Blinkit expands beyond metros in India's quick-commerce market race

•Blinkit now accounts for 30% of dark stores in India's top 10 cities and 34% nationally, leading in six of the top 10 cities.

•The company has a presence in over 180 cities, positioning it to capture a large share as adoption spreads beyond metros.

•Blinkit's superior store density supports faster delivery, a broader assortment, and stronger operating leverage, reinforcing its competitive advantages.

•CLSA maintains a high-conviction outperform rating on Eternal, Blinkit's parent company, with a target price of ~506, implying 53.5% upside.