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Revenue
₹16,315 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Eternal Ltd reported a strong Q3 FY26 with quick-commerce (Blinkit) achieving break-even, a key milestone. Revenue growth was robust, driven by market share gains and assortment expansion, though store throughput dipped slightly due to mix shift. Management maintained confidence in long-term margin targets of 5-6% of NOV for Blinkit, but flagged near-term volatility from irrational competition, including zero-delivery fees by peers. The company guided for 100%+ YoY growth in quick-commerce contingent on rational competition, with store additions of 3,500-4,000 needed. Food delivery growth is expected to trend toward 20% YoY. A key risk is that competitive intensity could pressure margins and growth, requiring tactical responses like delivery fee cuts in some markets.
Colored figures show movement against the previous available record.
Guidance to track
- Management stated that achieving 100%+ YoY growth in Blinkit requires 3,500-4,000 stores and rational competitive environment.
- Management reiterated high confidence in Blinkit achieving 5-6% EBITDA margin on NOV in the long term, supported by city-level data.
- Management expects losses in the going-out business to reduce sequentially from Q3 and reach break-even in the next 4-6 quarters.
- Capex per store is expected to rise as the company invests in automation, larger store formats, and supply chain infrastructure.
Risks flagged
- Aggressive discounting and zero-delivery fees by competitors may force Eternal to respond, impacting margins and store expansion plans.
- Throughput per store declined 6-7% QoQ as assortment expansion includes slower-moving SKUs, which may persist.
- New labor codes on social security and gratuity may raise costs, though management believes they can be absorbed or passed on.
- Losses in the going-out segment jumped due to District Pass launch; management expects sequential decline but trajectory is uncertain.
Key quotes
- We are not saying that the pace of margin expansion will be same as what happened in the last quarter because the comparative intensity was high.
- In absence of a rational competition that we are pointing out, things would have been much better than what they are today.
- Our confidence on margins going to five to six% of NOV remains high.
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