Shares of Eternal, the parent company of Zomato and Blinkit, have experienced a significant surge, climbing 20% in the past two days. This rally has substantially increased the wealth of the company's CEO, Deepinder Goyal, by an estimated Rs 1600 crore to Rs 2348 crore. The surge in Eternal's stock price is largely attributed to positive investor sentiment surrounding the explosive growth of its quick commerce arm, Blinkit.

The 42-year-old self-made billionaire, Deepinder Goyal, has witnessed the value of his 3.83% stake in Eternal soar to Rs 11,515 crore. According to Forbes' real-time billionaires list, Goyal's net worth is now estimated at $1.9 billion.

Several factors have contributed to this impressive stock performance. Investors are particularly enthusiastic about Blinkit's rapid expansion and its increasing contribution to Eternal's overall revenue. For the first time, Blinkit's net order value (NOV) has surpassed that of Zomato's food delivery service in a full quarter. Eternal's B2C operations are now operating at an annualized NOV of nearly $10 billion, with quick commerce accounting for almost half of this figure.

Eternal, formerly known as Zomato, has been strategically transitioning towards a diversified B2C structure. This shift is highlighted by Blinkit's rise, which now outperforms traditional food delivery operations in revenue. In the first quarter, Blinkit's revenue reached ₹2,400 crore, exceeding Zomato's food delivery revenue of ₹2,261 crore.

Riding the wave of Eternal's success, rival Swiggy also experienced a positive impact, with its shares rallying over 7%. Info Edge, which holds a 12.38% stake in Eternal, saw its shares rise by over 3%. The company's stake in Eternal now represents more than one-third of its own market capitalization.

Brokerage firms are increasingly bullish on Eternal's prospects. Jefferies has upgraded Eternal to a "BUY" rating and raised its target price to Rs 400, acknowledging that it had previously overestimated the competitive threats. Motilal Oswal has also maintained a "Buy" rating, raising the target price from Rs 310 to Rs 330. Elara and Nuvama have set their target prices at Rs 340 and Rs 320, respectively.

Despite a sharp 90% year-on-year decline in consolidated net profit for Q1FY26, Eternal's strong top-line growth has fueled positive market sentiment. Revenue from operations surged 70% year-on-year to Rs 7,167 crore, driven by robust performance in both the quick commerce and food delivery segments. The company's consolidated net profit for the June quarter was reported at ₹25 crore.

Eternal expects to reach 2,000 stores by December 2025, and has added 0.4 million square feet of warehouse space, bringing the total to over 5.6 million square feet.