Questions across 9 calls

Manish Adukia

Goldman Sachs

Physicswallah Limited

Physicswallah Limited CC-Jun26.pdf · 2026-05-27

Hi, thank you, good evening and thanks for taking my questions. A few questions, most of them are follow-ons to the earlier question of Swapnil and Garima. First one is just on the margin bit. You called out 19% margin in FY25 going to minus 10% in FY26 on offline, and plans for break-even this year with mid-teens over a period of time. Just want to understand drivers of this margin improvement apart from your centre utilization improving as those cohorts mature. In your guidance of 13% to 15% margin, is there any pricing element built in as well? And if you can just break out how much of margin improvement from here to, let's say, 15% is pricing increase of courses versus just improvement in store utilization? That will be my first question. Thank you.

Very clear. And thank you. And then on that ARPU point, when I look at, let's say, your shareholder letter, it talks about ARPU improvement from, you know, better course mix and longer duration programs, etcetera. So if I get that right, there is no pricing increase on a like- for-like course that you are building in your assumptions. It's just mix improvement in ARPU rather than actual price increase in the course. Is that assumption correct?

ETERNAL LIMITED

ETERNAL LIMITED CC-May26.pdf · 2026-04-28

Thank you. Hi, good afternoon. Thank you for taking my questions. My first question is actually a follow-up from Gaurav's previous question. Akshant, like Gaurav asked, the 100% guidance now does not hold true for FY27, given what you saw in the market in terms of competition, etc. Now, when you give your medium term guidance of 60% CAGR, what margin of safety or room for error are you building in that guidance? If competition were to remain as is or were to get slightly worse from here, what are the range of outcomes for the 60% CAGR? The reason I'm asking is because from a near term perspective, it could maybe help us understand the building blocks as to where you could see the next three-year growth end up to get to 60%. That may help us just build a little bit more conviction. That's my first question.

Sure, thank you Akshant for that. Where I was coming from was also the building blocks in terms of, and I know you don't want to give like a three-year store guidance, but if you were to think about user growth versus frequency versus average order value, if you can maybe give us a pecking order of what drives the most amount of growth versus followed by the second, followed by the third, that would also be helpful.

ETERNAL LIMITED CC-Jan26.pdf · 2026-01-21

Hi, good evening. Thank you so much for taking my questions and congratulations on a good quarter. My first question is on the quick commerce margins or losses, and congratulations on the breakeven there. In this quarter, if you look at the numbers, your gross margin didn't really expand, store throughput was down about 6% QoQ, but despite that, your contribution margin expanded 90 basis points, EBITDA expanded about 130 basis points, and all of this is while you say that the competition is irrational. If you assume competition remains irrational, which is what you are assuming, then why should, directionally, margins not continue to improve at the same pace as what you did in this quarter? I would love to get your thoughts on that. That's my first question, please.

I appreciate that, Akshant. Thank you. Follow-on question then on competition. One, if you can clarify quarter on quarter, your store throughput was down about 6% or 7%. What explains that? And maybe a related question. In the previous quarter, you mentioned that you want to grow at 100% YoY or expect to grow 100% YoY at least for the next one to two years. Now you're saying that the 100% YoY growth is contingent upon competition not staying irrational. I just wanted to tie up that guidance that you're saying that if competition is not irrational, it's only then you'll open 3,500 to 4,000 stores and only then you'll achieve 100% YoY growth. Is that understanding correct? And my first question was just on store throughput.

ETERNAL LIMITED CC-Sep25.pdf · 2025-10-16

Hi. Good evening. Thank you for taking my questions. First question is, again, a follow-up on food delivery. Now, since you mentioned that some of the factors that are causing headwinds are largely macro, in your opinion, for you to reach your medium term mark of 20%+, is it just that macro has to get better, or are there any other interventions that, you could do to get to that higher number? And, since one of the reasons that you called out is also expansion of quick commerce which may have impacted food delivery growth, so, could we conclude that as long as quick commerce growth remains elevated, which may be for some time in the foreseeable future, food delivery in the foreseeable future is unlikely to see any meaningful improvement in growth trends and 20% may be a more longer-term target than a medium-term target?

Sure. Thanks, Akshant, and sorry to push you on this one, but why keep that 20%+ guidance? Why not make it like 15%+? I'm just trying to think that what gives you confidence that there's a 20%+ market and not a 15% market or like a whatever low- teens or mid-teens market?

ETERNAL LIMITED CC-Jun25.pdf · 2025-07-21

Yes, hi. Good evening. Thank you for taking my questions. I have two or three questions, all on quick commerce. The first one is on inventory ownership. The first question is, are you going to move almost all of your inventory to 1P over the next two to three quarters like you mentioned in the letter? And will the margin benefit also be immediate? So, let's say, if you were to move almost all your inventory in three quarters, will the margin benefit also accrue in that two to three quarter period? Or will that take a slightly longer time period? That's my first question.

Understood. And you talked about some of the things in terms of the differentiation versus peer group, but in terms of like you moving to inventory ownership and, of course, almost all of your peers doing still marketplace, would you say that it's a meaningful competitive advantage? Or it's an advantage but doesn't really move the needle in a meaningful way from a market share perspective? Like what would your thoughts be there?

ETERNAL LIMITED CC-Mar25.pdf · 2025-05-01

Thank you for the shareholders’ letter. As always, it is quite helpful. My first question is on the competition in quick commerce, which you said you expect to intensify in the future, particularly from next-day delivery platforms. Now the question here is that is that an expectation or are you already seeing that play out? And where is this higher competition showing up? I understand higher marketing costs, but your take rate and your contribution margins are both quite stable quarter-on-quarter. So does that mean that there has been almost no impact so far or any meaningful impact so far of competition on either user fee or store rental cost or, let's say, store-level employee costs, etc. I would love to get your thoughts on that. That's my first question, please.

Thank you for that response. In the shareholder’s letter, you specifically talked about next-day delivery platform where you expect competition to intensify. But on current quick commerce platforms, how have the trends been in the last two / three months? Has competition continued to increase? Has it been stable? Has it reduced? Would love to see the dynamics between quick commerce versus next-day delivery and how is that moving in terms of competition?

ETERNAL LIMITED CC-Sep24.pdf · 2024-10-22

Yes. Hi, good evening, and thank you for taking my questions. I have two questions. Firstly, on the quick commerce business, your AOV has been going up, but the take rate has remained somewhat flattish. Is this due to the non-grocery mix continuing to improve quarter on quarter, which likely has a high AOV but a lower take rate? A related question to that, if you look at the e-commerce market in India, which is over $50 billion with categories like smartphones, electronics, fashion, and possibly beauty being the largest, where do you see the most room for Blinkit to capture a sizeable market share, and where are you seeing the most traction? That’s my first question; I’ll come back with the second one.

Thanks, Albinder. As you offer more categories, I believe in the last shareholders' letter, you mentioned 20,000+ SKUs that you’re potentially offering in a particular area. Will you look to open larger dark stores to serve the same vicinity, or will you have a network of dark stores, each storing different categories to serve the same consumer? How are you thinking about that?

ETERNAL LIMITED CC-Sep23.pdf · 2023-11-03

Hi, thanks for taking my questions. Most of my questions are around growth across food delivery in Blinkit. Now firstly, Akshant, just wanted to get a clarification. I think, in the shareholder letter, you've mentioned that you're expecting 25% to 30% YoY growth next quarter in the food delivery business. But you also said that it will be high single digit, and you called it moderate. So, I just want to understand, I mean, high single digit or 25%, 30% seems like a pretty good number. You're calling it moderate because you're not happy with that number and you think there's further upside to that growth number? I just wanted to get a clarification.

Helpful. The second one, just again, maybe if you can give additional color, Albinder or Akshant on the Blinkit number, very strong growth this quarter, and you've mentioned that next quarter, you expect growth to remain high. So again, should we think about that in terms of the quarterly run rate that you've been doing in terms of growth, that kind of growth can be maintained? Is that what you're alluding to when you say growth rate to be high?

Urban Company Limited

Urban Company Limited CC-Nov25.pdf · 2025-11-01

Hi, good evening. Thank you for taking my questions, Abhiraj and team. Many congratulations on your listing. Happy Diwali to you. And I really appreciate the detailed shareholder letter with all the additional details. I have quite a few questions. So, please feel free to cut me off whenever you want me to go back in the queue. So, I will just start with the India consumer services business where NTV growth right now is tracking at about 20% excluding the InstaHelp business. As you think about the next three to five years, one, do you see this growth sustainable, or do you think there are more upside or downside risks versus this number? And second, between the user growth and spend per user, which one do you see as a bigger driver of growth? That is my question and I have a few follow-ups.

Thank you for clarifying. And you mentioned that FY26 will be a year of investments. So, does that mean that margins again start expanding next year? How much do you think margins could deteriorate this year before they start expanding again? And maybe a related question, when you say steady-state margins of 9-10% of NTV, again, in your definition, how far in the future is that steady- state?