ICICI Securities research report onEternal
Blinkit has continued to deliver strong growth, supported by dark-store expansion and increasing category penetration. It remains the only major quick commerce (QC) player to have achieved EBITDA-level profitability; and notably, has sustained profitability despite heightened competitive intensity. We think Blinkit’s value proposition of convenience appears appealing and could improve further as its dark-store count nears ~3,000. We see limited near-term risk to the existing duopoly structure in food delivery. As both food delivery (FD) and QC turn into cash-generative engines, we see room for value discovery in ‘going out’.
Maintain BUY; TP revised to INR 425, rolling forward by six months.
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