Bernstein adds Eternal to India portfolio, drops DMart on quick-commerce risk
Bernstein added Eternal, Paytm and Adani Ports to its 13-stock India model portfolio while removing Avenue Supermarts, citing competitive pressure from quick commerce. The brokerage sees Eternal benefiting from easing competition and growth in the delivery ecosystem.
What happened
Bernstein added Eternal, Paytm and Adani Ports to its India model portfolio and removed DMart, citing quick-commerce competition risk. It sees Eternal
Key facts
- Nifty 50 target: 26,000
- Adani Ports target price: ₹1,973
- Eternal target price: ₹350
- Paytm target price: ₹2,200
- Model portfolio: 13 stocks
Why this matters
Eternal’s strengthening delivery ecosystem may make logistics, merchant-enablement and quick-commerce partnerships increasingly strategic acquisition targets.
What to watch
- Blinkit gross order value growth, monthly transacting customers, average order value and contribution-margin disclosure.
- Eternal dark-store additions versus signs that new stores are reaching profitability more slowly.
- DMart same-store sales growth, gross-margin trend and management commentary on urban grocery traffic or DMart Ready.
- Promotional intensity, free-delivery thresholds and delivery-fee changes at Blinkit, Zepto and Swiggy Instamart.
- Quick-commerce assortment expansion into larger packaged-grocery baskets and repeat purchase frequency.
- FMCG company disclosures on quick-commerce channel mix, inventory allocation and promotional spending.
- Expect Eternal to emphasize Blinkit contribution-margin progression, dark-store maturity and basket-size growth in upcoming results and investor commentary.
- Watch DMart for more explicit quick-commerce strategy updates, including DMart Ready service levels, store-linked fulfillment and changes to assortment or pricing in major metros.
- Competitors may prioritize city-level density and higher-margin categories such as beauty, electronics accessories, pharmacy-adjacent goods and ready-to-eat food rather than broad national expansion.
- Consumer brands could shift incremental trade spending and launch inventory toward quick-commerce platforms, raising the channel's importance in urban FMCG sell-through data.