Table of Contents
Zomato Share Price Target 2026, 2027, 2030
Zomato Limited is now Eternal Limited (NSE: ETERNAL; BSE: 543320). The company changed its name and NSE trading symbol from Zomato/ZOMATO to Eternal/ETERNAL in April 2025.
This Zomato share price target 2026, 2027, 2030 analysis uses the latest available financial and operating information as of September 25, 2026.
The targets are scenario-based estimates derived from earnings assumptions, business growth, valuation multiples and the company’s long-term profitability potential.
They should not be interpreted as guaranteed price predictions.
At the latest available price of approximately ₹332.25, Eternal has a market capitalisation of about ₹3.24 lakh crore. Its 52-week range is approximately ₹212.60–₹368.45.
Quick Snapshot
| Particular | Details |
|---|---|
| Company | Eternal Limited (formerly Zomato Limited) |
| NSE | ETERNAL |
| BSE | 543320 |
| Reference price | ₹332.25 |
| Analysis date | September 25, 2026 |
| Market cap | ~₹3.24 lakh crore |
| 52-week high | ₹368.45 |
| 52-week low | ₹212.60 |
| FY26 consolidated revenue | ₹54,364 crore |
| FY26 consolidated PAT | ₹366 crore |
| FY26 consolidated EBITDA | ₹1,208 crore |
| FY26 operating cash flow | ₹632 crore |
| FY26 free cash flow | Approximately -₹1,119 crore |
| FY26 debt/equity | Very low; debt largely relates to lease/financial liabilities |
| TTM P/E | ~747x |
| TTM P/B | ~10.5x |
| TTM EV/EBITDA | ~108x |
The FY26 revenue increase needs to be interpreted carefully because the company shifted its quick-commerce business toward an inventory model, causing the full value of goods sold to be reflected in reported revenue. On a like-for-like basis, Eternal’s consolidated adjusted revenue grew 61% in FY26.
Zomato Share Price Target 2026
For the Zomato/Eternal share price target 2026, the most important variables are Blinkit’s growth, food-delivery profitability and the pace at which the market begins valuing the company on future earnings rather than its currently very high trailing P/E.
Eternal reported strong Q1 FY27 operating growth. Consolidated adjusted revenue increased 173% YoY to ₹20,648 crore, while consolidated adjusted EBITDA increased 223% YoY to ₹555 crore.
Blinkit is becoming increasingly important to the investment case. During Q1 FY27, Blinkit’s adjusted EBITDA margin reached 0.6% of NOV, while the company added 200 stores, taking the store count to approximately 2,443.
Reuters reported that Eternal expects Blinkit’s long-term EBITDA margin to reach the upper end of its previously indicated 5–6% range, although it did not provide a specific timeline.
For FY27, external earnings estimates vary considerably. One available consensus dataset shows average FY27 EPS of about ₹1.58, while FY28 EPS is estimated at approximately ₹3.76.
Because these earnings estimates are still evolving rapidly, a wide valuation range is appropriate.
2026 scenario targets:
- Bear Case: ₹260
- Base Case: ₹350
- Bull Case: ₹440
The ₹350 base-case target represents only modest upside from the reference price because Eternal already trades at a very demanding valuation on current earnings.
The calculation is approximately:
FY27 EPS ₹1.58 × 222x P/E = ₹351
The high P/E multiple is necessary because FY27 earnings are still relatively small compared with the company’s market capitalisation. A lower multiple would produce a materially lower target.
Zomato Share Price Target 2027
The Zomato share price target 2027 becomes increasingly dependent on earnings rather than revenue growth alone.
Eternal’s FY26 results demonstrate the scale of the underlying businesses.
B2C NOV increased 55% YoY to ₹95,959 crore.
Food-delivery NOV increased 16% to ₹37,993 crore, while quick-commerce NOV increased 117% to ₹48,567 crore.
The company has stated that it expects annual NOV to potentially double to $20 billion within two years and expects consolidated adjusted EBITDA to reach $1 billion by FY29.
The key issue for investors is therefore not simply whether Blinkit and Zomato grow rapidly, but how much of that growth eventually converts into sustainable earnings and free cash flow.
For FY28, the available analyst-estimate dataset indicates EPS of approximately ₹3.76.
Using a progressively lower valuation multiple as earnings mature:
FY28 EPS ₹3.76 × 101x P/E = approximately ₹380
This produces a 2027 Base Case target of ₹380.
The scenario range is:
- Bear Case: ₹260
- Base Case: ₹380
- Bull Case: ₹500
The large difference between the scenarios reflects the unusually high sensitivity of Eternal’s valuation to earnings growth and P/E compression.
Zomato Share Price Target 2030
The Zomato share price target 2030 requires a much greater degree of assumption than the 2026 or 2027 targets.
By 2030, the investment thesis would ideally shift from “high-growth businesses requiring continued investment” toward a portfolio of mature businesses generating substantial EBITDA and free cash flow.
Eternal’s FY26 annual report indicates that Blinkit expects to grow NOV at more than 60% CAGR over the following three years, while the company expects consolidated adjusted EBITDA to reach approximately $1 billion by FY29.
At the same time, the company faces considerable competitive intensity in quick commerce. Therefore, assuming extremely high growth indefinitely would not be appropriate.
For this analysis, a FY30 EPS assumption of ₹7.00 is used as a scenario assumption rather than an official company forecast.
The assumptions are:
- FY27 EPS: ~₹1.58 — external consensus estimate
- FY28 EPS: ~₹3.76 — external consensus estimate
- FY29 EPS: ~₹5.20 — scenario assumption
- FY30 EPS: ~₹7.00 — scenario assumption
This implies substantial earnings growth but also assumes that the company’s rapid expansion eventually converts into stronger consolidated profitability.
Using a 60x FY30 P/E for the base case:
₹7.00 EPS × 60x P/E = ₹420
Therefore:
- 2030 Bear Case: ₹280
- 2030 Base Case: ₹420
- 2030 Bull Case: ₹560
The ₹420 base case should not be interpreted as a precise forecast. It is the result of applying a mature-growth valuation multiple to an assumed FY30 EPS.
Zomato Share Price Target 2026, 2027, 2030: Bull vs Base vs Bear
| Year | Bear Case | Base Case | Bull Case | Base EPS Assumption | Base P/E |
|---|---|---|---|---|---|
| 2026 | ₹260 | ₹350 | ₹440 | ₹1.58 | 222x |
| 2027 | ₹260 | ₹380 | ₹500 | ₹3.76 | 101x |
| 2030 | ₹280 | ₹420 | ₹560 | ₹7.00 | 60x |
Reference price: ₹332.25 as of September 25, 2026.
Approximate Base-Case Upside/Downside
| Year | Base Target | Approx. Change vs ₹332.25 |
|---|---|---|
| 2026 | ₹350 | +5% |
| 2027 | ₹380 | +14% |
| 2030 | ₹420 | +26% |
These percentages are mechanical calculations from the reference price and do not represent expected returns or forecasts.
How We Calculated the Zomato Share Price Target
The primary methodology used here is:
Estimated EPS × Appropriate P/E Multiple = Indicative Share Price
The valuation multiple is gradually reduced as the company matures.
This is important because applying today’s trailing P/E to future earnings would produce an unrealistic valuation.
Eternal’s trailing P/E is currently around 747x, with a P/B ratio of approximately 10.5x and EV/EBITDA of roughly 108x according to current market-data estimates.
These ratios look extremely high because the denominator—current reported earnings—is still relatively small compared with the company’s market capitalisation.
The market is effectively pricing in substantial future earnings growth.
2026 Base Case
₹1.58 FY27 EPS × 222x P/E = ₹351
The multiple remains high because FY27 represents an early stage of the earnings ramp.
2027 Base Case
₹3.76 FY28 EPS × 101x P/E = ₹380
The EPS increase allows the valuation multiple to decline materially without necessarily causing a proportionate decline in the share price.
2030 Base Case
₹7.00 FY30 EPS × 60x P/E = ₹420
By 2030, the model assumes that Eternal has become a much more profitable business. Consequently, the valuation multiple falls significantly.
This is the central feature of the model: earnings growth drives the valuation while the P/E multiple gradually normalises.
Valuation: What the Market Is Pricing In
Eternal’s current valuation is demanding when measured against current earnings.
As of September 25, 2026, available market data puts the company’s P/E at approximately 747x, P/B at approximately 10.5x and EV/EBITDA at approximately 108x.
However, comparing Eternal’s P/E directly with conventional mature companies can be misleading because the company is still in a rapid investment and earnings-scaling phase.
There is also no clean single “industry P/E” that adequately represents Eternal because its businesses span food delivery, quick commerce, entertainment/going-out and B2B restaurant supplies.
For context, available peer data shows very wide valuation dispersion: Policybazaar was around 75x P/E, TBO Tek around 69x, Nykaa around 366x and Info Edge around 41x in the referenced market-data set.
These companies are not direct like-for-like peers, so the comparison should be treated only as valuation context rather than a formal peer multiple.
The more important valuation question is therefore:
Can Eternal grow earnings rapidly enough to make today’s high valuation reasonable over several years?
That remains the key uncertainty.
Business & Growth Drivers
Eternal operates several consumer and business platforms, with the principal businesses being Zomato food delivery, Blinkit quick commerce, District/going-out and Hyperpure.
1. Food Delivery
Food delivery remains an important cash-generating business.
FY26 food-delivery NOV increased 16% to ₹37,993 crore, while adjusted EBITDA increased to ₹2,017 crore from ₹1,505 crore in FY25. Food-delivery adjusted EBITDA margin improved from 4.6% to 5.3%.
The company expects food-delivery NOV growth to move toward its long-term expectation of 20%+ as affordability, customer penetration and restaurant selection improve.
2. Blinkit
Blinkit is potentially the largest driver of long-term earnings growth—but also one of the biggest sources of execution and valuation risk.
FY26 quick-commerce NOV increased 117% to ₹48,567 crore. Blinkit added 942 net stores during FY26, ending the year with 2,243 stores across more than 250 cities.
By Q1 FY27, the network had reached approximately 2,443 stores. Blinkit’s adjusted EBITDA margin improved to 0.6% of NOV.
The long-term valuation case depends heavily on whether Blinkit can combine rapid growth with steadily improving unit economics.
3. District / Going-Out
The going-out business includes dining and entertainment ticketing.
FY26 going-out NOV increased 42% to ₹9,399 crore. However, the segment’s adjusted EBITDA remained negative because Eternal continued investing in the business.
A successful transition toward profitability could provide another earnings contributor over the longer term.
4. Hyperpure
Hyperpure provides B2B supplies to restaurants.
Its total revenue declined in FY26 because the company scaled down the non-restaurant portion following the shift toward inventory ownership in quick commerce.
However, its core restaurant business continued to grow. Adjusted EBITDA loss narrowed sharply to ₹17 crore from ₹84 crore.
Key Factors That Could Drive Zomato Share Price
Several variables could materially affect the future Eternal share price.
- Food-delivery growth: Sustained double-digit NOV growth can support continued operating leverage.
- Blinkit growth: Quick-commerce expansion remains a major earnings driver.
- Blinkit margins: The transition from rapid growth toward sustainable profitability could materially change the valuation framework.
- Store productivity: Revenue/NOV per dark store and customer frequency will be important.
- Customer acquisition: Continued growth in transacting customers can expand the addressable market.
- Advertising and platform monetisation: Higher monetisation of food-delivery traffic can improve margins.
- District profitability: Successful scaling could add another profitable business.
- Operating leverage: Higher revenue without proportionate cost growth could drive EBITDA and EPS growth.
- Free cash flow: The market could increasingly focus on cash generation as expansion matures.
- Competition: The intensity of competition among quick-commerce platforms can influence discounts and margins.
- Institutional ownership: Changes in FII/DII and mutual-fund holdings can affect market sentiment and liquidity, although they should not be treated as a substitute for fundamental analysis.
Financial Performance: What Has Changed?
Eternal’s FY26 consolidated revenue from operations increased to approximately ₹54,364 crore from ₹20,243 crore, largely because of the accounting impact of the quick-commerce inventory model.
Consolidated EBITDA increased from approximately ₹637 crore to ₹1,208 crore.
However, consolidated PAT declined from ₹527 crore to ₹366 crore.
This apparent contradiction is important.
The business is growing rapidly and EBITDA has improved, but depreciation and amortisation increased significantly because of the investment in the quick-commerce infrastructure.
The company itself highlighted this as a major reason for lower FY26 PAT.
FY26 operating cash flow was approximately ₹632 crore, compared with ₹308 crore in FY25, while capital expenditure was around ₹1,751 crore. This resulted in negative free cash flow on a simple operating-cash-flow-minus-capex basis.
Therefore, the next stage of the story is not simply revenue growth—it is conversion of revenue growth into sustainable earnings and cash flow.
Balance Sheet and Financial Strength
Eternal entered FY27 with a relatively strong liquidity position, although the expansion of Blinkit has increased capital requirements.
FY26 consolidated cash and cash equivalents stood at approximately ₹996 crore, with additional investments and bank balances.
The company’s balance sheet also included significant lease liabilities associated with its expanding operations.
Available June 2026 financial data indicates approximately ₹66,140 crore of cash and investments against roughly ₹4,592 crore of total debt, resulting in positive net cash on that definition.
The balance sheet therefore does not currently resemble a highly leveraged business.
The larger financial question is how much capital the company needs to deploy to maintain Blinkit’s rapid expansion.
Earnings Projection Used for the Target Model
The following table separates external estimates from scenario assumptions:
| Fiscal Year | EPS Used | Status |
|---|---|---|
| FY2027 | ₹1.58 | External analyst estimate |
| FY2028 | ₹3.76 | External analyst estimate |
| FY2029 | ₹5.20 | Scenario assumption |
| FY2030 | ₹7.00 | Scenario assumption |
The FY27 and FY28 figures are based on an available analyst-estimate dataset rather than management guidance.
The FY29 and FY30 figures are not company guidance. They are assumptions created for this valuation exercise.
There is significant uncertainty around these figures. For example, one brokerage model published in 2026 had materially higher EPS estimates of approximately ₹2.4 for FY27 and ₹4.5–₹4.6 for FY28, demonstrating how widely earnings expectations can differ for a rapidly scaling company.
This dispersion is one reason a scenario-based valuation is more appropriate than a single-point forecast.
Zomato Share Price Target: Bull Case
The Bull Case assumes:
- Blinkit continues to grow rapidly.
- Store expansion produces improving economics.
- Quick-commerce margins rise meaningfully.
- Food delivery maintains strong margins.
- District moves closer to profitability.
- Consolidated EBITDA scales rapidly.
- Earnings growth remains substantially above mature consumer-internet businesses.
- Investors continue to assign a premium multiple because of the growth opportunity.
Under these assumptions, the model produces approximately:
| Year | Bull Target |
|---|---|
| 2026 | ₹440 |
| 2027 | ₹500 |
| 2030 | ₹560 |
This is not the expected outcome; it represents a higher-growth scenario.
Zomato Share Price Target: Base Case
The Base Case assumes:
- Food delivery grows steadily.
- Blinkit remains the main growth engine.
- Quick-commerce profitability improves gradually.
- Competition remains significant but manageable.
- District and other businesses require continued investment before becoming meaningful contributors.
- Earnings grow rapidly for several years.
- P/E compresses as earnings scale.
Under these assumptions:
| Year | Base Target |
|---|---|
| 2026 | ₹350 |
| 2027 | ₹380 |
| 2030 | ₹420 |
The base case deliberately does not assume that Eternal can sustain today’s exceptionally high trailing P/E indefinitely.
Zomato Share Price Target: Bear Case
The Bear Case assumes:
- Quick-commerce competition remains intense.
- Discounts and customer-acquisition costs remain elevated.
- Blinkit margins improve more slowly.
- Food-delivery growth moderates.
- New businesses continue consuming capital.
- Depreciation and other costs remain elevated.
- Investors assign substantially lower valuation multiples.
Under this scenario:
| Year | Bear Target |
|---|---|
| 2026 | ₹260 |
| 2027 | ₹260 |
| 2030 | ₹280 |
The Bear Case is not intended to represent a business-collapse scenario. It represents a situation where the company continues to grow but fails to generate earnings growth quickly enough to justify its current valuation.
Risks to the Zomato Share Price Target
1. Valuation Risk
This is arguably the most obvious risk.
At approximately 747x trailing earnings, the stock is priced for substantial future earnings growth.
Even if the underlying business performs well, a lower future P/E multiple can limit share-price appreciation.
2. Quick-Commerce Competition
Blinkit operates in an intensely competitive market. Competition from Swiggy Instamart, Zepto and other large players could affect pricing, discounts, delivery economics and customer acquisition costs.
3. Margin Pressure
Rapid expansion can increase warehousing, employee, technology, logistics and depreciation costs.
4. Execution Risk
The company has aggressive growth ambitions. Store expansion, supply-chain development and geographic expansion must eventually translate into attractive returns on capital.
5. Regulatory Risk
Changes affecting gig workers, e-commerce, food delivery, quick commerce, taxation or consumer protection could alter the economics of the businesses.
6. Earnings Volatility
Reported PAT remains relatively small compared with the company’s market capitalisation.
This means relatively small changes in earnings expectations can produce large changes in valuation.
7. Capital Intensity
Blinkit’s rapid expansion requires continued investment.
If free cash flow remains weak for longer than expected, valuation support could become more dependent on future earnings expectations.
8. New-Business Losses
District, Bistro and other initiatives may require investment before achieving profitability. Eternal’s FY26 results already showed significant losses in the “Others” segment.
Is Zomato a Long-Term Growth Story?
Eternal has several characteristics associated with a long-term growth business: large consumer platforms, strong transaction growth, increasing customer penetration, significant quick-commerce expansion and substantial potential operating leverage.
The most important part of the thesis is the combination of Zomato’s established food-delivery business and Blinkit’s rapidly scaling quick-commerce platform.
FY26 demonstrated this shift particularly clearly. Quick-commerce NOV of ₹48,567 crore exceeded food-delivery NOV of ₹37,993 crore for the full year.
At the same time, the valuation leaves relatively little room for disappointment.
The company therefore presents an unusual combination: very high growth potential alongside very high valuation sensitivity.
For the long term, the critical question is whether Eternal can convert its rapidly growing transaction volumes into substantially higher EPS and free cash flow.
If that happens, today’s high valuation can potentially become more reasonable as earnings compound.
If earnings growth falls materially short of expectations, valuation compression could offset much of the underlying business growth.
The ₹350/₹380/₹420 Base Case targets should therefore be viewed as valuation-model outputs rather than predictions of where the stock will trade.
Frequently Asked Questions
1. What is Zomato share price target for 2026?
Based on the scenario model used in this analysis, the 2026 Zomato/Eternal share price targets are approximately ₹260 in the Bear Case, ₹350 in the Base Case and ₹440 in the Bull Case.
The Base Case uses an assumed FY27 EPS of ₹1.58 and a 222x P/E multiple.
2. What is Zomato share price target for 2027?
The model estimates a 2027 Bear Case of ₹260, Base Case of ₹380 and Bull Case of ₹500.
The Base Case uses an assumed FY28 EPS of ₹3.76 and a 101x P/E multiple.
3. What is Zomato share price target for 2030?
The scenario model gives a 2030 Bear Case of ₹280, Base Case of ₹420 and Bull Case of ₹560.
The Base Case assumes FY30 EPS of ₹7.00 and a 60x P/E multiple.
The FY30 EPS figure is a scenario assumption and is not company guidance.
4. What factors could affect Zomato share price?
The major factors include Blinkit growth, food-delivery growth, quick-commerce margins, customer acquisition, store productivity, competitive intensity, District profitability, consolidated EBITDA growth, free cash flow and the valuation multiple investors are willing to pay.
5. What valuation method is used for the Zomato share price target?
The primary methodology is:
Estimated EPS × Assumed P/E Multiple = Indicative Share Price
Different multiples are used for the Bear, Base and Bull scenarios to reflect different assumptions about growth, profitability and market valuation.
6. What are the major risks to the Zomato share price target?
The major risks include high valuation, slower-than-expected earnings growth, quick-commerce competition, margin pressure, continued capital expenditure, execution risk, regulatory changes and slower-than-expected conversion of revenue growth into free cash flow.
Final Zomato Share Price Target Summary
| Year | Bear | Base | Bull |
|---|---|---|---|
| 2026 | ₹260 | ₹350 | ₹440 |
| 2027 | ₹260 | ₹380 | ₹500 |
| 2030 | ₹280 | ₹420 | ₹560 |
Sanity check: The model deliberately avoids applying Eternal’s current ~747x trailing P/E to future earnings. Instead, it assumes substantial EPS growth accompanied by progressive P/E compression.
This is important because the stock’s current valuation already reflects considerable future growth.
The model also reflects the company’s stated ambition to reach approximately $1 billion of consolidated adjusted EBITDA by FY29 and the rapid expansion of Blinkit, but it does not assume that every growth initiative will succeed or that the company’s current valuation will remain unchanged.
Bottom line for the model: The central variable for the long-term Zomato/Eternal share price is not simply revenue growth.
It is the rate at which Blinkit + food delivery growth converts into sustainable EPS and free cash flow while the valuation multiple gradually normalises.
Disclaimer: These share price targets are scenario-based estimates for educational and informational purposes only. They are not guaranteed price predictions or investment advice. Actual prices may differ materially depending on earnings, valuation, market conditions and company-specific developments.