Whalesbook
Q4FY26 Mein Kya Hua? Numbers Dekho!
Dekho, agar numbers ki baat karein toh Q4FY26 mein Eternal ka Net Order Volume (NOV) 54% jump kiya hai YoY. Iski sabse badi wajah Blinkit hai, jismein 95% ka surge dikha, aur Food Delivery business bhi 18.8% grow hua. Company ne apni profitability bhi sudhari hai. Food Delivery ka adjusted EBITDA margin ab 5.5% hai, jo pichhle saal 5.2% tha. Quick Commerce bhi ₹370 million ke adjusted EBITDA par pahunch gaya, jo Q3 se kaafi achha hai. District segment ka loss bhi kam hokar ₹810 million ho gaya.
Future Ke Liye Bade Plans!
Management ne future ke liye bade plans banaye hain. Unka target hai FY28 tak NOV ko double karke $20 billion tak pahunchana. Aur FY29 tak toh $1 billion ka adjusted EBITDA kamana hai, jo FY26 ke $156 million se kaafi zyada hai. Q1FY27 mein Quick Commerce mein aur improvement ki umeed hai, season ki wajah se Q4 mein thoda slow tha.
Competition Ka Pressure Kaisa Hai?
Par bhai, ye sab karne mein aasan nahi hoga. Market mein competition tedi hai. Food delivery mein Zomato hai, jiska market cap ₹1.80 trillion hai aur P/E ratio 55.2x hai. Swiggy, jo private hai, uska valuation $12.7 billion tha. Quick commerce mein Zepto bhi ek bada player hai, jise $3.6 billion valuation mila tha. India ka e-commerce market toh 12-15% CAGR se badh raha hai 2025 se 2030 tak, lekin is growth mein sabke margins par pressure aayega.
Analysts Kya Keh Rahe Hain?
Wahin, analysts abhi bhi positive hain. Anand Rathi ne BUY rating aur ₹400 ka target price maintain kiya hai. Unko lagta hai ki Eternal ka scale, khaas kar Blinkit ke saath, aur customer retention bina heavy discount diye ek advantage hai. As of April 28, 2026, Eternal ka market cap ₹1.20 trillion tha.
Challenges Aur Risk Factors
Lekin itne ambitious targets ko poora karne mein execution challenges bahut hain. Kya woh competitors ko peeche chhod paayenge bina zyada discount diye? Quick commerce capital intensive hai aur margins kam hote hain. Regulatory issues bhi ho sakte hain, jaise delivery partners ki welfare ya pricing ko lekar. FY26 ke $156 million se FY29 tak $1 billion EBITDA ka jump bahut bada hai aur iske liye market share gain aur operational efficiency par nirbhar rehna hoga. Pichhle saal bhi Q4 FY25 results ke baad stock 3% gira tha, thoda market volatility ke karan. Toh haan, analysts positive hain, par long term success Eternal ki ability par depend karega ki woh is competitive market mein kaise perform karte hain aur apne financial targets meet karte hain.