Eternal Q4FY26: A Physical Moat, Faster Compounding, and Blinkit Turns EBITDA Positive

Consolidated B2C NOV was INR 26,880 crore (+54% YoY), Adjusted Revenue was INR 17,680 crore (+186% YoY), and Adjusted EBITDA was INR 429 crore (+160% YoY). Closing cash balance was INR 17,972 crore.

The company shifted to a 1P model in quick commerce from Q1 FY26, where revenue now includes the full monetary value of goods sold (not only marketplace commission).

Management stated Blinkit NOV growth CAGR should easily be north of 60% over the next three years, supported by assortment expansion, geographic expansion, and demand densification.

Management reiterated steady-state Adjusted EBITDA margin guidance for Blinkit of 5-6% of NOV; some mature cities are already approaching this level, with timing dependent on execution and market conditions.

Management expects food delivery NOV growth to trend toward 20%+ YoY, with margins remaining in the 5-6% range, supported by affordability initiatives aimed at expanding the addressable market.

Auditors highlighted GST show cause notices and demand orders relating to GST on delivery charges, including an INR 420 crore order for a past period, plus additional smaller state notices/orders. The company is contesting these and says it has a strong case.

Management reiterated guidance toward $3 billion in NOV and $150 million in Adjusted EBITDA by FY30, implying approximately 30%+ YoY NOV growth from current levels.