Eternal Ltd.Blinkit expansion speeds up, food margins flat, AI bets

Eternal's Q2 FY27 call, held on 21 October 2026, was a Q&A-only session built on its shareholder letter, with the CEO and CFO answering ten analysts.

The CFO said quick commerce competition has become more predictable after a 12-month period of new entrants, which supports faster Blinkit expansion: store additions accelerate from the October to December quarter, mostly in smaller cities where paybacks are very good, and Blinkit growth is guided to pick up from the December quarter without a short-term margin hit. In food delivery, competitive intensity was higher and Eternal is reinvesting, so margins should stay flattish for the next one to two years.

The $1 billion FY29 adjusted EBITDA guidance was maintained. Blinkit sales per store per day are about ₹9 lakh against a steady-state guide of about ₹11 lakh, and capex per store stays at a blended ₹2.5 crore. Management detailed dark.ai, an AI assistant a few months from launch, and said agentic commerce is close to zero in India. Of 16 earlier promises, 9 are on track, 3 cannot be checked yet and 4 were not mentioned.