ETERNAL From food in minutes to groceries in minutes — Eternal is chasing convenience at a price.

The orders are rising. The users are growing. But the real question is: Is the profit growing fast enough? FY26 consolidated revenue reached about ₹55,760 crore, yet consolidated PAT actually fell to ₹366 crore from ₹527 crore. Higher depreciation and amortisation from quick-commerce expansion played a major role. And that points to the biggest risk: Growth needs capital. Quick commerce needs stores. Stores need investment. And competition needs discounts. Blinkit is expanding rapidly — but quick commerce is becoming a capital-intensive race between Blinkit, Instamart, Zepto and others. The market may celebrate every new dark store. But investors should ask: How much does every new store earn? How long until it pays back? And what happens when competition increases? The food-delivery business is the cash engine. Quick commerce is the growth engine. And that creates a delicate equation: Food delivery → profits Blinkit → expansion Expansion → depreciation + investment Competition → margin pressure Even after Blinkit moved into profitability, its adjusted EBITDA margin remains thin. In the latest quarter, Blinkit’s adjusted EBITDA margin was 0.6%, while Eternal's consolidated profit of ₹92 crore came in well below the ₹258 crore analyst expectation. That's the concern. Revenue can multiply. Orders can multiply. Stores can multiply. But shareholders ultimately own profits and cash flows, not orders. And the company itself is no longer simply Zomato. Zomato. Blinkit. District. Hyperpure. More businesses mean more opportunities — but also more complexity, more investment and more execution risk. The bull case says India will keep ordering more. The bear case asks: What if convenience becomes a commodity? If everyone delivers in 10 minutes, 10 minutes stops being a moat. Then the battle moves to: Price. Assortment. Density. Delivery cost. Margins. Eternal has scale, brand and a powerful ecosystem.