Bernstein Maintains ₹370 Target for Eternal Despite Leadership Change

• Bernstein retains its ₹370 target price for Eternal (Zomato's parent), citing a valuation approach that aligns with the company's growth stage.
• The brokerage now values Eternal based on operating earnings (EV-to-adjusted EBITDA) instead of sales, applying a 35x multiple to food delivery and 30x to quick commerce.
• Zomato's Q3FY26 performance was strong, with Blinkit growing 121% and achieving adjusted EBITDA profitability, though future volatility is expected.
• Deepinder Goyal stepped down as CEO to become Vice Chairman, with Albinder Dhindsa taking over daily operations, a transition Gor views as a short-to-medium term net negative.
• Despite leadership changes and intensifying quick commerce competition, Bernstein remains bullish, emphasizing operational performance over narrative shifts.

Why It Matters: Bernstein maintains its Eternal target, focusing on strong operational performance despite leadership reshuffle and market competition.