Eternal, the parent company of food delivery platforms Blinkit and Zomato, reported its Q4 FY25 earnings, revealing that Blinkit's Gross Order Value (GOV) increased by 134% year-over-year, driven by aggressive expansion strategies. Blinkit's GOV in Q4 FY25 nearly matched Zomato's food delivery GOV, closing the gap from less than half last year. Eternal introduced a new metric called Net Order Value (NOV), which is GOV minus discounts. Despite growth in GOV, Eternal's margin expansion was limited due to rising competition in the quick commerce sector, with management prioritizing market share over near-term profits. The company also faced a supply-demand mismatch of delivery riders, expected to ease over time. Brokerages responded with mixed ratings and revised target prices: Jefferies downgraded Eternal's target price to ₹250 from ₹255 citing increased competition from players like Amazon and Flipkart; Nomura cut its target to ₹280 from ₹290 but maintained a buy rating, noting Eternal is well positioned to withstand competition despite a delisting of 19,000 restaurants and fewer delivery days impacting GOV in Q4. Nuvama also maintained a buy rating on Eternal with a revised target price of ₹290, down from ₹300. Elara Capital maintained a buy rating on Zomato with a target price of ₹300 but cut EBITDA estimates for FY26 by 15-25% due to a slowdown in Zomato's food delivery segment and rising losses in Blinkit. Other brokerages gave mixed ratings on related banks, including Bandhan Bank and Federal Bank, with target price adjustments reflecting cautious outlooks. Eternal shares experienced pressure post-Q4 results amid these developments.