ETERNAL LIMITED — Investor Meet, 08-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Eternal Limited faces intense quick commerce competition impacting margin gains despite stable take rates. Store expansions continue, adding ~300 stores with focus on smaller cities. Food delivery grew 16% YoY, targeting 20%+ long-term growth, but near-term challenges remain in affordability and delivery times. Blinkit’s contribution margins are steady amid higher costs, maintaining tier 2/3 market share. Supply pressures on delivery partners are seen as temporary, with focus on operational efficiencies over ultra-fast delivery. Increased marketing spend supports growth, while private labels are avoided. Management remains cautiously optimistic on sustainable growth and profitability.