ETERNAL LIMITED — Investor Meet, 29-07-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Eternal's Q1FY27 earnings call showed strong 21% QoQ Quick Commerce (Blinkit) order growth. Blinkit's long-term adjusted EBITDA margin guidance is now ~6%, reflecting increased capex per store (INR 2.5 Cr) driving efficiency. Competitive intensity peaked in Q1 but is now more predictable; the company avoids unsustainable discounting, focusing on infrastructure and scale benefits. Blinkit AOV is flat, with customer growth largely from order frequency. Working capital improved to 14 days. Bistro expands cautiously with 10 kitchens per quarter, emphasizing operational efficiency. Food delivery is seeing accelerated user growth. Management maintains a confident outlook, prioritizing ROCE-driven investments for sustainable expansion.