Eternal Limited (formerly Zomato Limited) has released the transcript of its Q2 FY27 earnings conference call, held on October 21, 2026. The transcript details discussions on competitive scenarios in food delivery and quick commerce, expansion strategies into tier 2 cities, progress on initiatives like dark.ai, and financial performance discussions, including Adjusted EBITDA guidance.
Q2 FY27 Earnings Call Transcript Released by Eternal Limited
Eternal Limited, previously known as Zomato Limited, has published the transcript of its Q2 FY27 earnings conference call. The call, conducted on October 21, 2026, featured management representatives including Albinder Singh Dhindsa (CEO), Akshant Goyal (CFO), and Kunal Swarup (Head, Corporate Development). The discussion provided insights into the company’s recent performance, strategic initiatives, and future outlook.
Key Discussion Points
Competitive Landscape and Growth Strategy
Management addressed the competitive intensity in the food delivery business, noting it was higher in the last quarter, partly driven by Zomato. Eternal Limited indicated a strategy of reinvesting in growth while maintaining margins broadly, expecting them to remain relatively flat over the next 1-2 years. Expansion into tier 2 and tier 3 cities for the quick commerce business was highlighted as a key growth driver, with a focus on smaller cities yielding positive outcomes and strong paybacks.
dark.ai and Technology Initiatives
The company provided an update on its privacy-focused LLM for power users, dark.ai, confirming its integration within Eternal. While currently not monetized and costs are in the ‘Others’ segment, the business is seen as potentially high gross margin. Initial investments are focused on hardware and compute, with the long-term potential being a zero-to-one bet.
Financial Performance and Guidance
Discussions touched upon the quick commerce profit margin profile and indirect cost structure. While contribution profit is explainable, indirect costs are noted to increase with scale. The company reiterated its $1 billion Adjusted EBITDA guidance for FY29, with growth expected to pick up, particularly in November onwards for Blinkit, without expecting short-term margin reduction from accelerated store additions.
Expansion and Market Penetration
The conversation included insights into expansion in larger cities, where growth remains strong driven by new customer acquisition and category expansion. Blinkit’s MTU in mature cities is already multiple times that of Zomato, with no plateau visible. The company also clarified its approach to agentic commerce, stating it is currently friendly to such traffic, but monitoring its evolution and impact.
Source: BSE
