Eternal Limited has amended its Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI) to align with updated regulatory requirements. The policy, approved by the Board of Directors, aims to ensure uniform dissemination of information and prevent selective disclosure that could impact price discovery. The amended code was submitted to the stock exchanges on July 22, 2026, and has been hosted on the company's website.

The revised framework designates the Chief Investor Relations Officer (CIRO) and the Compliance Officer as key authorities overseeing the disclosure of UPSI. The CIRO is responsible for disseminating information to analysts, investors, and research personnel, while the Compliance Officer ensures necessary submissions to the Stock Exchanges. In cases of uncertainty regarding whether information constitutes UPSI, the matter must be referred to the Compliance Officer, Chief Executive Officer, or Chief Financial Officer.

Principles of Fair Disclosure

The code mandates that UPSI be preserved in strict confidentiality and shared only on a "need to know" basis for legitimate purposes. Prompt public disclosure is required once a definitive decision is made to release information that could impact the company's share price. The company must take reasonable steps to ensure the accuracy of information before dissemination.

To avoid selective disclosure, UPSI must be disseminated universally to all stakeholders through Stock Exchanges and the company's official website. If any selective disclosure occurs inadvertently, the company is required to take corrective action, including informing the Stock Exchanges to make the information publicly available.

Engagement with Analysts and Investors

The policy stipulates that only generally available information should be provided to analysts, research personnel, and institutional investors. To ensure uniformity, the company encourages the presence of more than one representative during such meetings. Audio and video recordings of quarterly earnings calls and other interactions must be posted on the company's website within the statutory time limit.

If UPSI is unintentionally shared during any meeting, the company must treat it as a selective disclosure and promptly make the information generally available. The policy also outlines procedures for responding to queries on news reports and verifying market rumors, in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Enforcement and Compliance

Violations of the Fair Disclosure Code by Designated Persons, including their Immediate Relatives, may result in penal action, disciplinary measures, or termination of employment. The company reserves the right to initiate action under applicable laws, which does not preclude SEBI from imposing monetary penalties or other sanctions. The Board retains the authority to review and amend the code periodically to reflect changes in statutory or regulatory requirements.

Five prominent global brokerages have reaffirmed their bullish stance on Eternal , citing accelerating food delivery growth, improved profitability at Blinkit, and higher long-term EBITDA margin targets as key drivers underpinning the positive outlook. Target prices from these brokerages range from ₹340 to ₹506, reflecting broad confidence in the company's long-term earnings trajectory.

Brokerage Ratings and Target Prices

The following table summarizes the ratings and target prices assigned by each brokerage:

Key Themes Across Brokerage Views

Nomura maintained its Buy rating with a target price of ₹350, noting that food delivery has accelerated while Blinkit has improved its profitability and raised its long-term EBITDA margin target through operational efficiencies.

HSBC retained its Buy rating with a target price of ₹340, pointing to strong food delivery and quick commerce growth, improving margins, and stable competition as factors supporting 15-20% long-term earnings compounding.

JPMorgan maintained an Overweight rating with a target price of ₹390, highlighting accelerating Blinkit and food delivery growth, improving profitability, and higher long-term EBITDA margin targets as reinforcing the company's growth outlook.

CLSA upheld its High Conviction Outperform rating with the highest target price among the five brokerages at ₹506, citing strong execution, faster growth in Blinkit and food delivery, and improving profitability as factors that strengthen long-term earnings visibility.

Jefferies maintained its Buy rating with a target price of ₹415, emphasizing quality-led growth, improving food delivery profitability, and management's confidence in handling quick commerce competition as key supports for the outlook.

Common Drivers Highlighted by Analysts

Across all five brokerage notes, several common themes emerge:

• Accelerating growth in both food delivery and quick commerce (Blinkit)
• Improving profitability and margin expansion at the operational level
• Raised long-term EBITDA margin targets driven by operational efficiencies
• Stable competitive dynamics in the quick commerce space
• Strong management execution and confidence in navigating competition

The convergence of bullish views from multiple global brokerages underscores broad institutional confidence in Eternal's business model and its ability to sustain growth across its core segments.