Sample report

Eternal Limited: 12-quarter management track record

A source-linked sample showing the promise ledger, the story-to-numbers map, and the open follow-ups an investor would carry into the next result cycle.

Join Waitlist Open Promise Ledger

Coverage

Q1 FY24 - Q4 FY26

12/12 Source-linked rows

12 Promises tracked

3 Open follow-ups

2 Variance flags

Company: Eternal Limited, formerly Zomato Limited
Focus: Food delivery, quick commerce, Hyperpure, District, and consolidated profitability
Output: Concall-by-concall promises, source links, delivery status, story-to-numbers mapping, and open follow-ups

Not investment advice. This sample uses public earnings-call transcripts and result PDFs. It is not a buy, sell, or hold recommendation.

Promise ledger

Management promises, checked quarter by quarter.

Each quarter shows only valuation-relevant guidance: growth, margins, reinvestment, returns, and whether later disclosures support the claim.

Source layer: the short result PDFs are not enough by themselves. The promise is captured from the earnings-call transcript; the result PDF/shareholder letter is used to check the numbers later.
Status tags are deliberately limited. Pending means the promise is too new to judge. On track means later data supports the direction but the target is not complete. Delivered means the target was met. Slipped means the date or standard was missed. Reframed means management changed the trade-off or metric.

Quarter	Management promise or guidance	Driver	Status	How it is tracking	Source
Q4 FY26Apr 28, 2026	Blinkit should grow NOV at more than 60% CAGR over the next three years.	Growth runway	Pending	Fresh guidance. Base evidence is strong: Q4 Blinkit NOV grew 95.4% YoY, with 2,243 stores. First real check is Q1 FY27.	Transcript Result PDF
Q3 FY26Jan 21, 2026	Blinkit remains on track for 3,000 dark stores by March 2027.	Reinvestment	On track	Q4 ended with 2,243 stores. The target needs about 757 net additions over the next four quarters, with store productivity still to be proven.	Transcript Q4 check
Q2 FY26Oct 16, 2025	Blinkit should reach about 2,100 stores by the December 2025 quarter.	Execution pace	Slipped	Q3 ended at 2,027 stores, about 70 short of the target. Q4 later crossed the mark with 2,243 stores.	Transcript Q3 check
Q1 FY26Jul 21, 2025	Most Blinkit inventory should move to company ownership within two to three quarters.	Margin and NWC	Delivered	Q2 reported about 80% of NOV on own inventory and Q3 reported about 90%. The operating transition happened; full margin proof is still developing.	Transcript Q3 check
Q4 FY25May 1, 2025	Blinkit is on track to reach 2,000 stores by December 2025.	Scale	Delivered	Q3 FY26 store count reached 2,027 by the December 2025 quarter; Q4 FY26 then reached 2,243 stores.	Result PDF Q3 FY26 check
Q3 FY25Jan 20, 2025	The 2,000-store target was pulled forward to December 2025, one year ahead of the earlier December 2026 plan.	Capital deployment	Delivered	The store target was met in Q3 FY26. The trade-off was higher quick-commerce losses during the expansion phase.	Result page Transcript
Q2 FY25Oct 22, 2024	Adjusted revenue growth should remain above the stated 40% YoY outlook.	Topline durability	Delivered	Q2 and Q3 FY25 both reported 58% adjusted revenue growth; Q4 FY25 reported 60% adjusted revenue growth.	Result page Transcript
Q1 FY25Aug 1, 2024	Blinkit should add about 100 net stores in the quarter while staying near adjusted EBITDA break-even.	Expansion discipline	Delivered	Blinkit added 113 net stores and reported adjusted EBITDA of INR -3 crore in Q1 FY25.	Result page Transcript
Q4 FY24May 13, 2024	Blinkit planned to double store count over the next 12 months while staying around adjusted EBITDA neutral.	Growth versus margin	Reframed	Store count more than doubled by Q4 FY25, reaching 1,301. EBITDA neutrality was sacrificed as management accelerated store expansion.	Transcript Q4 FY25 check
Q3 FY24Feb 8, 2024	Quick-commerce growth above 40% would be led by store density and deeper coverage in the top cities.	Market depth	On track	Blinkit crossed 1,000 stores by Q3 FY25 and later crossed 2,000 stores by Q3 FY26. The growth claim held, but margins became more volatile.	Transcript Q3 FY25 check
Q2 FY24Nov 3, 2023	Adjusted revenue should compound at 40%+ over the next couple of years, and Blinkit should break even by Q1 FY25.	Growth and margin	Delivered	Adjusted revenue stayed above the 40% outlook through FY25. Blinkit reached near break-even in Q1 FY25 with INR -3 crore adjusted EBITDA.	Result PDF Q1 FY25 check
Q1 FY24Aug 3, 2023	Food delivery adjusted EBITDA margin should move toward 4-5% of GOV over the next few quarters.	Core margin	Delivered	Food delivery margin reached 4.4% of GOV in Q4 FY25 and 5.5% of NOV in Q4 FY26.	Transcript Q4 FY26 check

Story to numbers

The narrative is mapped to the numbers an investor must underwrite.

The ledger is rolled up by value driver, so management commentary can be checked against growth, margins, reinvestment, returns, and variance instead of being read as isolated call notes.

Growth Open

Blinkit growth depends on both store additions and store productivity.

Management story: Blinkit can sustain high NOV growth by expanding dark-store density and going deeper in top cities.
Numbers checked: Q4 FY26 NOV grew 95.4% YoY with 2,243 stores. The fresh guidance asks for more than 60% NOV CAGR over three years.
Investor read: The next proof is not only store count. Same-store throughput, order density, and contribution margin have to keep up.

Margins Mixed

Food delivery margins delivered, while quick-commerce margins were reframed by faster expansion.

Management story: Food delivery should move toward a 4-5% adjusted EBITDA margin, while Blinkit scale should improve economics over time.
Numbers checked: Food delivery reached 4.4% of GOV in Q4 FY25 and 5.5% of NOV in Q4 FY26. Blinkit expansion raised near-term losses.
Investor read: The quality question shifts from "can they grow?" to "what margin is being bought with each extra store and order?"

Reinvestment On track

The store rollout has been delivered on pace, but it increases capital and working-capital intensity.

Management story: The dark-store network can scale from 2,000 stores to 3,000 stores by March 2027.
Numbers checked: Q3 FY26 ended at 2,027 stores and Q4 FY26 ended at 2,243 stores. Own-inventory share moved to about 80-90% of NOV.
Investor read: The report keeps capex, inventory ownership, and margin proof together, because growth funded by heavier reinvestment deserves a different multiple.

Returns and variance Watch

The key unanswered question is whether new cohorts earn attractive returns after expansion costs.

Management story: Fast expansion is being justified by a large market opportunity and improving unit economics.
Numbers checked: The sample flags two variances: one slipped store-count deadline and one margin trade-off that was reframed during acceleration.
Investor read: Until cohort ROCE and mature-store economics are clearer, the valuation question remains open even when headline growth is strong.

Open follow-ups

Unresolved promises stay visible for the next result cycle.

The latest promises are not forced into a pass or fail label. They become the checklist for the next concall and result release.

Q4 FY26 Pending

Blinkit NOV should compound at more than 60% over the next three years.

First check is Q1 FY27. The report should compare NOV growth, order density, store additions, and contribution margin rather than treating high growth as enough by itself.

Q3 FY26 On track

Blinkit remains on track for 3,000 dark stores by March 2027.

Q4 FY26 ended with 2,243 stores, leaving about 757 net additions over four quarters. The follow-up is whether new stores keep productivity and margin discipline intact.

Q1 FY26 Economics open

Most Blinkit inventory moved to company ownership, but the return proof is still developing.

The operating transition was delivered. The next checks are working-capital impact, gross margin, adjusted EBITDA, and whether owned inventory improves customer experience without weakening returns.

Sources

Transcripts and source PDFs used in this sample.

Important

This sample is not a recommendation.

This page demonstrates report structure and analytical depth. It is not a complete company report, not a valuation, and not investment advice. A delivered report would include fuller transcript review, speaker attribution, page references, and a longer promise ledger.