Eternal limited has filed with exchange copy of shareholders letter dated July 22, 2026

Department of Corporate Services Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers C-1, G-Block, Bandra - Kurla Complex Dalal Street, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 543320, Scrip Symbol: ETERNAL ISIN: INE758T01015 Sub.: Shareholders’ letter dated July 22, 2026 Dear Sir/ Ma’am, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Shareholders’ letter dated July 22, 2026. The above information will also be hosted on the website of the Company i.e. www.eternal.com. For Eternal Limited (Formerly known as Zomato Limited) Sandhya Sethia Company Secretary & Compliance Officer Date: July 22, 2026 Encl.: As above ETERNAL LIMITED (Formerly known as Zomato Limited) Registered Address: Ground Floor 12A, 94 Meghdoot, Nehru Place, New Delhi - 110019, India CIN: L93030DL2010PLC198141, Telephone Number: 011 - 40592373 Headline Results for Q1FY27 (Quarter ending June 30, 2026) * Sharp increase in YoY Adjusted Revenue growth mainly due to shift to 1P model in quick commerce, where Revenue now also includes the full monetary value of goods sold (versus largely marketplace commission in Q1FY26). ** Like-for-like (“LFL”) consolidated Adjusted Revenue is calculated as consolidated Adjusted Revenue (-) Revenue from Hyperpure’s non-restaurant business (-) cost of goods sold in case of own inventory sales in quick commerce. Notes: 1) NOV (B2C business) is defined as the combined net order value (NOV) of consumer facing businesses i.e. food delivery, quick commerce and going-out. NOV (B2C business) excludes the NOV of Bistro business which is part of the ‘Others’ segment. 2) Adjusted Revenue defined as consolidated revenue from operations as per financials (+) actual customer delivery charges paid in the food delivery business (net of any discounts, including free delivery discounts on Zomato Gold program) (+) platform fee and other charges paid on food delivery Orders that are not already included in revenue from operations. 3) Adjusted EBITDA = EBITDA (+) share-based payment expense (-) rental paid for the period pertaining to ‘Ind AS 116 leases’. In the letter below, we address the key questions that we think investors might have. Please refer to Annexure A for the key financial and operating metrics data. Q1. How was the business performance in Q1FY27? Akshant: Key takeaways from Q1FY27 business performance are as follows - At a consolidated level, B2C NOV grew 54% YoY to INR 31,120 crore. Adjusted Revenue grew 173% YoY (17% QoQ) to INR 20,648 crore. Note: like-for-like growth was 66% YoY - the difference reflects the business model shift to inventory ownership in quick commerce. Consolidated Adjusted EBITDA grew 223% YoY (29% QoQ) to INR 555 crore. Food delivery (Zomato) - NOV growth reached 20%+ YoY (INR 10,769 crore), after four consecutive quarters of acceleration. GOV YoY growth was a few percentage points higher (sunsetting this metric disclosure from this quarter onwards as NOV more accurately reflects underlying performance). Adjusted EBITDA margin improved to 5.6% of NOV, resulting in INR 606 crore of profit (34% YoY growth). Quick commerce (Blinkit) - NOV grew 86% YoY to INR 17,132 crore with QoQ growth at 19%. 200 net new stores were added, taking the total count to 2,443. Adjusted EBITDA improved for the fifth consecutive quarter to 0.6% of NOV, resulting in INR 102 crore profit (as compared to INR 162 crore loss last year). Going-out (District) - NOV growth accelerated to 60% YoY (18% QoQ) to INR 3,218 crore. Adjusted EBITDA margin improved to -2.0% of NOV from -2.7% last year resulting in a loss of INR 65 crore. Hyperpure - Revenue grew 27% YoY (LFL) and 6% QoQ to INR 1,034 crore. Adjusted EBITDA margin improved to 0.6% from -0.8% last year, resulting in INR 6 crore profit (as compared to INR 18 crore loss last year). Others (Bistro, Nugget) - Adjusted Revenue grew to INR 95 crore as compared to INR 4 crore last year. Adjusted EBITDA losses increased from INR 45 crore to INR 94 crore, reflecting incremental investments as we scale both initiatives. Q2. Adjusted EBITDA margins in food delivery are approaching the upper end of your steady state guidance of 5-6% of NOV. And at the same time NOV growth continues to accelerate. At what point does the business start trading margin for growth, or does it not have to? Deepinder: We don't think about it as a trade-off. If we're doing our job well, growth and margins should compound together - because growth in this business comes from making the platform more useful to more people, which drives frequency, which drives density, which drives efficiency. The flywheel doesn't ask you to choose. If there comes a point where we have to spend margin to grow, we will - without hesitation. We have always prioritised long-term market expansion over short-term margin. But right now, we don’t need to make any trade-off. The business is growing because it's getting better, not because we're buying growth. And when growth comes from the product getting better, margins tend to take care of themselves. Q3. What has been the impact so far of Toing and Ownly on your business? Deepinder: The impact has been limited. These platforms are offering the same restaurants, similar or longer delivery times, and lower menu prices funded by lower commissions and delivery fee - making the revenue gap even more unsustainable. There's no new use case being unlocked here. The customer traction is purely price-driven, and price-driven traction without structural economics tends to resolve itself. We've responded where needed and we'll adapt if something changes. But we're not spending much energy on this. What we are spending energy on is Bistro - which is our answer to the question these platforms are pretending to solve. If you want to make food delivery work at INR 50-150 price points, you can't do it without supply chain innovation. We're rethinking kitchen operations from first principles here - designing custom equipment, workflows, and automation purpose-built for high-volume, limited-menu formats. This isn't a restaurant. It's closer to a food manufacturing system optimised for freshness, speed, and consistency. It's a different segment, a different occasion, and a genuinely new market. Q4. NOV growth has accelerated meaningfully (19% QoQ vs 8% in Q4FY26). Other than the seasonality factor you had mentioned last time, did anything else change? Albinder: It was largely seasonality and the NOV growth was on expected lines. We continue to focus our efforts on our three pillars of long-term growth - assortment expansion, geographical expansion, and demand densification. This quarter, we continued to make progress on assortment expansion in the top eight cities and geographic expansion in the next 30. Going forward, premiumisation through launch of ‘gourmet’ stores in select locations in top eight cities will also contribute to assortment expansion on the platform. These gourmet stores offer our customers the ability to buy curated premium brands across categories. As these efforts compound over time, we expect NOV growth to remain robust. Q5. Blinkit seems to be increasingly becoming more capital intensive with significant capex and net working capital. What's the framework for evaluating whether this level of investment is justified? Akshant: Quick commerce is not asset-light, unlike our other businesses. Today, we operate about 19 million sqft. of store and warehousing space across 300+ cities. We've invested ~INR 3,000 crore capex over the past four years to build this network, and as we continue to expand, the investments will continue. This is the most critical building block of our business and also our biggest differentiator. As far as working capital is concerned, it is largely driven by inventory ownership - a business model choice we've made deliber [Showing first 8,000 characters — download PDF for full document]