Eternal's FII Holdings Decline Amid Ownership Cap; UBS Lowers EBITDA Estimates on Competition

Foreign institutional investor (FII) holdings in Eternal have declined for seven consecutive quarters, falling from 54% in mid-2024 to 36.2% by late 2025, following a board decision to cap foreign ownership at 49.5% to maintain Indian ownership status for its Blinkit quick commerce business. Meanwhile, UBS has lowered EBITDA estimates for Eternal and Swiggy due to intensified competition and increased discounting in India's quick commerce sector, delaying Blinkit's breakeven to fiscal year 2027 and impacting margin recovery timelines.