Guidance ledger · Q4 FY26

Eternal Ltd ETERNAL

4 revisions on record · 1 lowered · 3 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered Blinkit QC NOV growth guidance Q2 FY26 → Q4 FY26

~~above 100% YoY for next 1-2 years~~ → 60% CAGR over 3 years; FY27 will not be 100%

“Yes, it will not be 100%, but we are not guiding to a specific number. We need that flexibility in the medium term and short term to respond to how the market dynamics are.”

↑ raised Blinkit long-term EBITDA margin Q1 FY26 → Q4 FY26

~~directional improvement from -2.4%; no target given~~ → 5-6% of NOV (steady state); ~3-3.5% implied by FY29 $1bn EBITDA build-up

“As we move to 5-6% margin that we are saying we will get to at some point, contribution margin will go up and on a year-on-year basis, we'll see that trend consistently.”

↑ raised Group EBITDA target Q3 FY26 → Q4 FY26

~~not disclosed~~ → $1 billion by FY29 (all businesses including Hyperpure)

“the overall EBITDA guidance or indication of $1 billion by FY29.”

↑ raised District going-out losses trajectory Q2 FY26 → Q3 FY26

~~range-bound; FY27 better than FY26~~ → sequential decline to breakeven in 4-6 quarters from Q3FY26

“we now expect the losses to come down sequentially from here towards breakeven in the next four to six quarters”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.