Goldman Sachs has further pared its holding in Eternal Ltd, the parent company of Zomato, through a block trade worth ₹266.1 crore, taking its total proceeds from stake sales in the past month to over ₹924 crore.
As per exchange filings, Goldman Sachs Bank Europe SE-ODI offloaded around 8.1 crore shares at ₹328.45 apiece, a two percent discount to Eternal’s last close of ₹335.05. The entire lot was purchased by BofA Securities Europe SA, highlighting continued global institutional appetite for the stock even as Goldman reduces exposure.
This is Goldman Sachs’ fourth exit in a series of transactions within weeks. On October 1, it sold 8.2 crore shares worth ₹266.9 crore to Morgan Stanley, followed by another ₹355.3 crore block sale on October 4 to BofA. In late September, the bank had already disposed of ₹36.1 crore worth of shares. Despite these heavy trades, data from June 2025 shows Goldman Sachs held less than one percent stake in Eternal.
While reducing its shareholding, Goldman’s brokerage arm has retained a positive view on Eternal. In a September research note, it maintained a ‘Buy’ rating and revised its price target upward to ₹360, citing the rapid growth of Blinkit, its quick commerce vertical. Investor optimism has been evident, with Eternal stock hitting a record ₹343.95 on September 22 and delivering gains of over 21 percent this year.
Financially, the company’s Q1 FY26 performance showed contrasting signals. Net profit plunged 90 percent year-on-year to ₹25 crore, down from ₹253 crore, but operating revenue surged 70 percent to ₹7,167 crore, led by Blinkit and Zomato’s delivery operations. Analysts expect revenue momentum to continue into the festive season, though profitability pressures are likely to persist in the near term.
