Eternal Limited has announced its board meeting and earnings conference call schedule for the third quarter of fiscal year 2026. The company informed stock exchanges about the upcoming corporate event through a regulatory filing under SEBI Listing Regulations.

Board Meeting and Financial Results

The board of directors of Eternal Limited will convene on Wednesday, January 21, 2026, to consider and approve the company's unaudited financial results. The meeting will cover both standalone and consolidated financial performance for the quarter and nine months ended December 31, 2025.

Earnings Conference Call

Eternal Limited will host an earnings conference call on the same day as the board meeting to discuss the financial results with investors and analysts. The call is scheduled for 5:00 PM IST on January 21, 2026.

Call Participation Requirements

The company has implemented a mandatory pre-registration system for the earnings call:

• Participants must register in advance using the provided Zoom webinar link
• Registration confirmation will be sent via email with call details and joining instructions
• The pre-registration link is available through the company's regulatory filing

Documentation and Accessibility

Eternal Limited will ensure transparency and accessibility of the earnings call materials through multiple channels. The company will make both the transcript and audio recording available on its official website under the investor relations section at www.eternal.com/investor-relations/ .

Regulatory Compliance

The announcement was made pursuant to Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Sandhya Sethia signed the regulatory filing on January 15, 2026, from the company's Gurugram office. The intimation was simultaneously shared with both BSE Limited and National Stock Exchange of India Limited, ensuring compliance with dual listing requirements.

Eternal has experienced a sustained decline in foreign institutional investor (FII) holding over seven consecutive quarters, with ownership dropping from 54% in June 2024 to 36.2% by December 2025. This steady reduction in foreign shareholding reflects strategic regulatory decisions and index-related flows affecting India's new-age internet stock.

Strategic Decision Behind FII Decline

The seven-quarter slide in FII holding directly correlates with a key strategic decision made by Eternal's board in April 2025. The company approved capping foreign ownership at 49.5% to maintain its status as an Indian-Owned and Controlled Company under FEMA regulations. This move was specifically designed to ensure regulatory flexibility for Eternal's rapidly expanding quick commerce business, Blinkit.

Under domestic FDI regulations, e-commerce platforms with majority foreign ownership exceeding 50% are restricted to marketplace model operations and cannot hold inventory. By retaining IOCC status, Eternal can transition Blinkit to an inventory-led business model, allowing the company to stock its own inventory rather than merely facilitating transactions between sellers and consumers.

Operational Advantages of Inventory-Led Model

The inventory-led model provides Eternal with enhanced control over multiple business aspects. The company gains tighter oversight of product assortment, supply chain management, and pricing strategies, while enabling improved margin management. These operational advantages could translate into better profitability over time, particularly in the quick commerce segment where speed, availability, and unit economics are critical success factors.

Brokerage Outlook Remains Positive

Despite the declining FII holding, recent brokerage commentary suggests stabilizing sentiment following a sharp stock correction. Eternal shares have declined approximately 25% from their record high of ₹368 achieved in October 2025, driven by concerns over near-term quick commerce growth slowdown and intensifying competition.

Goldman Sachs maintains a Buy rating with a revised 12-month target price of ₹375, down from ₹390 previously, implying 27.5% upside potential. The brokerage highlighted that Blinkit's implied EV to EBITDA multiple on normalized margins for FY30E stands at 14x, positioned at the lower end of India's internet peer group despite stronger growth prospects.

Goldman Sachs expects Zomato's EBITDA to grow at more than 50% year-on-year through FY30E, with Blinkit maintaining approximately 40-45% market share of India's quick commerce industry by net order value.

Market Leadership and Growth Prospects

Bernstein has also adopted a constructive stance on Eternal's quick commerce operations, expecting Blinkit to continue outperforming rivals Swiggy Instamart and Zepto in 2026. The brokerage cites Blinkit's superior operating metrics, lower cash burn, and more established contribution margins as competitive advantages.

The quick commerce industry is projected to expand by approximately 80% in 2026, driven by continued dark store additions, deeper discounting strategies, and wider category offerings. Bernstein believes strategic positioning, capital allocation capabilities, and execution excellence will determine market winners in this rapidly evolving sector.