Eternal is positioned for robust headline growth in the December quarter, with analysts projecting strong performance driven by Blinkit's business model transition and sustained quick commerce momentum. However, margin performance and ongoing losses in newer business segments remain key areas of concern for investors.

Consolidated Financial Projections

Brokerages maintain optimistic outlook for Eternal's Q3 performance, with significant growth expected across key metrics:

The substantial revenue growth is largely attributed to Blinkit's transition to a first-party model, which significantly inflates reported revenue figures without proportionate changes in underlying business economics.

Food Delivery Segment Performance

The core food delivery business is expected to maintain steady growth momentum, though at a more moderate pace compared to previous quarters. Key projections from leading brokerages indicate:

Nuvama estimates net order value for food delivery to rise 2.20% quarter-on-quarter, indicating stable demand with limited acceleration. Motilal Oswal expects take rates to hold steady at approximately 21.50%, while most brokerages foresee incremental profitability gains with sequential margin improvements.

Blinkit's Rapid Expansion and Persistent Losses

Blinkit continues as the primary growth driver, with brokerages projecting substantial expansion across key operational metrics:

Despite strong growth momentum, profitability remains elusive for the quick commerce segment. Loss projections vary among analysts:

• Nuvama: Adjusted EBITDA loss widening to ₹130.00 crore
• Kotak Equities: Loss of approximately ₹140.00 crore, though slightly lower sequentially
• Motilal Oswal: Adjusted EBITDA margin at -1.30% of net order value

Motilal Oswal expects Blinkit's gross profitability to improve to about 26.50%, supported by better take rates and operational efficiencies from increased order density.

Other Business Segments

Hyperpure is expected to continue its upward trajectory with strong growth projections. Kotak Equities models 71% year-on-year revenue growth for the segment, driven by higher restaurant penetration and supply-side scaling improvements.

However, higher losses in Blinkit and the District business are likely to impact overall consolidated profitability. Nuvama expects consolidated EBITDA margin to contract marginally by approximately 10 basis points quarter-on-quarter.

Key Monitoring Areas

While revenue and profit growth are expected to remain strong on paper, analysts will focus on several critical factors:

• Commentary on competitive intensity in quick commerce
• Blinkit's clear path to profitability timeline
• Food delivery order growth sustainability
• Margin performance across business segments
• Impact of business model transitions on long-term economics

The December quarter results will provide crucial insights into Eternal's ability to balance rapid growth with improving unit economics across its diversified business portfolio.

Eternal Limited has announced its schedule for releasing Q3FY26 financial results, with both a board meeting and earnings conference call planned for January 21, 2026. The company made this announcement in compliance with Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Meeting Details

The board of directors meeting is scheduled for Wednesday, January 21, 2026, where the board will consider and approve the unaudited financial results for both standalone and consolidated operations. These results will cover the quarter and nine months ended December 31, 2025.

Earnings Conference Call

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

Registration Requirements

Participants must complete mandatory pre-registration to join the earnings call. Key requirements include:

• Pre-registration through the provided Zoom webinar link
• Email confirmation with call details will be sent after registration
• Registration link: https://zomato.zoom.us/webinar/register/WN_7LqAzqvgQBavnpgiy5op0Q

Additional Information Access

The company has committed to making comprehensive documentation available to stakeholders following the earnings call. Both transcript and audio recording of the conference call will be published on the company's official website at https://www.eternal.com/investor-relations/ . The regulatory intimation will also be hosted on the main company website at www.eternal.com .

Company Information

Eternal Limited, formerly known as Zomato Limited, operates under ISIN INE758T01015 with the stock symbol ETERNAL and scrip code 543320. The announcement was signed by Sandhya Sethia, Company Secretary & Compliance Officer, from Gurugram on January 15, 2026.