Eternal Limited has filed with exchange transcript of earnings conference call conducted on July 22, 2026.

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 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 transcript of the earnings conference call conducted on July 22, 2026. The same is also hosted on the website of the Company at https://b.zmtcdn.com/investor- relations/Q1FY27-earnings-call-transcript.pdf. For Eternal Limited (Formerly known as Zomato Limited) Sandhya Sethia Company Secretary & Compliance Officer Date: July 29, 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) Q1FY27 Earnings Conference Call Transcript July 22, 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 16 Moderator: Ladies and gentlemen, a very good evening, and welcome to Eternal Limited's Q1FY27 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 Gaurav Malhotra from Axis. Please go ahead. Gaurav Malhotra: Hi, good evening, everyone. Congrats on a good set of numbers. Just had a couple of questions. Firstly, you seem to have raised the long-term guidance in quick commerce from 5-6% to 6%. What gives you this confidence to do this now, especially when there is sort of competitive intensity in this sector? Akshant Goyal: Hi, Gaurav. This is basis what we are seeing in the business. What we're trying to communicate here is that over time, we have increased the capex per store in our business and some of these investments are leading to increase in efficiency in the business. It's also a function of increase in average store sizes, etc. All these investments are clearly lining up in a way where we now have higher visibility on margins and we think at this point we're likely to end at the higher end of the range that we had guided earlier and hence, the communication. Gaurav Malhotra: Understood. The next question is you mentioned the older cohorts are spending 3x versus three years back. Just wanted to get a sense of the split between how much of this is related to order frequency and how much of it is related to the AOV growth? Akshant Goyal: Gaurav, we don't share that data, but directionally, most of it is frequency growth. With passage of time for a customer cohort, we see that NAOV stabilizes. It grows but only slightly, and most of the growth comes from frequency growth. Gaurav Malhotra: Got it. Just one last question. How much of this growth, which we are seeing at an aggregate level in Blinkit, is coming from existing cities versus geographical expansion? Albinder Singh Dhindsa: Most of it is from existing cities. Page 2 of 16 Gaurav Malhotra: Okay, thank you. Moderator: Thank you. Next question is from the line of Vivek Maheshwari from Jefferies. Please go ahead. Vivek Maheshwari: Hi, good evening team. My first question is on Blinkit, two parts. On your response in question number eight, you mentioned two points. Can you please elaborate on that? You have started with a statement, “No - competitive intensity remains high but has become more predictable”. Can I request if you can elaborate on this? And do you also think that this first quarter has been the peak of competitive intensity or the phase where we are is the highest competition at this point of time? Albinder Singh Dhindsa: Hey, Vivek. First quarter, so far, was the peak of competitive intensity that we have seen till date because the number of players is higher and everybody was more aggressive. But when we look at competitive intensity and the way that it has evolved over the last few quarters, what we are seeing is that most of the competition is coming in the form of subsidies to customers on products and on delivery fees and that is what has become more predictable. Most competitors are going towards grocery subsidizing, which we are fairly clear about in terms of what we do in that and what is the kind of impact that it has on the business. We don't think that there is a lot of wiggle room for people to go much, much deeper than what they are currently doing because that would balloon losses fairly significantly. That's what we mean when we say it is fairly predictable now. Vivek Maheshwari: Interesting. Got it. And the second part, if you can elaborate on this - you mentioned pricing-led growth requires sustained cash burn and leads to systemic trap they can't easily walk out of. Can you just elaborate on this piece also? Albinder Singh Dhindsa: See, we are fundamentally a supply-creation business and if you channel your supply towards providing discounts to customers, then that's what the business becomes. Every time you want to pull away from that, there is nothing else to offer to the customers because that's what brought those customers to you in the first place. As we’ve also explained, there's no pullback that you'll pull the discounts, and the customers will stay because you've got the customers by promising them a subsidy. They will move to the next platform or the next platform, or they will drop out of the category. We don't see a recovery for platforms from this trap if they are acquiring customers by giving a lot of subsidies. There is no path to recovery or saying that they'll be able to retain those customers when they pull back the subsidies. Akshant Goyal: Vivek, just to add, this is also coming from our own experience in the past. Couple of years ago, when we were building out this business, we were in many major cities and Page 3 of 16 were the number three or four player, and our initial approach in those markets was like typical e-commerce thinking, that let's start discounting and get customers and over time the investment will pay off. That didn't work for us initially in some markets in the south. Eventually, what worked was working on the infrastructure growth, which Albinder mentioned, and we have the outcome in front of us. Now, we are the leading player by NOV in most of these markets and we strongly feel that discount-led growth is not sustainable in the business. That is what has become predictable and so we are able to more confidently plan our next few quarters on what we need to do. Vivek Maheshwari: Got it, just last one on the same point. You already have a number of MTUs, which is comfortably over 30 million. I'm sure the industry is growing so rapidly. If you have to double this number, let's say, 30 plus 30, do you think with the current str [Showing first 8,000 characters — download PDF for full document]