Eternal Limited (formerly Zomato Ltd) Q2FY26 Concall Decoded – Blinkit Blinks Harder Than Zomato Eats

1. Opening Hook

Somewhere in Gurugram, Akshant Goyal probably has a “Keep Calm, It’s Just CAC” poster above his desk. Eternal (yes, the artist formerly known as Zomato) just had a quarter where Blinkit stole the spotlight while food delivery quietly sulked in the corner, eating leftovers. Growth’s up, losses are… stable-ish, and management insists profitability is “an outcome, not a goal.” Translation: it’ll come when it comes. 🫠

Blinkit’s store army now nears 1,800 and aiming for 3,000 — because apparently, every lane deserves a dark store now. But wait till you see what’s cooking in District and Bistro. Read on, it gets juicier.

2. At a Glance

• Revenue up 37% – CFO swears it’s not spreadsheet sorcery, just quick commerce adrenaline.
• Blinkit GOV up 137% – Albinder’s dopamine hits now come from same-day delivery charts.
• Food Delivery growth 15% – Apparently, India’s eating out less and scrolling more.
• Adjusted EBITDA still red – But hey, “profitability is not a goal,” remember?
• Gross Margin +300 bps – 1P inventory model flex finally showing up.
• Marketing spend up 40% QoQ – Customer acquisition cost = love language.
• Stock flat post-call – Investors blinked, but didn’t bite.

3. Management’s Key Commentary

Albinder Singh Dhindsa: “We’ll keep spending as long as CAC stays healthy.”
(Translation: we’ll burn cash responsibly until someone blinks.)

Akshant Goyal: “EBITDA break-even isn’t a milestone we chase.”
(A fancy way of saying, “don’t hold your breath.”) 😏

Kunal Swarup: “The step change to 80% 1P model is done; rest will be incremental.”
(Read: Don’t expect fireworks next quarter, just faint smoke.)

Akshant Goyal: “Food delivery growth will depend