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Eternal Q2 Review — Food Delivery Growth Pangs Continue, Says HDFC Securities Maintaining 'Reduce'

Most goodies seem priced in for Eternal, hence the brokerage largely maintains its adjusted Ebitda estimates for FY27/28.

Zomato stake sale, Eternal block deal
Eternal's quick commerce business continued to beat growth expectations. ( (Photo source: Usha Kunji/NDTV Profit)
Eternal’s food delivery segment showed a modest recovery in Q2 FY26, with NoV increasing 13.8% YoY to Rs 94.2 billion (vs. 13.1% in Q1; brokerage estimate: Rs 94.7 billion), amid softer discretionary demand environment, increased competition from quick commerce, and volatile weather.
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