Eternal Ltd runs Zomato food delivery, Blinkit quick commerce, District going-out and Hyperpure B2B supplies, and this quarter's print lands amid escalating quick-commerce competition and a wave of FMCG price hikes. The key things the results will speak to are whether Blinkit's 0.6%-of-NOV Adjusted EBITDA margin held under reinvestment pressure, and how the 1P inventory model absorbs rising shelf prices.
| Results date | October 21, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 20,211 Cr |
| Previous quarter PAT | Rs. 92 Cr |
| Previous quarter EBITDA margin | 2.69% (Adjusted EBITDA margin on Adjusted Revenue) |
| Market cap | Rs. 314,118.9 Cr |
| CMP | Rs. 325.5 |
A board meeting is scheduled on October 21, 2026, to consider the unaudited standalone and consolidated financial results for Q2 and H1 FY27 (quarter and half-year ended September 30, 2026).
An earnings call has been scheduled the same day, October 21, 2026, at 5:00 P.M. IST.
The quarter tests whether quick-commerce momentum can hold through escalated competition and FMCG price inflation, with Q1 FY27 having closed at Rs. 555 Cr of consolidated Adjusted EBITDA and a 2.69% margin on Adjusted Revenue. Demand tailwinds were firm through July-September: quick-commerce festive sales were projected up about 110% YoY, CPI inflation accelerated to 5.54% in September, and District enters its first full consolidated quarter after the Rs. 2,014 Cr Orbgen and Wasteland acquisition completed on April 28, 2026. On costs, retail fuel prices held steady through the quarter, so the delivery-cost pressure is seasonal last-mile mix and state minimum-wage hikes rather than pump prices, while FMCG price hikes squeeze Blinkit's 1P gross margin (27.5% of NOV in Q1) even as they lift NOV via higher ticket sizes. Quick-commerce competition escalated rather than peaked after June — cumulative QC orders crossed 9 million/day in August with Blinkit at 3.4 million and Amazon Now gaining ground — so reinvestment of incremental profitability into marketing and price cuts likely continued. Tax normalization is another moving part: the Rs. 180 Cr tax charge in Q1 FY27 reflected business income becoming taxable as the standalone parent's carried-forward losses are fully utilized in FY27. The call is likely to cover the 60%+ three-year QC NOV CAGR path, the 3,000-store Blinkit target by March 2027, and whether management reinstates short-term quantitative guidance.
Guidance scorecard: Management's stated targets and where each stood at Q1 FY27.
Strategic follow-ups: M&A and restructuring items pending detail.
Risk follow-ups: Regulatory and competitive items management has flagged.
Metric watch: Operating KPIs that signal quality of growth.
Operating metric trajectory: Segment NOV and EBITDA direction entering Q2.
Management has guided to $1 billion of consolidated Adjusted EBITDA by FY29, and the CFO said the implied ~3-3.5% quick-commerce margin math is 'broadly in line with how we're thinking about it' while not giving specific guidance. Q1 FY27 Adjusted EBITDA was Rs. 555 Cr, up 29% QoQ and 223% YoY.
Management confirmed FY27 quick-commerce growth 'will not be 100%' but declined to give a specific number, instead guiding to a 60%+ NOV CAGR over the next three years. It noted Blinkit grew at a 104% CAGR between FY23 and FY26.
Management explained that warehousing investment is lumpy and that actual per-store capex over the last 6-9 months is below the Rs. 2.5 crore guidance, which was raised from Rs. 1 crore and now includes warehousing fees. Q1 FY27 capex was Rs. 711 Cr, and the expansion is supply-chain driven rather than solely throughput-correlated.
Management guided to District breakeven within four to six quarters from Q3 FY26. The Adjusted EBITDA loss narrowed to Rs. 65 Cr (-2.0% of NOV) in Q1 FY27, from -2.7% of NOV five quarters earlier.
PAT fell 47.1% QoQ from Rs. 174 Cr to Rs. 92 Cr as tax expense jumped to Rs. 180 Cr, because carried-forward losses at the standalone parent are being fully utilized in FY27, making business income taxable. Revenue from operations grew 16.88% QoQ to Rs. 20,211 Cr in the same period.