ETERNAL LIMITED — Q2FY27 earnings call summary

Filed 27 October 2026 · Official transcript

No specific comments on FY29 $1bn EBITDA guidance; maintaining prior outlook
Competitive intensity in food delivery increased in Q2; margins expected to remain flat over next 1-2 years with reinvestment in growth
Quick commerce store additions to accelerate in FY28, focusing on tier 2 and 3 cities with robust unit economics
Quick commerce maintains 90-95% 1P SKUs; indirect costs rise with scale but adjusted EBITDA margins improving
Quick commerce NOV per store expected to rise toward INR 11 lakh; store expansion to continue with focus on ROCE
AI agent traffic currently negligible and welcomed; no plans to block agentic commerce traffic
dark.ai is an early-stage, privacy-focused LLM product within Eternal; currently low capex, potential for high gross margins
dark.ai built on fine-tuned open-source models; hosting requires GPU compute; monetization and scale uncertain