ETERNAL LIMITED — Investor Meet, 23-10-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Eternal's Q2FY26 earnings call highlighted strong quick commerce (Blinkit) growth, fueled by higher marketing spend to onboard new customers, expected to continue. Blinkit targets 3,000 stores by March 2027, forecasting over 100% NOV growth for 1-2 years. Profitability gains from the 90% inventory shift are balanced by increased marketing investments, with EBITDA break-even viewed as an outcome of growth. Food delivery saw improved margins from a platform fee hike, though growth remains constrained by macro factors. Management anticipates a slow growth uptick, maintaining a 20%+ long-term outlook. District's ~30% growth is expected with absolute losses around ₹60-70 Cr, set to improve in FY27. New Bistro (10-minute food delivery) is driving 'Others' segment losses. Management's tone conveyed a confident, growth-focused approach.