Eternal Ltd

Eternal Ltd's Blinkit Hits Breakeven 🎯 | 100% Growth Target & $3B Long-Term Goal

- Blinkit achieved breakeven in Q3FY26, with contribution margin expanding by 90 basis points and EBITDA margin by 130 basis points.

- Growth guidance for Blinkit is 100% YoY, contingent on rational competition, requiring 3,500-4,000 store additions.

- Long-term target is $3 billion NOV by FY30, with long-term margins expected at 5-6% for Blinkit.

- Store throughput declined 6% quarter-on-quarter due to assortment expansion, but margins improved from operating leverage and cost efficiencies.

- Food delivery growth is trending toward 20% YoY; delivery fees were reduced in some markets due to competitive pressures.

- Capex per store is expected to increase due to automation and larger store sizes.

- The Going-Out business breakeven is expected in 4-6 quarters.

- Assortment expansion contributed to a 1% margin benefit, with 90% of Blinkit business now inventory-led.

- Bistro shows early product-market fit, filling a cuisine gap without cannibalizing food delivery.