Shareholder letter
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Headline Results for Q1FY27 (Quarter ending June 30, 2026) * Sharp increase in YoY Adjusted Revenue growth mainly due to shift to 1P model in quick commerce, where Revenue now also includes the full monetary value of goods sold (versus largely marketplace commission in Q1FY26). ** Like-for-like (“LFL”) consolidated Adjusted Revenue is calculated as consolidated Adjusted Revenue (-) Revenue from Hyperpure’s non-restaurant business (-) cost of goods sold in case of own inventory sales in quick commerce. Notes: 1) NOV (B2C business) is defined as the combined net order value (NOV) of consumer facing businesses i.e. food delivery, quick commerce and going-out. NOV (B2C business) excludes the NOV of Bistro business which is part of the ‘Others’ segment. 2) Adjusted Revenue defined as consolidated revenue from operations as per financials (+) actual customer delivery charges paid in the food delivery business (net of any discounts, including free delivery discounts on Zomato Gold program) (+) platform fee and other charges paid on food delivery Orders that are not already included in revenue from operations. 3) Adjusted EBITDA = EBITDA (+) share-based payment expense (-) rental paid for the period pertaining to ‘Ind AS 116 leases’. 2
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In the letter below, we address the key questions that we think investors might have. Please refer to Annexure A for the key financial and operating metrics data. Q1. How was the business performance in Q1FY27? Akshant : Key takeaways from Q1FY27 business performance are as follows - At a consolidated level , B2C NOV grew 54% YoY to INR 31,120 crore. Adjusted Revenue grew 173% YoY (17% QoQ) to INR 20,648 crore. Note: like-for-like growth was 66% YoY - the difference reflects the business model shift to inventory ownership in quick commerce. Consolidated Adjusted EBITDA grew 223% YoY (29% QoQ) to INR 555 crore. Food delivery (Zomato) - NOV growth reached 20%+ YoY (INR 10,769 crore), after four consecutive quarters of acceleration. GOV YoY growth was a few percentage points higher (sunsetting this metric disclosure from this quarter onwards as NOV more accurately reflects underlying performance). Adjusted EBITDA margin improved to 5.6% of NOV, resulting in INR 606 crore of profit (34% YoY growth). Quick commerce (Blinkit) - NOV grew 86% YoY to INR 17,132 crore with QoQ growth at 19%. 200 net new stores were added, taking the total count to 2,443. Adjusted EBITDA improved for the fifth consecutive quarter to 0.6% of NOV, resulting in INR 102 crore profit (as compared to INR 162 crore loss last year). Going-out (District) - NOV growth accelerated to 60% YoY (18% QoQ) to INR 3,218 crore. Adjusted EBITDA margin improved to -2.0% of NOV from -2.7% last year resulting in a loss of INR 65 crore. Hyperpure - Revenue grew 27% YoY (LFL) and 6% QoQ to INR 1,034 crore. Adjusted EBITDA margin improved to 0.6% from -0.8% last year, resulting in INR 6 crore profit (as compared to INR 18 crore loss last year). Others (Bistro, Nugget) - Adjusted Revenue grew to INR 95 crore as compared to INR 4 crore last year. Adjusted EBITDA losses increased from INR 45 crore to INR 94 crore, reflecting incremental investments as we scale both initiatives. Q2. Adjusted EBITDA margins in food delivery are approaching the upper end of your steady state guidance of 5-6% of NOV. And at the same time NOV growth continues to accelerate. At what point does the business start trading margin for growth, or does it not have to? Deepinder: We don't think about it as a trade-off. If we're doing our job well, growth and margins should compound together - because growth in this business comes from making the platform more useful to more people, which drives frequency, which drives density, which drives efficiency. The flywheel doesn't ask you to choose. If there comes a point where we have to spend margin to grow, we will - without hesitation. We have always prioritised long-term market expansion over short-term margin. But right now, we don’t need to make any trade-off. The business is growing because it's getting better, not because we're buying growth. And when growth comes from the product getting better, margins tend to take care of themselves. 3
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Q3. What has been the impact so far of Toing and Ownly on your business? Deepinder: The impact has been limited. These platforms are offering the same restaurants, similar or longer delivery times, and lower menu prices funded by lower commissions and delivery fee - making the revenue gap even more unsustainable. There's no new use case being unlocked here. The customer traction is purely price-driven, and price-driven traction without structural economics tends to resolve itself. We've responded where needed and we'll adapt if something changes. But we're not spending much energy on this. What we are spending energy on is Bistro - which is our answer to the question these platforms are pretending to solve. If you want to make food delivery work at INR 50-150 price points, you can't do it without supply chain innovation. We're rethinking kitchen operations from first principles here - designing custom equipment, workflows, and automation purpose-built for high-volume, limited-menu formats. This isn't a restaurant. It's closer to a food manufacturing system optimised for freshness, speed, and consistency. It's a different segment, a different occasion, and a genuinely new market. Q4. NOV growth has accelerated meaningfully (19% QoQ vs 8% in Q4FY26). Other than the seasonality factor you had mentioned last time, did anything else change? Albinder : It was largely seasonality and the NOV growth was on expected lines. We continue to focus our efforts on our three pillars of long-term growth - assortment expansion, geographical expansion, and demand densification. This quarter, we continued to make progress on assortment expansion in the top eight cities and geographic expansion in the next 30. Going forward, premiumisation through launch of ‘gourmet’ stores in select locations in top eight cities will also contribute to assortment expansion on the platform. These gourmet stores offer our customers the ability to buy curated premium brands across categories. As these efforts compound over time, we expect NOV growth to remain robust. Q5. Blinkit seems to be increasingly becoming more capital intensive with significant capex and net working capital. What's the framework for evaluating whether this level of investment is justified? Akshant : Quick commerce is not asset-light, unlike our other businesses. Today, we operate about 19 million sqft. of store and warehousing space across 300+ cities. We've invested ~INR 3,000 crore capex over the past four years to build this network, and as we continue to expand, the investments will continue. This is the most critical building block of our business and also our biggest differentiator. As far as working capital is concerned, it is largely driven by inventory ownership - a business model choice we've made deliberately because it makes the business more durable in the long term. As at the end of Q1FY27, our net working capital is INR 2,545 crore (about ~14 days of Q1FY27 annualized NOV). Our confidence in continuing to invest in capex and NWC is driven by expected ROCE. The math keeps evolving as we learn more about the business, but as long as a healthy ROCE remains in sight, we will continue to invest. 4
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About a year ago, in our Q1FY26 letter, we shared our ROCE framework as we moved to the inventory model. Having completed a full year as a 1P business, we now have real operating data to refine those assumptions. Following is what we believe to be steady state assumptions, at this point - ● Capex per store (including warehousing): INR 2.5 crore (vs 1 crore earlier), reflecting larger store sizes, assortment expansion, and technology investments in warehousing ● Net working capital: 12 days of NOV , or 3.3% (vs 18 days / 5% earlier) ● NOV per day, per store: INR 11 lakh (vs INR 7 lakh earlier), driven by larger store sizes and more efficient warehousing ● EBIT margin: 4% of NOV (same as earlier); driven by 6% Adjusted EBITDA margin (higher end of our earlier guidance of 5-6%) The math: INR 2.5 crore capex against INR 40 crore annual NOV per store (= INR 11 lakh * 365) implies 6.3% of NOV in capex. Add 3.3% for net working capital, and total capital employed is 9.6% of NOV. At 4% EBIT margin, that implies pre-tax ROCE of 41.7% (= 4/9.6). These numbers will evolve as the business evolves. Q6. It’s been a year since the transition to the 1P model. What has been your experience with inventory losses (which are generally a big concern in 1P businesses)? Akshant : Inventory losses for us are about 1.8% of NOV right now, which include losses on account of expiry, shrinkage, damage, loss in transit or pilferage. A large part of these losses are driven by perishable products (including fruits and vegetables) which is an important and large category for us in the quick commerce business. We believe this is a great start and we will continue to optimize them with better replenishment planning and supply chain efficiencies. The inventory losses are part of COGS (cost of goods sold) and hence the reported Gross Profit is net of inventory losses. Q7. Any impact of the fuel and raw material price inflation on the business? Any supply side challenges from brands that can impact growth in the near term? Albinder: No, we are not seeing any visible impact as of now. Input costs across select raw materials are beginning to witness some inflationary pressure but that has not impacted production volumes or supply from brands so far. Q8. Any change in how you are responding to competitive tactics? Albinder : No - competitive intensity remains high but has become more predictable. Our focus on long-term growth vectors remains unique in the market - we're the only player simultaneously investing in assortment depth, geographic expansion, and supply chain infrastructure while competitors generally remain focused primarily on pricing. Pricing-led growth requires sustained cash burn, and leads QC companies into a systemic trap they can’t easily walk out of - that is visible in multiple QC players struggling to balance both growth and profitability. This is different from traditional e-commerce, where discounting can be weaned off gradually, without hurting the business (much). Infrastructure-led growth, on the other hand, builds operating leverage - each new store, each new category, each new city adds capacity that serves more customers at lower marginal cost. That's why we can grow rapidly and improve profitability at the same time. 5
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Akshant: The most critical signal of how we're doing against competition is customer retention. If customers are staying and spending more despite aggressive pricing from competitors, the business is working. Here's what the data shows - ● Q4 retention (% of customers placing at least 1 order in the 4th quarter after acquisition): average across all cohorts is 46%, with every successive cohort improving - the most recent cohort (Q1FY26) is at 50% ● Retention improves with time - Q8 retention at 48%, Q12 at 49% - most recent cohorts that have completed Q8 and Q12 are even higher at 52% each ● NOV retention compounds even faster - Q4 at 150%, Q8 at 215%, Q12 at 279% average retention for all cohorts. In other words, a cohort of customers is spending nearly 3x with us three years after acquisition than they did in their first quarter Q9. Going-out grew 60% YoY this quarter versus your earlier long-term guidance of 30%+. Is the $3 billion NOV by FY30 target conservative, or is Q1 growth inflated by seasonality? Deepinder: IPL was in Q1 last year as well - so the 60% YoY isn't a seasonality artifact. The acceleration is real, driven by the platform coming together as a unified multi-use-case app and the compounding effects of that breadth on customer engagement and frequency. Today, District generates visibility and business for 45,000+ restaurants, 5,000+ movie screens, 6,000+ retail stores, 7,500+ events (music concerts, comedy shows, sports events, etc) and 2,000+ activity outlets (theme parks, sports facilities, kids play areas etc). That said, as we also mentioned last time, this is an inherently lumpy business - movies depend on the release calendar, events are seasonal, and a single quarter doesn't make a trend. If we continue executing well and the market develops as we expect, there could be upside to the target but it’s too early to tell. Q10. Can you give us an update on the ‘Others’ segment - what all gets included in it and what is driving the increase in losses? Akshant: The Others segment includes our key new initiatives — Bistro, Nugget, and Greening India — as well as, from Q1FY27 onwards, our community initiatives (Blinkit ambulance service, Feeding India) which are now being consolidated under a wholly owned section 8 (i.e. not for profit) subsidiary, Eternal General Services Foundation. The QoQ increase this quarter was largely driven by R&D investments in Nugget as we scale our AI product capabilities. Think of this segment as the cost of experimentation - finding potential new businesses for Eternal beyond the four that exist today. We'll invest meaningfully but with discipline, and we won't hesitate to shut things down if they don't show promise within a reasonable timeframe. On the other hand, if something shows real promise, we won't hesitate to invest more aggressively. The spend in this segment will be driven by what we're seeing in the data and hearing from our customers, not by a pre-determined budget. Q11. Are there any parts of the employee or technology cost that are capitalised? 6
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Akshant : No, everything is expensed and reported in the P&L above Adjusted EBITDA. Q12. Can you share an update on the cash balance as at the end of Q1FY27? Akshant: Cash balance increased by INR 316 crore QoQ to INR 18,288 crore. See the table below for more details. Capex and net working capital changes have been explained in Q5 above. The only other meaningful change is in ‘Other items’ which is due to the marked-to-market movements in the value of debt and other securities held by us, and also due to tax refunds received this quarter. ---- THE END 7
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Annexure A - Quarterly disclosures Notes: 1) NOV (B2C business) excludes the NOV of Bistro business which is part of the ‘Others’ segment. 2) On a like-for-like (“LFL”) basis, quick commerce Revenue grew 171% YoY (44% QoQ), 153% YoY (13% QoQ), 126% YoY (9% QoQ) and 117% YoY (22% QoQ) in Q2FY26, Q3FY26, Q4FY26 and Q1FY27 respectively. LFL quick commerce Revenue is calculated as quick commerce Revenue (-) cost of goods sold in case of own inventory sales. 3) On a like-for-like (“LFL”) basis, consolidated Adjusted Revenue grew 65% YoY (22% QoQ), 64% YoY (11% QoQ), 64% YoY (5% QoQ) and 66% YoY (17% QoQ) in Q2FY26, Q3FY26, Q4FY26 and Q1FY27 respectively. LFL consolidated Adjusted Revenue is calculated as consolidated Adjusted Revenue (-) Revenue from Hyperpure’s non-restaurant business (-) cost of goods sold in case of own inventory sales in quick commerce . 4) Adjusted Revenue shown above does not include inter-segment revenue. 5) There could be some totalling anomalies in the numbers displayed above due to the impact of rounding off. 6) Others segment includes all other non-material businesses and any new initiatives that we may launch from time to time. 8
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Notes: 1) On a like-for-like (“LFL”) basis, quick commerce Revenue grew 171% YoY (44% QoQ), 153% YoY (13% QoQ), 126% YoY (9% QoQ) and 117% YoY (22% QoQ) in Q2FY26, Q3FY26, Q4FY26 and Q1FY27 respectively. LFL quick commerce Revenue is calculated as quick commerce Revenue (-) cost of goods sold in case of own inventory sales. 2) NOV per day, per store is calculated as a simple average of total NOV transacted per day divided by total number of stores operational for the day, for that period. Note: Treasury income is as per actual cash received (and not on accrual basis). Hence, there will be quarterly variation in the quantum. 10
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Annexure B - Adjusted Revenue and Adjusted EBITDA reconciliation The following table reconciles revenue from operations and stated profit / (loss) for the period (as per Ind AS) with Adjusted Revenue and Adjusted EBITDA, respectively. Notes: 1) Up until FY26, provision for income tax was created on other income (primarily being treasury income). The increase in tax expense in Q1FY27, is largely on account of provision for income tax on business income since the carried forward losses from past years in the standalone parent entity (Eternal Limited) will be fully utilized in FY27. In our other key subsidiaries that house our quick commerce, B2B supplies and going-out businesses, we continue to carry accumulated business losses which will be set off against future profits in these businesses. 2) There could be some totalling anomalies in the numbers displayed above due to the impact of rounding off. 11
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Annexure C - Glossary for terms used in reference to the business 12
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Annexure D - Statement of consolidated profit and loss account 16
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Annexure E - Statement of consolidated balance sheet 17
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Annexure F - Statement of consolidated cash flows 18
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Use of non-GAAP financial measures To supplement our financial information presented in accordance with IND AS, we consider certain financial measures that are not prepared in accordance with IND AS, including Adjusted Revenue and Adjusted EBITDA. We use these financial measures in conjunction with IND AS measures as part of our overall assessment of our performance to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our business and financial performance. We believe these non-GAAP financial measures provide useful information to investors about our business and financial performance, enhance their overall understanding of our past performance and future prospects, and allow for greater transparency with respect to metrics used by our management in their financial and operational decision making. We are presenting these non-GAAP financial measures to assist our investors and because we believe that these non-GAAP financial measures provide an additional tool for investors to use in comparing results of operations of our business over multiple periods. Information given also includes information related to material subsidiaries. Non-GAAP measures used by us are defined below: ● Adjusted Revenue = Consolidated revenue from operations as per financials (+) actual customer delivery charges in the food delivery business (net of any discounts, including free delivery discounts on account of Zomato Gold program) (+) platform fee and other charges paid on food delivery Orders that are not already included in reported revenue from operations ● Adjusted EBITDA = Consolidated EBITDA (+) share-based payment expense (-) rental paid for the period pertaining to ‘Ind AS 116 leases’ ● EBITDA = Profit/loss as per financials excluding (i) tax expense (ii) other income (iii) depreciation and amortization expense (iv) finance cost and (v) exceptional items These metrics have certain limitations and hence should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with IND AS. Forward looking statements This document contains certain statements that are or may be forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the senior management of Eternal Limited (formerly known as Zomato Limited) (“Company”) subject to board approval, wherever applicable with respect to the results of operations and financial condition of the Company. These statements can be recognised by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” “marks,” “believe” or other words of similar meaning. Forward-looking statements generally are not statements of historical fact, including, without limitation statements made about our strategy, estimates of revenue growth, future EBITDA and future financial or operating performance. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties which are di ffi cult to predict and are outside of the control of the Company, and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions which the Company believes to be reasonable in light of its operating experience in recent years. The risks and uncertainties relating to these statements include, but not limited to, risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth and competition, among others. The Company does not undertake any obligation to revise or update any forward-looking statement that may be made from time to time by or on behalf of the Company. Any investment in securities issued by the Company will also involve certain risks. There may be additional material risks that are currently not considered to be material or of which the Company, its directors, any placement agent, their respective advisers or representatives are unaware. Against the background of these risks, uncertainties and other factors, viewers of this document are cautioned not to place undue reliance on these forward-looking statements. The Company, its directors, any placement agent, their respective advisers or representatives assume no responsibility to update forward-looking statements or 19
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to adapt them to future events or developments. Accordingly, any reliance you place on such forward-looking statements will be at your sole risk. The information contained in this document has not been independently verified. The information in this document is in summary form and does not purport to be complete. No representation, warranty, guarantee or undertaking, express or implied, is or will be made as to, and no reliance should be placed on the accuracy, completeness, correctness or fairness of the information, estimates, projections and opinions contained in this document. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this document and must make such independent investigations as they may consider necessary or appropriate for such purposes. Such information and opinions are in all events not current after the date of this document. Further, past performance of the Company is not necessarily indicative of its future results. Any opinions expressed in this document or the contents of this document are subject to change without notice. This document should not be construed as legal, tax, investment or other advice. Neither the Company or its directors, nor any placement agent or their respective advisers or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from this document or its contents or otherwise arising in connection therewith. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. Neither the Company, its directors, any placement agent, nor any of their respective advisers or representatives is under any obligation to update or keep current the information contained herein. This document does not constitute or form part of and should not be construed as, directly or indirectly, any advertisement, o ff er or invitation or inducement to sell or issue, or any solicitation of any o ff er to purchase or subscribe for, any securities of the Company by any person whether by way of private placement or to the public, in any jurisdiction, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any investment decision or any contract or commitment therefor. Investing in securities involves certain risks and potential investors should note that the value of the securities may go down or up. Accordingly, potential investors should obtain and must conduct their own investigation and analysis of the relevant information carefully before investing. 20
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Deloitte Haskins & Sells Chartered Accountants 7th Floor Building 10 Tower B DLF Cyber City Complex DLF City Phase 11 Gurugram-122 002 Haryana, India Tel: +91 124 679 2000 Fax: +91 124 679 2012 INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF ETERNAL LIMITED (FORMERLY KNOWN AS ZOMATO LIMITED) 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of ETERNAL LIMITED (FORMERLY KNOWN AS ZOMATO LIMITED) ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") which includes Foodie Bay Employees ESOP Trust ("trust") for the quarter ended June 30, 2026 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclos ure Requirements (LODR)) Regulations, 2015, as amended ("the LODR Regulations") . 2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read w ith relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the I nstitute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other revi ew procedures. A review is substa ntially less in scope than an audit conducted in accordance with Standard s on Auditing specif ied under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an aud it. Accordingly, we do not express an audit opinion. We also performed procedures in accordance wit h the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amend ed, to the extent applicable. 4. The Statement includes the results of the following entities as mentioned in Annexure 1. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attent ion that causes us to believe that the accompanying Statement , prepared in accordance with the recognition and measure ment principles laid down in the aforesaid Indian .,.-:;;:;:::::::::~ ..... Accounting Standard and other accounting principles generally accepted in ·'<''oSl<i<:, dia, has not disclosed the informat ion required to be disclosed in terms of .~ 0 \\ , Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) o C¥ oro!! 0 Accountan•· _ 0
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Deloitte Haskins & Sells Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We draw attention to Note 5 to the consolidated unaudited financial results relating to the orders received by the Company from GST authorities in respect of GST on delivery charges. The Company, supported by the external expert's advice, is of the view that, it has a strong case on merits. Given the uncertainty involved, the ultimate outcome will be ascertained on the disposal of the above matter. Our conclusion on the Statement is not modified in respect of this matter. 7. The consolidated unaudited financial results includes the interim financial information of 17 subsidiaries and 1 trust which have not been reviewed by their auditors, whose interim financial information reflect total revenue of Rs. 215 crores for the quarter ended June 30, 2026, total loss after tax of Rs. 95 crores for the quarter ended June 30, 2026 and total comprehensive loss of Rs. 94 crores for the quarter ended June 30, 2026, as considered in the Statement. This financial information is unaudited and have been furnished to us by the Management and our conclusion on the consolidated financial results in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and trust is based solely on such unaudited financial information. According to the information and explanations given to us by the Management, this interim financial information are not material to the Group. Our Conclusion on the Statement is not modified in respect of our reliance on the interim financial information certified by the Management . Place: Gurugram Date: July 22, 2026 For DELOITTE HASKINS & SELLS Chartered Accountants (Firm's Registration No. 015125N ) ✓y~ Vikas Khurana (Partner) (Membership No. 503760) (UDIN: 26503760DGJCZN 7697)
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Deloitte Haskins & Sells Annexure 1 S. No. Name of the Entity 1 Eternal Limited (Formerly Known as Zomato Limited) 2 Zomato Middle East FZ-LLC 3 TongueStun Food Network Private Limited 4 Zomato Philippines Inc . 5 Zomato Entertainment Private Limited 6 Gastronauci SP Z.O .O. 7 Zomato Locai Services Private Limited 8 Zomato Inc. 9 Delivery 21 Inc. 10 Zomato Ireland Limited 11 Zomato Foods Private Limited 12 Carthero Techn ologies Private Limited 13 Zomato Payment Private Limited 14 Eternal Technology Solutions Limited (formerly known as Zomato Financial Services Limited) 15 Blink Commerce Private Limited 16 Zomato Hyperpure Private Limited 17 Orbgen Technologies Private Limited 18 Wasteland Entertainment Private Limited 19 Blinkit Foods Limited 20 Eternal General Servic e Foundation 21 Foodie Bay Employees ESOP Trust Relationship Parent Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary (w.e.f. August 18, 2025) Subsid iary (w.e.f. December 18, 2025) Trust
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s. 'o. I JJ Ill TV V VJ VII VllJ l X X XI XII xm XIV xv XVI X Vll Eternal Limited (Formerly known as Zomato Limited) CI N : L93030DL2010PLC198141 Registered office- Ground Floor, 12A. 94 Mcghdoot, Nehru Place, New Delhi- I 10019, Delhi, India Telephone- 011-40592373, Email- companysecreta ry@etenial.com , Website- www.eternal.com Statement of consolidated unaud ited financial results for the quarter ended June 30, 2026 Ouarter e nded June 30, March 31, Parf"iculars 2026 2026 Unaudited Unaudited (Refer note 7) Revenue from operatio ns 20,2 11 17,292 Other income 375 342 Total income (I+TT) 20 586 17 634 Ex1>cnses Cost of materials consu med 47 39 Purchases of stock-in-trade 12,860 10,687 Changes in inventories of finished goods. st0ck-in-rrade and work-in-progress (876) (386) Employee benefits expense 1.068 927 Finance costs 151 132 Depreciation and amortisation expenses 546 468 Other expenses Advertisement and sales promotion 945 936 Delivery and related charges 3,150 2,607 Others 2,423 1,996 Total ex1>enses 20,314 17,406 Profit before excc1>tional items and lax (Ill-IV ) 272 228 Exceptional ilems - Profit before tax (V-VT) 272 228 Tax expense: Cun ent tax 157 76 Deferred tax 23 (22) Profit for the period / year (Vll-Vill ) 92 174 Other comJ)rehensive income / (loss) (a) It ems that will not be recla ssified to profit or loss: (i) Remeasurements of the defined benefit plans I (0) (ii) Equity instruments through other comprehensive income (70) (240) (iii) Income tax rel3ting t0 above items 0 4 (b) Items that will be r eclassified to profit or loss: (i) Exchange differences on translation of foreign operations l 6 (ii) Debt instruments through other comprehensive income 84 ( 132) (iii) lncome tax relating to above items (21) 34 Tota l other com11rchensivc income / (Joss) for the period / year (5 (328) To tal comprehen sive income / (loss} for the period / year (JX+X} 87 (]54 ) Profit for the 1>criod / year attributabl e to: Owners of lhe Parent 92 174 Non-controlling interests Other comprehen sive income / (loss) for the period / year attributable rn: Owne rs of the Parent (5) (328) Non-controlling interests (0) (0) Total comprehensi ve income / (loss) for the period / year attribu table to: Owners of 1he Parent 87 (154) Non-controll ing interests (0) (0) Paid - u)l share ca11ital (face value of l NR I per share ) 921 9 19 Other equit y Eamin:;s per equit y share (1NR)1 (face value of li'IR I each) (a) Basic 0.10 0.19 (b) Diluted 0.10 0.19 1 EPS is 1101 a1111ualisedfor the quarter ended J1111e 30. 2026, Morch 31. 20]6 and J1111e 30, 2025 (lNR crore) Year ended June 30, March 31, 2025 2026 Unaudited Audit ed 7,167 54,364 354 1.396 7 521 55,760 - 54 2,557 32,1 15 (273) (2,002 ) 830 3,536 67 392 314 1,597 67 1 3,350 1.869 9.065 1,398 7,038 7.433 55, 145 88 615 - - 88 615 79 319 (16) (70) 25 366 (0) (3) (3) (5 15) 0 34 I 19 100 (90) (25) 23 73 (532) 98 (166) 25 366 - 73 (532) (0) (0) 98 (166) (0) (0) 908 919 30,06 1 0.03 0.40 0.03 0.39
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Eternal Limite d (Forme rly known as Zomato Limit ed) Noles to the consol idated unaudited financial results The s1a1cmen1 of conso lidated unaudited financial results of Etemal Limited (Fo rmerly known as Zomalo Limited) ("the Company'' /"the Parent'') and its subsidiaries (1ogc1bcr referred to as " the Group" ) for the quarter ended June 30, 2026 ("Financial Results") have been reviewed by the Audit Committe e and approve d by the Board of Directors at their respective meetings held on July 22, 2026. 2 The Financial Results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Account ing Standard 34 "Interim Financia l Reporting" ("Ind AS 34"). prescribed under Section 133 of the Companies Act. 2013 read with relevant rules issued thereunder and other accou nting principles generally acce pted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosur e Requirements) Regulations, 2015. as amended ("LODR Regulations" ). 3 Consolidated seg ment informat ion Operating seg ments are defined as components of an enterp rise for which discrete financial informa tion is available that is evaluated regularly by the chief operat ing decision maker ("CODM "), in deciding how to allocate reso urces and assess ing performance. Effective February I. 2026, the Group 's CODM is the ChiefExec .utive Officer of the Compa ny (earlier Managing Director and Chief Executive Ot1icer). The change in CODM did not result in any change in the identification of ope rating segments or the measurement of segme nt inforrnalion. The segments for the Group are as follows: I. lndia food ordering and delivery 2. Hyperpure supplies (B2B business) 3. Quick commerce 4. Going out 5. All other segments (Residual) India food ordering and delivery comprises of online marketplace platform through which the Group facilitates listing and onLine ordering of food items mul delivery of these food items by connecting end users. restaurant partner s and independent delivery partners. Hyperpure supplies (B2B business) is our farm-to-fo rk supplies offering for restauran ts in India and sale of items lo businesses for onward sales. Quick commerce comprises of online platform named Blinki l ("Platform") that enables listing and sale of items direclly by the Group or by third-party sellers. End users are able to place orders of these listed items on the Platform which are delivered 10 their door steps within minutes. Quick commerce also includes provision of advertisement , warehousing and ancillary services. Going-out is a comb ination of our dining-out and entertainment ticketing business. Customers I end users use our dining-out offering to search and discover restaurants. reserve tables, avail offers and make payments while dining-out at restaurants. In our entertainment ticketing business, we offer ticketing services to customers for movies, sports and events (including our own events) and offer services like event production, management ere. lo other event pa1111ers/ participants. The Group has combi ned and disclosed balancing number in "All other segme nts'' which are not reportable. Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly attributable to any reporting seg ment have been allocated to respective segments base.don the number of orders, revenue, number of employees or gross/net order value as reviewed by CODM . Summarised segmem infonnati on is as follows: (INR crore) Ouarter ended Year ended June 30, March 31, June 30, March 31, Particulars 2026 2026 2025 2026 Unaudited Unaudited Unaudited Audited ffiefer note 7) Revenue from operations (external customers ) India food ordering and delivery 3,100 2,737 2,26 1 10,159 Hyperpure supplies (B2B business) 1.034 978 2,295 5.366 Quick commerce 15,664 13.232 2,400 37.779 Going Ou! 318 277 207 973 All oth er segment s (Residual) 95 68 4 87 Total 20.211 17,292 7.167 54.364 Rcw nue from operation s (inter-segment) India food orderi ng and del ivery 20 14 9 46 Hyperpure supplie s (B2B business) 58 5 1 7 78 Quick commerce 2 2 9 13 Going Out - - - All other segment s (Residual) 14 II 13 49 Total 94 78 38 186 Sc~ment resu lts India food order ing and delivery 62 1 549 465 2,079 Hyperpu re supplies (B2B business) 14 13 (5) 16 Quick commerce 365 265 (42) 430 Going Out (6 1) (73) (48) (292) All other segments /Residu al) 190) <601 1451 (206) Segment results 849 694 325 2.027 Add: other income 375 342 354 1,396 Less: share based payment expense 255 208 2 10 8 19 Less: finance costs 151 132 67 392 Less: depreciation and amortisation expense 546 468 314 1.597 Add: exceotio nal items - Profit before tax 272 228 88 615 4 During the quarter ended June 30, 2025, the Group had started transitioning from its marketplace model to a comb inat ion of marketplace and inventory-led model in its quick commerce segment. Owing to this change, the re\·enue under quick commerce segment nm'-; includes amount on account of direct sales to customers on the Blink.it platfom1 and not just the marketplace commiss ion on such sales and hence a reduction in sales of Hyperpure supplies (B2B business).
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5 The Compan y is in receipt of the following Show Cause Notices ("SCNs ") and Demand Orders ("Orders") from various GST authorities : a. Orders for October 2019 to March 2022 for all the States for INR 420 crore b. Orders for April 2022 to March 2024 for Andhra Pradesh for IN R 14 crore c. SCN for April 2022 to March 2023 for Gujarat for lNR 13 crore. T here arc no SCNs or Orders on this matter other than those mentioned here. The SCNs and Orders require the Company to pay GST on the delivery charges collected by the Company from the end users on behalf of the delivet)' partners, alo ng with additional interest and penalties as per GST provisions. The Compa ny is contesting the Orders/ SCNs at appropriate forums. Th e Company , supported by the external independent expert's advice , is of the view that it has a strong case on merits. W.c.f. September 22. 2025, the Governme nt has included local delivery services provided through Electronic Commerce Operators (" ECOs") by unregistered service providers u/s 9(5) of CGST Act. 2017. Pursuant to change in law. the Company is paying GST on delivery charges collec ted from the customers on behalf of unregistered delivet)' partners. 6 The Govern ment oflnd ia, with effec t fro m Novem ber 2 1. 2025, notified the Code on Social Security, 2020; the Occupational Safety, Health and Working Co nd itions Code , 2020; the Industrial Relations Code, 2020; and the Code on Wages, 20 19 (collectively, the "Labour Codes") , with the correspondi ng rules notified on May 08, 2026. The Labour Codes replace the existing central labour legislations. Certa in provisions of the Labour Codes are yet to be notified: based on the Group's assess me nt, the provisions current ly in force do not have a material impact on t11c financial results of the Group. Similarly, various State Governments have also notified their own legislations pertaining to gig and platform work; however, the notification of the mies in respect of such state legislations remain pending, except for the State of Karnataka. where the rules have been notified on November 19. 2025. The Group is curren tly contes ting the validity of the Karnataka state legislation (Tile Karnataka Platform Based Gig Workers (Social Security and Welfare) Act, 2025) before the appropriate forum. The operationa liscd state legislations as of .lune 30, 2026 (i.e., of Karnataka), does not have a material impact on the financia l results of the Group . The financial impact, if any. of the remaining provisions will be assessed upon notification of the relevant rules and regulations. 7 The figures of the fourth quarter are the balancing figures between audited figures in respect of the full financial year and published year to elate figures upto the third quarter of the releva nt financial year. Date: July 22, 2026 Place: New Delhi Fo and on behalf of the Board of Director s of Et Kaushik Dutta _;::,--- Cha irm an and In dependent Director (D1.N-03328890)
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Deloitte Haskins & Sells Chartered Accountants 7th Floor Build ing 10 Tower B DLF Cyber City Complex DLF City Phase II Gurugram-122 002 Haryana, India Tel: +91 124 679 2000 Fax: +91 124 679 2012 INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF ETERNAL LIMITED {FORMERLY KNOWN AS ZOMATO LIMITED) l. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of- ETERNAL LIMITED {FORMERLY KNOWN AS ZOMATO LIMITED) ("the Company"), which includes Foodie Bay Employees ESOP Trust ("t rust") for the quarter ended June 30, 2026 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements (LODR)) Regulations, 2015, as amended ("the LODR Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulati on 33 of the LODR Regulations. Our respons ibilit y is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enab le us to obtain assurance that we would become aware of all significant matters that might be identified in an audit . Accordingly, we do not express an audit opinion. 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principle s laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclos ed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements ) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
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Deloitte Haskins & Sells 5. We draw attention to Note 5 to the Standalone unaudited financial results relating to the orders received by the Company from GST authorities in respect of GST on delivery charges. The Company, supported by the external expe rt's advice, is of the v iew that, it has a strong case on merits. Given the uncertainty involved , the ultimate outcome will be ascertained on the disposal of the above matter. Our conclusion on the Statement is not modified in respect of this matter. 6. We did not review the financial information of one trust included in the Statement whose financial information reflect total revenue of Rs. Nil for the quarter ended June 30, 2026, total net profit after tax of Rs. 1 crore for the quarter ended June 30, 2026 and total comprehensive income of Rs. 1 crore for the quarter ended June 30, 2026, as considered in this Statement. The interim financial information oft.he trust is unaudited and have been furnished to us by Management, and our conclusion on the interim standalone financial results in so far as it relates to the amounts included in respect of the trust is based solely on such unaudited financial information. According to the information and explanations given to us by the Management, this financial information is not material to the Company. Our conclusion on the Statement is not modified in respect of our reliance on the financial information certified by the Management. Place: Gurugram Date: July 22, 2026 For DELOITTE HASKINS & SELLS Chartered Accountants (Firm's Registration No. 015125N ) /~v~ Vikas Khurana (Partner) (Memb ership No. 503760) (UDI N: 26503760OWLGNG8447)
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S. No. 1 u m TV " Vl Vil vrn IX X XI XIT xm XI V Eternal Limited (Formerly known as Zomato Limited) CJN: L93030DL2010PLC198141 Registered office.Gr ound Floor, 12A, 94 Meghdoot. Nehru Place. New Delhi- 110019. Delhi, lnd ia Telephone- 0 l l-40592373. Email-c ompanysccrctary@ctcmal.com, Website- www.ctcmal.com Sta tement of sta ndalon e unaudited financial results for the quarter ended June 30, 2026 Quarter ended June 30, March 3 1, Particular s 2026 2026 Unaudited Unaud ited (Refer note 7) Revenue from operations 3,349 2,953 Other income 602 537 Total income (1+11) 3 951 3,490 Expenses Employee benefits expense 507 412 Finance costs 20 13 Depreciation and amortisation expenses 60 56 Other expenses Advertisement and sales promotion 696 610 Delivery and related charges 1,477 1,268 Others 411 357 Tota l ewenses 3, 171 2 716 Profit before exceptiona l items and ta\ (HI-IV) 780 774 Exceptional items - - Profit before tax (V-Vl) 780 774 T:1x ex11ense: Current tax 156 76 Deferred tax 39 (7) Profit for the period / year (VU-Vlll ) 585 705 Other comprehensive income / (loss) (a) Items that will not be reclassified to profit or Joss: (i) Remeasurements of the defined benefit plans (0) (I) (ii) Equity instmmem s through other compre hensive income (70) (240) (iii) Income tax relating to above items 0 4 (b) Items that will be recla ssified to profit or Joss: (i) Exchange differences on translation of foreign operations 0 3 (ii) Debt instrumentS through other comprehensive income 84 (1 32) (iii) lncome tax relating to above items (21) 34 Total other comp rehensiv e income / (loss) for the fleriod / year (7'1 '332) Total comprehensive income for the period / yea r (IX+X) 578 373 Paid-up sha re ca11itnl (face value oflNR I per share) 921 919 Other equity E.trnings pct· equity share (TNR) 1 (face value of INR I each) (a) Basic 0.64 0.77 (b) Diluted 0.62 0.76 1 £PS is 1101 am111alised for the quarte,· ended June 30, 2026. March 31. 2()26 a11d J1111e 30, 2025 ffNR crore) Year ended June 30, March 31, 2025 2026 Unaudited Audit ed 2.4 13 10,899 405 1.803 2,818 12.702 351 1,466 6 34 42 202 423 2,064 1.042 4,658 273 1,312 2 137 9.736 681 2,966 - 681 2,966 79 318 (7) 602 2,655 0 0 (3) (515) 0 34 0 5 100 (90) (25) 23 72 (543 674 2 112 908 919 36,137 0.66 2.91 0.64 ".86
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Ete rnal L imited (For merly know n as Zomato Limit ed) Notes 10 the standal one una udit ed financial r esults The statement of standalone unaudited financial results of Eternal Limited (Formerly known as Zornato Limited} ("the Company") for the quarter ended June 30. 2026 (··financial Resu lts"} have been reviewed by the Audi I Committee and approved by 1he Board of Directors at their respective meetings held on July 22, 2026. 2 The Financ ial Results have been prepared in accordance with the recognition and measu rement principles laid down in the lndian Accounring Standard 34 "lntcrim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 20 13 read with relevant rules issued thereunder and other accounting princ iples generally acccpled in India and in compl iance with Regulation 33 of the Secur ities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations. 2015, as amende d ("LODR Regulations"}. 3 The Company publishes these financial results along with the consolidated unaudited financial results. In accordance with Ind AS 108, 'Operat ing Segments', the Company has disclosed the segment information in the consolidated unaudited financial results. 4 The Compa ny has made long term strategic investments in Zomato Hyperpure Private Limited ("ZH PL"), Zomato Entertainme nt Private Limited ("ZEPL") , Blink Commerce Private Limited ("BCPL"). Orbgen Technologies Private Limited ("OTPL") and Wasteland Entertainme nt Private Limited ("WEPL" } ("subsidiary compan ies"). These subsidiary companies have incurred expenses Jor building the brand, market share and operations which have added to their losses. These investments will generate growth and returns over a period of time. Further, the Parent has also commi t1cd to provide support to each of its subs idiary companies in the event they arc unable to meet their individual liabilities. Based on the review of the pcrfonuancc and future plans of these subsidiary companies. the Company has concluded that no impairment is required as on June 30. 2026. TI1e same was noted by the Audit Committee and the Board. 5 The Compa ny is in rece ipt of the following Show Cause Notices ("SCNs" ) and Demand Orders ("Orders ") from various GST authorities : a. Orders for October 20 19 to March 2022 for all the States for INR 420 crore b. Orders for April 2022 to March 2024 for Andhra Pradesh for JNR 14 crore c. SCN for April 2022 lo March 2023 for Gujarat for !NR 13 crorc, There are no SCNs or Orders on this mailer other than those mentione d here. l11e SCNs and Orders require the Company to pay GST on the delivery charges collected by the Compa ny from the end users on behalf of the delivery partners, along with additional interest and penalties as per GST provisions . The Company is contesti ng the Orders/ SCNs al appropr iate fonuns. The Company, supported by the external independent expert 's advice, is of the view that it has a strong case on merits. W.e. f. Sep tembe r 22, 2025, the Government bas included local delivery services provided through Electronic C01rnnerce Operators ("ECOs "} by unregistered service providers u/s 9(5) ofCGST Act, 2017. Pursuant to change in law, the Company is paying GST on delivery cha rges collected from the customers on behalf of unregistered del ivery parmers. 6 The Governme nt of Jndia, with effect from November 2 l . 2025, notified the Code on Social Secur ity , 2020; the Occupational Safety. Health and Working Cond itions Code. 2020; the Industrial Relations Code, 2020: and the Code on Wages, 2019 (co llectively, the "Labow Codes") , with the corresponding rules notified on May 08, 2026. The Labour Codes replace the existing central labour legislations. Certa in provisions of the Labour Codes are yet to be notified; based on the Compa ny's assessment. the provisions currently in force do not have a material impact on 1be financ ial results of the Company. Similarly. various State Governments have also notified their own legislations perta ining 10 gig and platform work; however, the notific ation of the rnles in respect of such state legislations remain pending, except for the State of Karnala ka, where the mies have been notified on November 19, 2025. The Company is curre ntly eo111esting the validity of the Karnataka stare legislation (The Kamataka Platfonn Based Gig Workers (Social Secur ity and Welfare} Act, 2025) before the appropriate forum. The opera tiona lised state legislations as of June 30. 2026 (i.e., ofKarnataka), does not have a material impact on the financial results of the Company. The financial impact, if any, of the remaining provisions will be assessed upon 1101ificalion of the relevant rules and regulations. 7 The figures of the fourth quaner are the balancing figures between audited figures in respect of the full financial year and published year to date figures upw the third quarter of the relevant financial year. Date: July 22, 2026 Place: New Delh i for and n behalf of the Boar d of Directors of ormerl :v know n as Zo mat o Limited ) Kaushj k Dutta ,,,.,- Chairman and Tnd'cpendent Director (DTN-03328890 )