving unit economics, growth in delivery/grocery (Blinkit) traction and investor rotation back into growth names. 4. Year 2024 Start of Year: 124.45 End of Year: 278.05 Return: 123.42% Reason for the move Large re-rating driven by FY24 profitability milestones, strong Blinkit expansion metrics, institutional interest and positive sector momentum (and partial stake actions by large shareholders). 5. Year 2025 Start of Year: 279.00 End of Year: 278.05 Return: -0.34% 1. Projected Targets: Year 2026 Target Range (₹): 345-370 Reason for the move Short consolidation will occur as investments peak, but an increased addressable market and improving unit economics will sustain momentum. 2. Projected Targets: Year 2027 Target Range (₹): 620-640 Reason for the move Core delivery + grocery will become strongly cash-flow positive in many cities, and the platform will begin delivering robust FCF. 3. Projected Targets: Year 2028 Target Range (₹): 835-870 Reason for the move Global pilots and premium offerings (cloud kitchens, subscription ecosystems) will expand ARPU and push valuation to new highs. 4. Projected Targets: Year 2029 Target Range (₹): 1150-1185 Reason for the move Election-year surge in consumer spend and platform use will produce the strongest re-rating of this cycle; ad spend and transactions will spike. 5. Projected Targets: Year 2030 Target Range (₹): 1400-1460 Reason for the move After the 2029 peak, Eternal will consolidate gains and focus on sustainable profits and international rollout, keeping valuations elevated. Here are my actionable check-points (things I would check if I were investing today): Unit economics: Delivery cost per order, average order value, contribution margin. If delivery cost inflation keeps rising, margins will be squeezed. Growth in higher-margin segments: How much of new revenue comes from Blinkit, Hyperpure, District vs plain delivery. Higher-margin segments will help profitability. Competitive positioning: Is Zomato maintaining or growing market share? Are rivals eroding its dominance or forcing promotional spend? Asset light balance sheet: Keeping debt low is good. But aggressive capex or store/dark-store roll-out must be disciplined. Disclaimer: The information provided above is for educational and informational purposes only. Investing in stocks involves risks. Please consult your financial advisor or conduct your own research before making any investment decisions. To wrap up: Zomato/Eternal is a very interesting stock. It has turned profitable (a big milestone), operates in a high growth category, has multiple engines of growth and a clean balance sheet. From an experience-based viewpoint, I believe the company deserves a place in a growth-oriented portfolio provided you accept the risk and are comfortable with the valuation. Q1. What is the target of Zomato share price? Q2. Is Zomato a good stock to buy? Q3. Is Zomato profitable in 2025?Financial Table for Zomato (Eternal Ltd)
Eternal (Zomato) Shareholding Pattern
Historic Performance: Eternal (Zomato) Share Price Target 2021, 2022, 2023, 2024 & 2025
A strategic partnership or M&A will surprise the market and accelerate Blinkit's/grocery scale, lifting forward multiples.Eternal (Zomato) Share Price Target 2026, 2027, 2028 to 2030
Factors to Consider Before Investing
Conclusion
FAQs
A: My target range over the next 2-3 years is roughly ₹640 (base case) to ₹835 - ₹870 (optimistic case). The actual outcome depends heavily on growth and margin improvement.
A: Yes, if you believe in its growth story, are comfortable with risk, and have a medium-to-long-term horizon (3-5 years). If you want stable, low-risk returns today maybe not the best fit. Consider balancing it with a steadier stock like JP Power.
A: Yes, according to FY 24 (year ended Mar 2024) Zomato reported a profit of ₹351 crore, turning around from prior year loss.