Analysts/Institutional Investor Meet/Con. Call Updates

Department of Corporate Services Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Dalal Street C-1, G-Block, Bandra - Kurla Complex Mumbai- 400 001 Bandra (E), Mumbai - 400 051 Scrip Code: 543320, Scrip Symbol: ETERNAL ISIN: INE758T01015 Sub.: Transcript of the earnings conference call conducted on October 21, 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 transcript of the earnings conference call conducted on October 21, 2026. The same is also hosted on the website of the Company at https://b.zmtcdn.com/investor- relations/Q2FY27-earnings-call-transcript.pdf. For Eternal Limited (Formerly known as Zomato Limited) Sandhya Sethia Company Secretary & Compliance Officer Date: October 27, 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 Eternal Limited (formerly known as Zomato Limited) Q2FY27 Earnings Conference Call Transcript October 21, 2026 Management representatives: 1. Albinder Singh Dhindsa – Chief Executive Officer, Eternal Limited 2. Akshant Goyal – Chief Financial Officer, Eternal Limited 3. Kunal Swarup – Head, Corporate Development, Eternal Limited Page 1 of 15 Moderator: Ladies and gentlemen, a very good evening, and welcome to Eternal Limited's Q2FY27 earnings conference call. From Eternal's management team, we have with us today Albinder Singh Dhindsa, Akshant Goyal and Kunal Swarup. Before we begin, a few quick announcements for the attendees. Anything said on this call, which reflects outlook for the future, or which could be construed as a forward- looking statement, may involve risks and uncertainties. Such statements or comments are not guarantees of future performance, and actual results may differ from those statements. Additionally, please note that this earnings call is scheduled for a duration of 45 minutes, and we will be starting directly with the Q&A section of the call. If you wish to ask a question, please use the raise hand feature available on your Zoom dashboard. We will announce your name on the call and unmute your line, post which you can proceed with your question. We will wait for a minute while the question queue assembles. The first question is from the line of Garima Mishra from Kotak. Please go ahead. Garima Mishra: Hi, thank you so much for the opportunity. First question, could you comment on the competitive scenario in the food delivery business? Has discounting been more aggressive in 2Q than it was in the previous few quarters? In this context, should we assume that margins of the food delivery business have peaked out and any surplus would just be reinvested towards growth? Akshant Goyal: Hi Garima, Akshant here. Generally, the competitive intensity last quarter in food delivery was higher compared to the previous few quarters, and partly also driven by Zomato. We've been aggressively investing in growth, and we are seeing good outcomes on certain investments that we've experimented with in the last few quarters, and they're paying off well. In both new customer acquisition as well as in driving frequency of our existing customer base, we have increased the amount of investments we have done consistently over the last few quarters, and that trend is likely to continue. Directionally, we want to maintain margins broadly and reinvest in growth as much as it makes sense to continue to drive the growth upwards. That's what the operating principle is. It's hard to project or comment on margin trajectory every quarter but broadly, over the next 1 or 2 years, we expect the margins to remain flattish. Garima Mishra: Sure, that's helpful. On the quick commerce business, the new store addition targets that you've laid out are more aggressive than they have been in the past and imply a higher run rate of store additions in FY28 versus FY27. What is giving you this confidence? Of course, there are some things you've laid out already in the letter but Page 2 of 15 what kind of geographies would this entail expansion into? And does this automatically mean that the tier 2, tier 3 cities would account for the lion's share of these incremental store additions, particularly those in FY28? Akshant Goyal: That's right, Garima. Directionally, we've also mentioned in the letter that the bulk of the expansion of these new stores will be in smaller cities. We do expect that to be the focus from here on, and we are seeing great outcomes in terms of payback on these stores in these markets that we've expanded into in the last few quarters. Garima Mishra: Great, that’s it from me for now. I’ll come back in the queue. Akshant Goyal: Thank you. Moderator: Thank you. Next question is from the line of Aditya Soman from CLSA. Please go ahead. Aditya Soman: Hi, good evening. I have two questions. Firstly, on dark.ai. You've included some disclosure on it being sort of a privacy-focused LLM for power users. First, is that correct? And second, can you elaborate a little more on what capex this could entail and how you see monetization? And is this within Eternal? And then on quick commerce, again, just dialing down on that store expansion. On the cost side, is there a meaningful difference in the cost to serve a smaller town today? And how do you expect to overcome that over time? Or is it just a function of you having a higher market share in these small towns? Akshant Goyal: Hi Aditya. Yes, dark.ai is definitely in Eternal. Anything in this letter is safe to assume is part of Eternal. On your other question, this product has been in the works for about a year, and it's not monetized yet, so all the costs here are accounted for in our ‘Others’ segment. So they are already carved out. They're not very meaningful at this stage, and we don't expect the capex or cost to become meaningful, at least as of now, unless, of course, we receive a blockbuster response to this product. Then there might be a scenario under which we may have to invest in infrastructure, GPUs, etc., and we'll update everyone if that happens. As a base case, we think this could be a high gross margin business, which could fund itself largely and get to profitability pretty soon. That's the outlook right now. It's very early. Once we launch, we'll iterate on what's the right monetization here and how much we need to invest to continue to grow the business. We'll take those calls closer to the launch time, and maybe after that, once we get some feedback from our customers. At this point, there's nothing that we want to highlight. On your question on tier 2 markets, I think what you're asking is whether these markets, from a unit economics standpoint, are any different/ better / worse-off than the larger Page 3 of 15 markets, or is it just that we are getting into these markets so that we have the first- mover advantage on market share. What we have seen so far is that the economics are pretty robust. Paybacks are extremely good in these markets. The other point is also true that these markets are less competitive, and going in first does give one an advantage of locking in the early users of those markets. Both of these things are true, and that's why we want to double down on expansion into these markets at this point. Aditya Soman: Perfect and if I may just follow up on the first one. On dark.ai, is this likely to be open to everyone or would you limit it being open to a few customers or is that something that you would rather disclose when it happens? Akshant Goyal: We’ll see. We are still a few months away from launch, so we'll see how the go-to-market is. But long term, it's a product open for all. The reason we've said it's for power users is that it could be priced in a way where it may not become a product [Showing first 8,000 characters — download PDF for full document]