Eternal stock: Axis sees 55% upside in April 2026

Why Eternal is back on multiple broker radar screens

Indian brokerages have refreshed stock recommendation lists ahead of FY27, and Eternal Ltd has emerged as a repeat name across reports. The calls span different styles of research, from “top picks” baskets to Nifty idea lists and sector-specific conviction recommendations.

The focus on Eternal is tied to two tracks shown in the data points highlighted by brokers: improving profitability metrics at the company level and rapid expansion in its quick commerce platform Blinkit. At the same time, the stock’s recent price decline has also become part of the bull case in certain notes.

Internet companies’ operating momentum in recent updates

In recent operating updates cited by broker commentary, internet companies were among the strongest performers.

• Eternal reported 19% year-on-year NOV growth and record EBITDA margins of 5.5%.
• Swiggy posted 22.6% GOV growth with lifetime-high EBITDA margins of 3.3%.
• Blinkit delivered 95% NOV growth.

These operating indicators are being used by analysts as signposts of demand and execution in food delivery and quick commerce, particularly where profitability is improving alongside growth.

Axis Securities’ April 2026 list: Eternal at the top

Axis Securities’ refreshed list of stock picks for April 2026 placed Eternal among its additions, alongside Kotak Mahindra Bank and Nestle India, while exiting Mahanagar Gas, HDFC Bank and Prestige Estate Projects.

In the same set of recommendations, Axis Securities set a target price of ₹360 for Eternal, implying a 55% upside from the current market price referenced in the report. The stated rationale is rapid growth in quick commerce, with Blinkit highlighted as a key driver.

Separately, another largecap recommendation summary attributed to Axis Securities also mentioned Eternal with the highest upside potential of 44%, followed by Bharti Airtel (38%) and ICICI Bank (35%). Since these are presented as distinct summaries, the reported upside figures differ across the cited notes.

Axis Direct’s Nifty view and what it implies for largecaps

A related brokerage view attributed to Axis Direct projected the Nifty could reach 29,480 by December 2026, described as roughly 30% upside from prevailing levels in that note. The same report said Indian equities underperformed the US and other emerging markets in 2025, which made valuations look more attractive.

Axis Direct also identified eight large-cap stocks with potential upsides ranging from 26% to 55%, with Eternal at the top end of that range.

Motilal Oswal: stock drawdown, but Blinkit as long-term option

Motilal Oswal’s commentary referenced the stock’s weak recent performance. Eternal’s share price was reported to be down 20% over the last six months and about 11% since the beginning of the year.

Despite that, Motilal Oswal said Eternal’s food delivery business remains stable, while Blinkit offers a long-term opportunity to benefit from disruption across retail, grocery and ecommerce. The firm also said it has added Kotak Mahindra Bank, Eternal Ltd., and Nestle India to its portfolio of preferred stocks.

In another Motilal Oswal list of top bets, Eternal appeared with a target price of ₹410 and upside potential of 46%. The rationale cited was strong revenue momentum as the company shifts to an inventory-led model, driving sharp growth in net revenues and improving gross margins through full-value recognition and higher inventory ownership. The note also said quick commerce (Blinkit) continues to scale, supported by store expansion and execution, while franchise and e-commerce segments are increasing their share of overall revenues.

Equirus ‘long’ ratings: Eternal and a wider largecap list

Equirus, in its own set of recommendations, maintained a ‘long’ rating on multiple largecaps, including Eternal. The target prices cited were:

• Infosys: ₹1,460
• Adani Ports & SEZ: ₹1,848
• Axis Bank: ₹1,620
• UltraTech Cement: ₹14,600
• Eternal: ₹370
• Eicher Motors: ₹8,790
• ICICI Prudential AMC: ₹3,640
• Torrent Pharmaceuticals: ₹5,286

Equirus also suggested the same view with target prices for Cholamandalam Investment (₹1,871), Tata Consumer Products (₹1,345), Cipla (₹1,555), Astral (₹1,980), Marico (₹901), Mphasis (₹2,900), PI Industries (₹5,500), Welspun Corp (₹1,562), and Blue Star (₹2,069).

Key numbers and targets at a glance

Market impact: how investors may read the broker cluster around Eternal

The cluster of recommendations is notable because it combines both operating metrics (NOV and margins) and valuation-oriented targets (target prices and stated upside percentages). Eternal’s inclusion across lists also shows how quick commerce has become a central variable in brokerage narratives, with Blinkit repeatedly cited as the growth engine.

The data points also place profitability in focus. Eternal’s reported 5.5% EBITDA margin is specifically called out as a record, and Swiggy’s margin print is described as a lifetime high. In a sector where growth often draws scrutiny without profits, the margin references appear designed to strengthen the quality-of-growth argument.

Analysis: what is consistent across the reports

Across different brokers and lists, three common threads appear in the excerpts:

1. Quick commerce is the key driver in the upside case, with Blinkit referenced directly in Axis Securities and Motilal Oswal notes.
2. Operational momentum is being highlighted with specific numbers, such as NOV growth and EBITDA margin records.
3. Eternal’s recent stock decline is being framed as context, at least in Motilal Oswal’s note that cites a 6-month and year-to-date drop.

At the same time, the excerpts show that target prices and upside percentages vary by report. For investors, that typically reflects differences in valuation methods, base price assumptions, and the time horizon used by each brokerage.

Conclusion

Eternal has re-entered multiple brokerage recommendation lists as analysts point to record-level EBITDA margins, strong NOV growth, and the scaling of Blinkit in quick commerce. Axis Securities’ April 2026 picks place Eternal at the top with a ₹360 target and 55% stated upside, while other brokerages such as Motilal Oswal and Equirus also maintain constructive views with different targets. The next set of brokerage updates and portfolio refreshes should provide further clarity on how these views evolve into December 2026.