Blinkit to remain undisputed market leader despite Amazon, Flipkart's QC entry, says Anand Rathi, sees 43% upside

Anand Rathi maintained a Buy rating on Eternal with a target of Rs 400, implying 43% upside, citing Blinkit's market leadership and consistent positive adjusted EBITDA across more than 2,200 dark stores. The brokerage held a Hold on Swiggy with a Rs 310 target, while noting Zepto's rapid order growth to 2.3 million daily orders versus about 3 million for Blinkit and 1.2 million for Swiggy Instamart in Q4 FY26. Zepto filed its DRHP with SEBI, and the brokerage warned that winning new users will get harder as Amazon, Flipkart Minutes and JioMart enter the space.