Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a strong performance in the Indian consumer goods sector, particularly for Eternal's Blinkit, which exceeded market expectations [4][5]. Core Insights - Blinkit's contribution per order reached 30 INR, surpassing the market consensus of 26 INR, with total order value increasing by 121% year-on-year [4][5]. - The monthly active users reached 23.6 million, driven by a stable pricing strategy and category expansion [4]. - The instant retail segment achieved breakeven earlier than the market consensus expectation for FY2027, despite an increasingly competitive environment [5]. Summary by Sections Instant Retail Performance - The instant retail segment is driven by high-quality customers who prioritize convenience over price sensitivity, providing significant advantages for advertisers [5]. - The total order value in this segment grew by 121% year-on-year, adjusted for GST and seasonal factors, the growth rate is 130% [5]. Food Delivery Growth - The food delivery business saw an acceleration in order value growth, attributed to slight improvements in demand and investments in user activation [6]. Strategic Investments - District and Hyperpure are strengthening Zomato's competitive edge, with District's losses exceeding guidance due to investments in live IP and District Pass [7]. - Hyperpure's underestimated moat enhances restaurant efficiency and trust, deepening partnerships with Zomato [7]. Catalysts for Growth - The food delivery segment continues to enhance order frequency and user growth through the Zomato Gold loyalty program [8]. - The instant retail business is expanding its user base through geographic expansion and the development of a front warehouse network [8]. Company Overview - Eternal, founded in July 2008, initially focused on the Indian market and has expanded to 22 countries with over 120 million active users [11]. - The company holds a 50% market share in India's online food delivery sector, covering over 700 cities [11]. Revenue Breakdown - Revenue by product: 39.9% from Indian food delivery, 30.6% from fresh supply chain, 25.7% from quick commerce, and 3.6% from entertainment ticketing [12].