Goldman Sachs Offloads More Eternal Shares Worth INR 355 Cr

Financial services giant Goldman Sachs yesterday sold yet another 1.08 Cr shares in foodtech giant Eternal in a block deal worth INR 355.3 Cr. 

As per NSE data, Goldman Sachs Bank Europe Se- ODI sold the shares, amounting to 0.11% stake in the company, for INR 329 apiece yesterday. The shares that flooded the market were lapped up by BofA Securities Europe SA.

This is the third time that the financial services giant has sold a stake in the listed foodtech company in the past month. Earlier this month, it sold 82 Lakh shares worth INR 266.9 Cr. Prior to this in September, the investor also sold 9.52 Lakh Eternal shares to Morgan Stanley in a block deal for INR 31.6 Cr.

The stake sale comes as Goldman Sachs looks to book profits amid an upswing in Eternal shares. The stock touched an all-time high of INR 343.95 on September 22. Eternal shares have zoomed 26% in the past three months, while the stock is up 18% on a year-to-date (YTD) basis.

The uptick also comes on the back of multiple brokerage firms issuing positive outlook for the company. Last month, Goldman Sachs reiterated its ‘Buy’ rating for the Eternal stock and raised the price target (PT) to INR 360 from INR 340 earlier, citing the growth potential of its quick commerce arm Blinkit.

In July, ICICI Securities also estimated that Blinkit maintained its lead in the quick commerce race in Q1 FY26, piping rival Swiggy Instamart.

Nevertheless, intensifying competition in the quick commerce space and the saturation in the food delivery segment continue to eat into Eternal’s bottomline.

The foodtech juggernaut’s consolidated net profit plunged over 90% to INR 25 Cr in the first quarter (Q1) of the fiscal year 2025–26 (FY26) compared to INR 253 Cr in the year ago quarter. 

This came even as the company’s operating revenue surged over 70% to INR 7,167 Cr during the quarter under review from INR 4,206 Cr in Q1 FY25.