Eternal Limited has filed with exchange transcript of earnings conference call conducted on July 22, 2026.

AI summary - Long-term quick commerce margin guidance raised to 6% due to increased capex per store and efficiency gains - 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 - 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 - Net working capital reduced to 12 days due to improved replenishment and throughput - EBIT margin target around 4% including ESOP expenses; inventory losses steady at 1.8% of NOV - 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 - ROCE currently negative; framework set for future investments and returns