Jignanshu Gor, an analyst from Bernstein, has initiated a new Buy rating on Zomato Ltd. (ETERNAL).
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Jignanshu Gor has given his Buy rating due to a combination of factors, notably the recent share price correction that he believes overstates the true risks to Zomato’s (Eternal’s) business. He argues that the market has become overly pessimistic about quick commerce growth, competitive pressures, and potential AI disruption in food delivery, while these concerns are either already reflected in the valuation or are less structural than feared.
He sees Blinkit-driven quick commerce as the main value driver, with Eternal well positioned to lead in a large, profitable addressable market by 2030 despite near‑term intensity from rivals. Gor also highlights Eternal’s strong cash position, resilient food delivery economics, and the company’s ability to use AI to enhance operations, leading him to view the current weakness as a favorable 12–18 month risk‑reward opportunity even if growth and margins remain somewhat volatile in the next few quarters.