This Food Delivery Stock Rises 216% in 3 Years: How Quick Commerce Rewrote the Story

This food delivery stock has turned Rs 1 lakh into approximately Rs 3.16 lakh in three years. One consumer internet company delivered a 3-year return of 216.39%, ranking 18th in a screen of 101 large-cap and mid-cap NSE shares as of 10 September 2026.

The company is Eternal Ltd (NSE: ETERNAL), the parent of Zomato, Blinkit, District and Hyperpure, which renamed itself from Zomato Ltd in 2025. The Eternal share price closed near Rs 322.10 on 10 September 2026, up about 0.47% on the day, with a market capitalisation of approximately Rs 3,08,811 crore. Three years ago this food delivery stock traded close to Rs 102.

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How Much Has This Food Delivery Stock Returned?

This food delivery stock has returned 216.39% over three years, which is the headline number. The shorter periods tell a more mixed story. Over one year, the stock is down about 1.1%, and it ranks 89th out of 101 on that measure.

Here is how this food delivery stock has performed across time frames, with its rank in a screen of 101 NSE stocks:

Period	Return (%)	Rank (out of 101)
1 Month	0.19%	97
6 Months	37.02%	43
1 Year	-1.10%	89
3 Years	216.39%	18
5 Years (listed July 2021)	132.74%	47

Returns are simple price changes and are not annualised. The company has not issued a bonus or split its shares since listing in July 2021, so the 216% gain is genuine price appreciation. The 5-year figure covers almost the entire listed life of the company.

The pattern is clear. Most of the gains came between late 2023 and October 2025, when the stock hit a record high of Rs 368.40. It then fell to Rs 212.55 in March 2026 before recovering around 52% to current levels.

Why Did This Food Delivery Stock Rise 216% in 3 Years?

This food delivery stock rose 216% in three years because the business moved from losses to profits while quick commerce became a second, faster growth engine. Index inclusion, a large cash raise and steady buying by domestic funds added fuel. Each driver below shows up in reported numbers.

1. The Swing From Losses to Profits

In FY23 the company reported a net loss of approximately Rs 971 crore. In FY24 it swung to a net profit of Rs 351 crore, followed by Rs 527 crore in FY25. For a food delivery stock that many investors once valued purely on hope, that turnaround changed the debate.

Operating margin moved from minus 33.74% in FY22 to plus 7.72% in FY25. The core Zomato food ordering business led this shift, and it delivered a record adjusted EBITDA margin of around 5.5% of order value in the June 2026 quarter.

2. Blinkit Became the Growth Engine

Blinkit, bought in 2022 for approximately USD 568 million, is now the largest part of the group. It contributed around 78% of revenue in Q1 FY27 and added 200 dark stores in the quarter, taking its network to 2,443 stores.

Blinkit also moved to an inventory-led model, which is why reported revenue jumped from Rs 21,320 crore in FY25 to Rs 55,760 crore in FY26. Reports after the Q1 FY27 results said Blinkit posted a positive adjusted EBITDA of approximately Rs 102 crore, against a loss a year earlier. This quick commerce arm is a big reason investors now see this food delivery stock as more than a restaurant app.

3. Sensex Entry and an Rs 8,500 Crore QIP

In November 2024 the company became the first new-age technology firm picked for the Sensex, and it later joined the Nifty 50. Index inclusion brought steady passive buying from ETFs and index funds.

In the same month it raised Rs 8,500 crore through a qualified institutional placement at a floor price of approximately Rs 265.91. That cash gave the business a cushion to fund Blinkit expansion without taking on meaningful debt. Its debt-to-equity ratio is only around 0.15.

4. Strong Q1 FY27 Numbers Revived the Rally

After a weak patch, the June 2026 quarter restarted momentum. Revenue from operations rose around 182% year on year to Rs 20,211 crore, and B2C net order value grew about 54% to Rs 31,120 crore.

Food delivery order value grew around 20%, ahead of expectations, while District (going-out services) grew order value by about 60%. This food delivery stock rose from around Rs 284 on results day to a 10-month high of Rs 331.95 in late August 2026.

Why Is the 1-Year Return of This Food Delivery Stock Negative?

The 1-year return is negative because the stock peaked in October 2025 and then fell sharply on competition fears. By late December 2025 the Eternal share price was around Rs 277, roughly 25% below its record high.

Rivals of this food delivery stock in quick commerce expanded store networks and cut delivery fees and minimum order values. A Blinkit CFO exit, slower expected order growth and a planned IPO of a competitor added to concerns. A broader market sell-off then pushed this food delivery stock to its March 2026 low of Rs 212.55.

A leadership change also marked the year. Founder Deepinder Goyal stepped down as Group CEO from 1 February 2026 and became Vice Chairman, while Blinkit chief Albinder Singh Dhindsa took over as Group CEO. The market took the change calmly, since Dhindsa had led Blinkit to profitability.

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Food Delivery Stock Financials: Growth Is Big, Profits Are Thin

This food delivery stock now reports one of the fastest revenue growth rates among large-cap stocks, but profit margins remain very thin. Here are the last five quarters on a consolidated basis:

Quarter	Total Income (Rs Cr)	EBITDA incl. other income (Rs Cr)	Net Profit (Rs Cr)	Net Margin (%)
Jun 2025	7,521	469	25	0.35
Sep 2025	13,942	591	65	0.48
Dec 2025	16,663	716	102	0.63
Mar 2026	17,634	828	174	1.01
Jun 2026	20,586	969	92	0.46

For this food delivery stock, revenue nearly tripled in a year, helped by the Blinkit inventory shift. However, net profit of Rs 92 crore in Q1 FY27 fell around 47% from the March quarter and missed market estimates. For the full year FY26, net profit was Rs 366 crore, lower than Rs 527 crore in FY25.

Valuation is the other issue for this food delivery stock. It trades at a PE of around 711 times trailing earnings, against an industry PE of approximately 129. Its price-to-book is around 9.96 and return on equity is only about 1.18%.

Management has set a goal of approximately USD 1 billion in EBITDA by FY29. Investors in this food delivery stock are pricing that future profit, not the current one.

Who Owns This Food Delivery Stock?

This food delivery stock has no promoter holding, so ownership is spread across institutions and the public. The big trend over the past year is a clear shift from foreign to domestic investors.

Quarter	FII (%)	DII (%)	Public (%)	Promoter (%)
Jun 2025	42.34	26.59	31.07	0.00
Sep 2025	39.04	30.12	30.84	0.00
Dec 2025	36.24	32.71	31.05	0.00
Mar 2026	32.61	35.99	31.41	0.00
Jun 2026	29.08	39.32	31.61	0.00

Foreign investors cut their stake by more than 13 percentage points in a year, while domestic institutions raised theirs from 26.59% to 39.32%. Large holders include a leading flexi cap fund with about 4.31% and several Nifty 50 ETFs. Info Edge holds around 12.38%, and Deepinder Goyal holds approximately 4.40%.

Rising domestic ownership gives this food delivery stock support during foreign selling. It also means the Eternal share price is closely tied to mutual fund flows.

What Should Investors Track in This Food Delivery Stock?

Investors in this food delivery stock should track three numbers each quarter. The first is Blinkit adjusted EBITDA, since quick commerce now drives most revenue. The second is food delivery order growth, which has held around 18% to 20% and funds much of the group's profit.

The third is cash. The company had net cash of more than Rs 18,000 crore in late 2025, according to a domestic brokerage. This food delivery stock can fund store expansion from that pile, but faster cash burn would be a warning sign.

A useful rule of thumb for this food delivery stock is simple. When Blinkit margins improve and food delivery grows near 20%, the share has tended to rally. When competitors step up discounting, this food delivery stock has usually corrected, as it did between October 2025 and March 2026.

Investors should also watch capital spending, which rose to approximately Rs 1,751 crore in FY26 from Rs 936 crore in FY25. Operating cash flow of around Rs 632 crore did not cover that outlay, so this food delivery stock is still in an investment phase.

Key Risks for This Food Delivery Stock

The biggest risk for this food delivery stock is competition. Quick commerce rivals are spending heavily on discounts and new stores, and a price war could squeeze Blinkit margins again. Food delivery also faces new entrants in some cities.

Valuation is the second risk. At a PE above 700, this food delivery stock leaves little room for a missed quarter, as the reaction to Q1 FY27 profit showed. Any slowdown in order growth could hit the share hard.

Other risks include thin net margins, rising capital spending on dark stores and warehouses, regulatory action on gig worker pay and social security, and the loss of a founder CEO from daily operations. Continued foreign selling can also weigh on this food delivery stock.

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Eternal Share: Analyst View

Most analysts remain positive on this food delivery stock after the Q1 FY27 results. According to reports, 27 out of 29 analysts tracking the company had a buy or equivalent rating in late July 2026.

For this food delivery stock, analysts like the improvement in Blinkit profitability, tighter inventory control and the steady 20% growth in food delivery. The main debate is how long competitive spending will last in quick commerce.

Eternal Share Price Target

A foreign brokerage has the highest Eternal share price target of Rs 506. Several domestic brokerages have targets of around Rs 400, and another has a target of Rs 385. Against the current price of Rs 322.10, a Rs 400 Eternal share price target implies about 24% upside.

For context, the Eternal share price is still around 12.6% below its record high of Rs 368.40. That level is the first resistance, while the March 2026 low of Rs 212.55 is a key support. Any Eternal share price target is an estimate, not a promise, and depends on execution and competition.

Conclusion

This food delivery stock has tripled investors' money in three years by turning losses into profits and building Blinkit into a large quick commerce business. The 216.39% 3-year return is real price appreciation, with no bonus or split involved.

The recent picture for this food delivery stock is less exciting. The 1-year return is negative, profits are thin and the valuation is steep. Investors tracking this food delivery stock should watch Blinkit margins, food delivery growth and competitive intensity in the coming quarters.

Frequently Asked Questions

Which food delivery stock rose 216% in 3 years?

Ans. Eternal Ltd (NSE: ETERNAL), the parent of Zomato and Blinkit, is the food delivery stock that gained approximately 216.39% over three years as of 10 September 2026. It ranked 18th among 101 large-cap and mid-cap NSE stocks screened.

Why did Eternal shares rise so much?

Ans. Eternal shares rose on a swing from losses to profits, rapid Blinkit growth, Sensex and Nifty inclusion and a Rs 8,500 crore capital raise. Strong Q1 FY27 order growth revived the rally in 2026.

What is the Eternal share price today?

Ans. Eternal closed near Rs 322.10 on 10 September 2026, up about 0.47% on the day. Its 52-week range is Rs 212.55 to Rs 368.45.

What is the Eternal share price target?

Ans. A foreign brokerage has the highest target of Rs 506, while several domestic brokerages have targets of around Rs 400. These are estimates and not assured outcomes.

Is the 1-year return of Eternal positive?

Ans. No. Eternal has returned about minus 1.1% over one year because it fell from its October 2025 record high on quick commerce competition fears before recovering from a March 2026 low.

Did Eternal issue a bonus or split its shares?

Ans. No. Eternal has not issued bonus shares or split its stock since listing in July 2021, so the 3-year return reflects genuine price appreciation.

Who is the CEO of Eternal?

Ans. Albinder Singh Dhindsa became Group CEO on 1 February 2026. Founder Deepinder Goyal stepped down from the role and became Vice Chairman.

What are the main risks for Eternal shares?

Ans. Key risks include intense quick commerce competition, a PE of around 711, thin net margins and heavy capital spending. Regulatory changes on gig worker welfare are another concern.