Zomato CEO Deepinder Goyal has broken his silence regarding mounting criticism from medical professionals over his experimental health monitoring device called Temple. In a social media post on January 9, Goyal addressed concerns raised by doctors and influencers about the wearable brain monitoring technology.

Goyal's Response to Critics

In his post titled "Gentle reminder to all the concerned doctors and/or influencers", Goyal emphasized that no official announcements have been made regarding the Temple device. He clarified the current development status:

Goyal expressed amusement at critics advising against purchasing what he described as an "unvalidated" device that isn't currently available for purchase. "You are advising people not to buy an 'unvalidated' device that isn't even available to order or pre-order yet. That's funny," he wrote.

About the Temple Device

The Temple device gained public attention when Goyal was spotted wearing it during an appearance on Raj Shamani's YouTube podcast. The experimental device is designed to continuously monitor blood flow in the brain in real-time. Key specifications of the device include:

• Design: Small sensor in gold or silver color
• Placement: Worn near the temple area
• Function: Monitors brain blood flow as a marker of neurological health and aging
• Investment: ₹225 crore from Goyal's personal funds
• Research Basis: Goyal's 'Gravity Ageing Hypothesis'

Medical Professional Criticism

Several prominent medical professionals have voiced concerns about the Temple device and its scientific foundation. The criticism has come from multiple healthcare experts:

Dr Philips criticized Goyal for promoting what he termed an "ancient, already debunked gravitational theory of ageing" to market a wellness product. He compared the device to "a fat band-aid stuck to the temple" and warned against misinformation being branded as wellness innovation.

Dr Chawla, a consultant at IBS Hospital in Lajpat Nagar and founder of HealthPil.com, expressed concerns about the device's effectiveness. He noted that while the device may pick up signals from the temple area related to surface blood flow or pulse changes, measuring actual blood flow inside the brain requires far more complex technology. "In medical science, even advanced tools like MRI and specialised research equipment have their limits," he stated.

Future Plans and Transparency Commitment

Goyal assured that complete scientific data will be shared if and when the company decides to commercialize Temple. He encouraged medical professionals to reserve judgment until official data becomes available, stating: "We will share all the science if and when we decide to sell Temple. You can judge and give all your advice at that moment."

The CEO also called for support of Indian startups while acknowledging the value of medical skepticism when applied at appropriate times. He emphasized that substantial work remains underway before any public release of preview devices.

Eternal shares surged approximately 3% to ₹292.95 on BSE following a strong endorsement from Goldman Sachs, which dismissed the excessive bearish sentiment surrounding the stock. The rally came after the global brokerage maintained its Buy rating and set a revised 12-month target price of ₹375, implying 33% upside potential from current levels. This positive outlook provided much-needed support to the stock, which had declined 17% over the past three months.

Goldman Sachs Maintains Bullish Stance

Goldman Sachs expressed disagreement with the extent of bearishness being priced into Eternal's stock, citing concerns over near-term quick-commerce growth slowdown and competitive pressures on Blinkit's margins as key factors behind the recent correction. The brokerage emphasized that Blinkit's implied EV/EBITDA on normalized margins for FY30E at 14x remains at the lower end of India's internet peer group, despite demonstrating a significantly superior growth profile.

Blinkit's Market Dominance

Goldman Sachs highlighted Blinkit's strong competitive position in India's quick-commerce industry, estimating the platform currently holds 40-45% market share by net order value (NOV). The brokerage expects this market share to remain broadly stable through FY30E, despite intensifying competition from multiple players including Swiggy, Zepto, Jiomart, BigBasket, Amazon, and Flipkart.

The analysis suggests a multi-player market structure with Blinkit maintaining its leadership position alongside a couple of players holding 15-20% market share each, and additional sub-scale competitors. Notably, Goldman expects Blinkit to capture more than 100% share of the quick-commerce industry profit pool (EBITDA) starting FY27E for at least the following 2-3 years.

Q3 Performance Expectations

Nuvama Institutional Equities positioned Eternal among the leaders in revenue growth for Q3 within its internet coverage universe. The brokerage projects strong momentum across its internet coverage for Q3FY26E, with specific financial projections showing mixed results.

While revenue growth appears robust with 187% year-on-year increase and 14% sequential growth, the adjusted PAT is expected to face significant pressure with an 84% year-on-year decline and 86% sequential drop.

Market Outlook

The endorsement from Goldman Sachs comes at a crucial time for Eternal, as investors had grown increasingly concerned about competitive dynamics in the quick-commerce space and their potential impact on profitability. The brokerage's analysis suggests that current market concerns may be overblown, particularly given Blinkit's strong market position and growth trajectory. Goldman's conservative growth estimates compared to management guidance provide additional confidence in their projections, with significant upside potential in bullish scenarios.