External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Overall, B2C NoV grew ~55% YoY (11.1% QoQ) to INR 257.3bn in Q3FY26 (in-line)</li><li>Zomato’s food delivery (FD) sustained its recovery momentum with NOV rising 16.6% YoY to INR98.5bn (vs 13.8% in Q2), while CM/adj</li><li>EBITDAM (as % of NoV) remained largely stable QoQ at 10.4/5.4% (HSIE: 10.2/5.3%)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Overall, B2C NoV grew ~55% YoY (11.1% QoQ) to INR 257.3bn in Q3FY26 (in-line)Zomato’s food delivery (FD) sustained its recovery momentum with NOV rising 16.6% YoY to INR98.5bn (vs 13.8% in Q2), while CM/adjEBITDAM (as % of NoV) remained largely stable QoQ at 10.4/5.4% (HSIE: 10.2/5.3%)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eternal (3QFY26 Results Review): FD Recovery Continues, Blinkit in the Black. Maintain ADD

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>NOV Growth: Zomato’s B2C operations delivered a strong 57% YoY rise in Net Order Value (NOV) to Rs 23,164 Cr, underscoring broad-based demand momentum.</li><li>Consolidated revenue soared 183% YoY and 90% QoQ to Rs 13,590 Cr in Q2FY26, with LFL growth of 65%, primarily propelled by exceptional performance in the Quick Commerce segment, which recorded its highest-ever NOV growth of 137% YoY (27% QoQ) in the past 10 quarters.</li><li>The steep topline jump was largely driven by a shift towards inventory-led operations within the quick commerce vertical.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NOV Growth: Zomato’s B2C operations delivered a strong 57% YoY rise in Net Order Value (NOV) to Rs 23,164 Cr, underscoring broad-based demand momentum.Consolidated revenue soared 183% YoY and 90% QoQ to Rs 13,590 Cr in Q2FY26, with LFL growth of 65%, primarily propelled by exceptional performance in the Quick Commerce segment, which recorded its highest-ever NOV growth of 137% YoY (27% QoQ) in the past 10 quarters.The steep topline jump was largely driven by a shift towards inventory-led operations within the quick commerce vertical.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eternal Ltd (Zomato)  - Quick Commerce Led Growth; Competitive Intensity Remains

Thematic (Sector/Industry)

<ul><li>Balancing External Risks with Domestic Fundamentals: The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary increasingly important for market direction.</li><li>While external uncertainties, including elevated crude oil prices, a relatively weaker Indian rupee, geopolitical developments, and evolving global trade dynamics, remain key monitorable factors.</li><li>Although oil prices have moderated from the peaks seen during recent geopolitical events, they remain vulnerable to supply disruptions, keeping inflationary pressures and input costs elevated. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Balancing External Risks with Domestic Fundamentals: The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary increasingly important for market direction.While external uncertainties, including elevated crude oil prices, a relatively weaker Indian rupee, geopolitical developments, and evolving global trade dynamics, remain key monitorable factors.Although oil prices have moderated from the peaks seen during recent geopolitical events, they remain vulnerable to supply disruptions, keeping inflationary pressures and input costs elevated. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Market Recap: Volatility Persists: Indian markets experienced sharp swings during May 2026 amid fluctuating global risk sentiment.</li><li>The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated resilience.</li><li>The Nifty Midcap100 and Nifty Smallcap 250 outperformed frontline indices, supported by stronger earnings growth, domestic liquidity, and sectoral rotation into industrials, capital goods, defence, manufacturing, and select consumption themes. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market Recap: Volatility Persists: Indian markets experienced sharp swings during May 2026 amid fluctuating global risk sentiment.The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated resilience.The Nifty Midcap100 and Nifty Smallcap 250 outperformed frontline indices, supported by stronger earnings growth, domestic liquidity, and sectoral rotation into industrials, capital goods, defence, manufacturing, and select consumption themes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Top Picks for the Month of June 2026

<ul><li>Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand recovery.</li><li>This topline performance is mainly driven by sustained momentum in jewelry (driven by surge in gold prices), ongoing customer acquisition efforts in new-age businesses, and recovery in apparel growth YoY.</li><li>We expect jewelry, F&amp;G, paints, apparel, and footwear to clock ~47%, 19%, 5%, 16%, and 9% YoY revenue growth in Q4. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand recovery.This topline performance is mainly driven by sustained momentum in jewelry (driven by surge in gold prices), ongoing customer acquisition efforts in new-age businesses, and recovery in apparel growth YoY.We expect jewelry, F&amp;G, paints, apparel, and footwear to clock ~47%, 19%, 5%, 16%, and 9% YoY revenue growth in Q4. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Discretionary (Q4FY26 Results Preview): Q4FY26 – green shoots emerging across segments

India

Eternal is an Indian multinational technology and consumer-services holding company, operating various digital platforms. Its core businesses include Zomato for food delivery and dining, Blinkit for quick-commerce grocery delivery, Hyperpure for business-to-business food supply, and District for live events and online ticketing. The company was founded on January 18, 2010, as DC Foodiebay Online Services and is headquartered in Gurugram, Haryana, India.

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Eternal (ETERNAL IN)

Eternal (3QFY26 Results Review): FD Recovery Continues, Blinkit in the Black. Maintain ADD

Zomato’s food delivery (FD) sustained its recovery momentum with NOV rising 16.6% YoY to INR98.5bn (vs 13.8% in Q2), while CM/adj

HDFC Securities

Eternal Ltd (Zomato) - Quick Commerce Led Growth; Competitive Intensity Remains

NOV Growth: Zomato’s B2C operations delivered a strong 57% YoY rise in Net Order Value (NOV) to Rs 23,164 Cr, underscoring broad-based demand...

Axis Direct

Q1FY27 Consolidated Earnings Preview

The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary...

Axis Direct

Axis Top Picks for the Month of June 2026

The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated...

Axis Direct

Consumer Discretionary (Q4FY26 Results Preview): Q4FY26 – green shoots emerging across segments

Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand...

HDFC Securities

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