ETERNAL LIMITED — Q1FY27 earnings call summary

Filed 29 July 2026 · Official transcript

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