ETERNAL Q2 CONCALL : BLINKIT $1 BILLION FY29 EBITDA TARGET, AGGRESSIVE STORE EXPANSION & NEW AI BUSINESS

• BLINKIT FY29 ADJUSTED EBITDA TARGET MAINTAINED AT $1 BILLION • BLINKIT NET ORDER VALUE (NOV) GROWTH EXPECTED TO ACCELERATE FROM Q3 FY27 • DARK-STORE EXPANSION TO ACCELERATE FROM Q3 FY27, WITH STRONG FOCUS ON TIER 2 & TIER 3 CITIES • FASTER STORE EXPANSION NOT EXPECTED TO REDUCE BLINKIT EBITDA MARGINS IN NEAR TERM • MATURE DARK-STORE DAILY NOV POTENTIAL ESTIMATED AT ₹11 LAKH VS CURRENT ₹9 LAKH • AVERAGE DARK-STORE INVESTMENT ESTIMATED AT APPROXIMATELY ₹2.5 CR PER STORE • SMALLER CITIES OFFER ATTRACTIVE PAYBACK PERIODS, LOWER COMPETITION & STRONG CUSTOMER ACQUISITION OPPORTUNITIES • BLINKIT'S FIRST-PARTY INVENTORY MODEL NOW COVERS APPROXIMATELY 90–95% OF SKUS • MANAGEMENT EXPECTS CONTINUED GROWTH IN MATURE METRO MARKETS THROUGH CUSTOMER ACQUISITION & ASSORTMENT EXPANSION • ZOMATO FOOD DELIVERY EBITDA MARGINS EXPECTED TO REMAIN BROADLY FLAT FOR NEXT 1–2 YEARS • FOOD DELIVERY PROFITS TO BE REINVESTED IN CUSTOMER ACQUISITION, ORDER FREQUENCY & BUSINESS GROWTH • DARK.AI APPLICATION LAUNCH EXPECTED WITHIN A FEW MONTHS; GLOBAL AI BUSINESS OPPORTUNITY BEING EXPLORED • DARK.AI COULD ACHIEVE EARLY PROFITABILITY, BUT NO FORMAL GUIDANCE PROVIDED • AI INFRASTRUCTURE COSTS, FOOD DELIVERY COMPETITION & DARK-STORE EXPANSION EXECUTION REMAIN KEY RISKS

ETERNAL LIMITED

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