Eternal (ETERNAL) Q4 25/26 earnings summary

Executive summary

• Management reiterated confidence in achieving $1 billion EBITDA by FY2029, with Quick Commerce expected to deliver a 60% CAGR and margins of 3–3.5% over the next three years.

• Board approved audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with unmodified audit opinions from Deloitte Haskins & Sells.

• Major acquisitions completed in FY26, including Orbgen Technologies and Wasteland Entertainment, expanding into movie ticketing and events.

• Store expansion remains on track, targeting 3,000 dark stores by March, with flexibility to adjust growth rates based on market dynamics.

• Growth quality and profitability are prioritized over aggressive market share gains, with a focus on sustainable, healthy expansion.

Financial highlights

• Consolidated revenue from operations for FY26 was INR 54,364 crore, up from INR 20,243 crore in FY25.

• Quick Commerce order growth exceeded 90% year-over-year, with strong MTU additions and low customer acquisition costs.

• Food Delivery achieved 15% order growth year-over-year and a margin of 5.5%, with incremental platform fee hikes expected to further improve profitability.

• Net profit attributable to owners for FY26 was INR 366 crore, compared to INR 527 crore in FY25.

• Standalone net profit for FY26 was INR 2,655 crore, up from INR 1,960 crore in FY25.

Outlook and guidance

• Three-year guidance for Quick Commerce is 60% CAGR, driven by assortment and geographic expansion, with no short-term store addition targets.

• Transition in quick commerce segment to a combined marketplace and inventory-led model, expected to impact segment revenue mix.

• Contribution margins in Quick Commerce are expected to rise to 5–6% as the business matures, especially in established markets.

• Labour code changes assessed as having no material impact currently; future impact to be evaluated upon notification of final rules.

• Management remains confident in maintaining pricing discipline and customer retention despite competitive discounting.