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ETERNAL LIMITED — Q1FY27 Earnings Call Summary
Key Takeaways
- Long-term quick commerce margin guidance raised to 6% due to increased capex per store and efficiency gains
- EBIT margin target around 4% including ESOP expenses; inventory losses steady at 1.8% of NOV
- NAOV in Blinkit expected to remain flat; order growth and margins prioritized
- Capex per store around INR 2.5 crore, with lumpiness due to warehousing investments
- Older customer cohorts show 3x spending growth mainly from frequency increase, not AOV
- Blinkit growth driven mostly by existing cities; competitive intensity peaked in Q1FY27 but now more predictable
- Discount-led growth seen as unsustainable; focus on infrastructure and value to customers
- Net working capital reduced to 12 days due to improved replenishment and throughput
- Gourmet stores added in tier 1 cities; split orders managed to maintain customer experience
- Productivity gains across stores, warehouses, supply chain, and marketing driving efficiency
📄 Source: View original transcript (PDF)
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Summary generated by AI from the official transcript filed on BSE/NSE. Not investment advice.