Q1 Results Live: Havells Profit Down; Zomato Profit Falls, Misses Estimates

• Will be transitioning q-comm business from marketplace model to inventory ownership over next 2-3 quarters

• Expect to start working with brands directly without any disruption to the business

• Control on inventory gives more leverage on margins in the business plus allows us to push harder and faster on assortment expansion

• Expect to see about 1 percentage point margin expansion over time as a result of this transition

• As an outcome of this transition, we will also see shrinkage in Hyperpure’s non-restaurant business as most of the B2B buyers in that business were sellers on our quick commerce platform

Source: Letter To Shareholders

• First quarter where Q-comm NOV exceeded food delivery NOV for the full quarter

• Going forward, Eternal to only disclose NOV (which is GOV minus the discounts)

• At this point, don't see any innovation in the space which puts business under any obvious threat

• In near terms, percentage margins have bottomed out

• Should see margins improve as a large number of stores mature

• Absolute losses should come down from hereon

Source: Letter To Shareholders

Eternal Q1 Segment Wise Profitable

• Food delivery profit up 45 % to Rs 465 crore YoY, up 6 % QoQ

• Quick commerce loss at Rs 42 crore versus Rs 43 crore profit YoY, at Rs 82 crore loss QoQ

• Hyperpure loss at Rs 5 crore versus Rs 14 crore loss YoY, Rs 8 crore loss QoQ

Eternal Q1FY26 Highlights (Consolidated, QoQ)

• Revenue up 22.9% at Rs 7,167 crore versus Rs 5,833 crore (Bloomberg estimate: Rs 6,624.2 crore)

• Ebitda up 59.7% at Rs 115 crore versus Rs 72 crore (Bloomberg estimate: Rs 178.4 crore)

• Margin at 1.6% versus 1.2% (Bloomberg estimate: 2.6%)

• Net Profit down 35.9% at Rs 25 crore versus Rs 39 crore (Bloomberg estimate: Rs 105 crore)

Latent View Analytics Q1FY26 Highlights (Consolidated, QoQ)

• Revenue up 1.6% at Rs 236 crore versus Rs 232 crore

• Ebit down 11% at Rs 40.8 crore versus Rs 45.9 crore

• Margin at 17.3% versus 19.8%.

• Net Profit down 5% at Rs 50.8 crore versus Rs 53.5 crore