Eternal Ltd.Strong Quick Commerce Growth & $1B EBITDA Target

Eternal Ltd. delivered robust performance in Q4 FY26, with quick commerce order growth exceeding 90% year-on-year while food delivery registered 15% growth.

Food delivery EBITDA margins stood at 5.5%, near steady-state targets, while Hyperpure achieved its first reported profitability with a small positive margin. Management provided its first three-year guidance, targeting consolidated EBITDA of $1 billion by FY29 and quick commerce growth at 60%+ CAGR through FY27-FY29. The company remains on track to expand its dark store network to 3,000 stores by March FY27, with 17 million square feet of warehousing capacity currently operational.

Geographic penetration in top eight cities has reached 80-90% pin code coverage. Management emphasized strategic discipline, with customer acquisition costs at extremely low levels as competitors pulled back on marketing spend. The company maintains its capital allocation philosophy of optimizing absolute profit growth over margin percentages, reinvesting platform fee hikes into targeted customer acquisition. NCR's achievement of 5-6% quick commerce margins validates the steady-state profitability model across mature markets.