Business
Eternal shares jump 3% after Q1 results. Jefferies, CLSA and 4 other brokerages weigh in
The company’s revenue from operations came in at Rs 20,211 crore, a massive 182% jump from Rs 7,167 crore reported in the corresponding quarter of the previous financial year, Eternal said in a regulatory filing.
On a sequential basis, net profit declined 47% from Rs 174 crore posted in the previous quarter. Revenue from operations, on the other hand, rose 17% from Rs 17,292 crore, according to the company’s exchange filing.
Eternal shares: Buy, sell or hold?
JPMorgan maintained its Overweight rating on Eternal with a target price of Rs 390 (38% upside), calling the quarter strong but broadly in line with expectations, with growth accelerating across quick commerce, food delivery and District.CLSA retained its High Conviction Outperform rating on Eternal with a target price of Rs 506 (79% upside), saying the company’s Q1FY27 results reinforced its view of strong execution. Both quick commerce and food delivery posted faster growth, while profitability improved despite elevated competition.
Blinkit reported faster NOV growth along with greater confidence in profitability and cash generation. Zomato‘s growth accelerated to its fastest pace in six quarters, with limited impact from emerging no-commission platforms. Meanwhile, newer businesses such as District and Bistro continued to expand the ecosystem and drive customer engagement.
Jefferies maintained its Buy rating on Eternal with a target price of Rs 415, saying the first quarter reinforced the importance of quality growth over simply chasing market share. Food delivery growth accelerated alongside better-than-expected profitability, while quick commerce performance remained strong despite falling short of optimistic forecasts. The key takeaway for the brokerage was management’s growing confidence that competitive intensity in quick commerce has become more predictable and that value-led food delivery is unsustainable.
Blinkit does not favour a short-term discounting strategy, and management indicated it is comfortable with the broader market growing faster as a result.
Nomura retained its Buy rating on Eternal with a target price of Rs 350, implying a 24% upside, citing improving quick commerce profitability despite intense competition. Blinkit added 200 stores during the quarter, taking its total store count to 2,443. Management expects margins to continue improving, with competitive intensity having peaked in Q1FY27 and becoming more predictable.
Eternal now expects Blinkit’s steady-state EBITDA margin to reach 6% of NOV, compared with its earlier estimate of 5-6%, driven by efficiencies from larger stores and warehouses, deeper assortments, and better working capital management. The company expects net working capital days to decline from 18 to 12 in the steady state. Nomura forecasts 57-74% year-on-year NOV growth and adjusted EBITDA margins of 0.9-2% in FY27-28F.
Also read: Will Blinkit growth sustain amid competition? 5 things to know from Eternal’s shareholder letter
Motilal Oswal maintained its positive view on Eternal with a target price of Rs 400, implying a 41% upside. Management guided towards the higher end of its long-term margin range, with a reported EBIT margin of around 4% and an adjusted EBITDA margin of around 6%, compared with its earlier guidance range of 5-6%.
This came despite the recent increase in take rates not yet translating into contribution margin gains, which management attributed to minimum wage hikes across several states and the opening of larger stores. With the business model now established and competition becoming more predictable, management expects structurally higher margins going forward.
Motilal Oswal noted that continued elevated competition could affect near-term gains but viewed the guidance upgrade positively. The brokerage said management’s long-term target of 60% NOV growth and an EBITDA target of USD 1 billion by FY29 appear increasingly achievable, with its estimates continuing to factor in this long-term trajectory.
Emkay retained its Buy rating on Eternal and raised its target price by 8.1% to Rs 400 from Rs 370 after the company’s Q1FY27 results exceeded expectations. Emkay expects competitive intensity to remain elevated during the upcoming festive season but said Blinkit has demonstrated its ability to retain market share while maintaining profitability. The brokerage raised its FY27E and FY28E quick commerce NOV estimates by 5.4% and 8%, respectively, citing strong growth momentum. It retained its positive view based on Eternal’s strong execution in quick commerce, steady food delivery momentum, and adequate cash reserves.
Read more:Eternal Q1 Results: Cons PAT skyrockets 268% YoY to Rs 92 crore; revenue zooms 182%
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
Mitchells & Butlers reports flat Q3 sales amid heatwave impact

Mitchells & Butlers reports flat Q3 sales amid heatwave impact
Business
Why nobody seems to be able to make their mind up about e-scooters
Young boys and men appear to be over-represented in the stats. Of the casualties, 302 – the most of any age and sex category – were males aged 10-19.
Six deaths were recorded in 2024, unchanged from the previous year. Five of these were riders and one a pedestrian.
Although the numbers aren’t conclusive, it is thought more accidents are happening on privately owned e-scooters. Winchcomb says police statistics “aren’t reflective of the number of injuries”.
Nonetheless, campaigners believe there is enough evidence to show that regulation is urgently needed.
Carly Calland’s 14-year-old son Jacob died in March 2025 of a catastrophic head injury. He was a passenger on an e-scooter that was involved with a collision with a car.
If privately owned e-scooters are legalised for public use, Carly believes, there should be mandatory helmets, a ban on carrying passengers and penalties for parents that allow children to ride illegally.
“If Jacob was wearing a helmet that day, he would still be here,” Carly, from Wythenshawe in Greater Manchester, says.
Carly is not against e-scooters. They “are really good for people to get to work, and they are eco-friendly”, she tells me, but “they just need to be used in the correct way.”
What happens if the current situation goes on? Her answer is emphatic: “More deaths.”
Business
AI Spending, Inflation, and 3 More Reasons Why Tech Is Hurting
AI Spending, Inflation, and 3 More Reasons Why Tech Is Hurting
Business
Bohus Q2 2026 slides: Norway’s top furniture retailer posts 15.7% growth

Bohus Q2 2026 slides: Norway’s top furniture retailer posts 15.7% growth
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Volution Group raises earnings guidance despite peer warnings

Volution Group raises earnings guidance despite peer warnings
Business
Equinor ASA 2026 Q2 – Results – Earnings Call Presentation (NYSE:EQNR) 2026-07-23
Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team
Business
Samsung’s Two New Flagships Offer Very Different Trade-offs
Samsung Electronics has reshaped its premium smartphone strategy this year, pushing the “Ultra” branding to the top of both its foldable and traditional slab-style phone lines for the first time, a shift that has left shoppers weighing two very different devices with nearly identical internal hardware.
The comparison centers on the Galaxy Z Fold8 Ultra, which succeeds last year’s Z Fold7 as Samsung’s flagship foldable, and the Galaxy S26 Ultra, the company’s traditional bar-style flagship. According to technology outlet Engadget, the two devices share the same processor, the same RAM and storage configurations, and the same battery capacity, yet deliver dramatically different real-world experiences depending on their form factor.
A reshuffled foldable lineup
This year’s release marks the first time Samsung has applied the “Ultra” designation to a foldable device. Alongside the Z Fold8 Ultra, Samsung introduced a new mid-tier model, the standard Galaxy Z Fold8, positioned with a shorter, wider “passport-style” design that sits below the Ultra in specifications while still offering more functionality than the company’s clamshell-style Z Flip8. That restructuring has clarified the roles within Samsung’s foldable range, splitting it into distinct Ultra, standard Fold and Flip tiers for the first time.
Reporting on the change, Engadget described the shift as revealing more than Samsung may have intended, noting that the differences between the Z Fold8 Ultra and S26 Ultra are “both vast and — paradoxically — surface-deep,” given how similar the two phones are under the hood.
Nearly identical core specifications
Both devices run on Qualcomm’s latest Snapdragon 8 Elite Gen 5 processor and ship with matching memory configurations: 12GB of RAM paired with either 256GB or 512GB of storage, or 16GB of RAM on the top-tier 1TB storage option. Both phones also carry a 5,000mAh battery. That overlap in core hardware has led analysts to conclude that competition in the premium smartphone segment is shifting away from raw performance specifications and toward differences in form factor and user experience instead.
Where the two phones diverge
The most significant differences between the devices lie in their displays and physical designs. The Galaxy S26 Ultra retains a traditional smartphone shape and introduces a new Privacy Display feature, described as the first hardware-level implementation of its kind in a smartphone, capable of narrowing the screen’s visibility from off-center angles without relying on an added polarizing film layer. The Z Fold8 Ultra, by contrast, emphasizes its large foldable interior screen, offering a combined smartphone-and-tablet experience when opened.
Camera hardware also separates the two devices. The S26 Ultra includes a wider f/1.4 main aperture, which Samsung says allows the sensor to capture 47% more light than the Z Fold8 Ultra’s f/1.7 aperture, along with an exclusive 50-megapixel, 5x periscope telephoto lens not available on the foldable. Both phones share a 200-megapixel main sensor and a 50-megapixel ultrawide camera, but the S26 Ultra’s additional zoom lens and stronger front-facing camera have made it the preferred option among reviewers focused primarily on photography.
Charging speed favors the slab phone as well. The S26 Ultra supports 60W wired charging, compared with 45W on the Z Fold8 Ultra, giving the traditional flagship an edge in minimizing downtime between charges.
A meaningful price gap
The price difference between the two devices is substantial. The Galaxy S26 Ultra starts at $1,299.99, while the Galaxy Z Fold8 Ultra starts at approximately $1,999, a gap of roughly $700. According to one detailed comparison, that premium buys a second 6.5-inch cover display capable of functioning as a standalone phone, an 8-inch interior tablet-style display, hands-free video call functionality through a half-fold “Flex Mode,” support for three simultaneous apps in split-screen view, and access to Samsung DeX on the larger interior screen rather than the more cramped 6.9-inch portrait display used for DeX on the S26 Ultra.
Physical dimensions and durability trade-offs
Hands-on comparisons have highlighted meaningful physical differences among Samsung’s three new devices. The Z Fold8 Ultra measures 158.4mm tall when unfolded, matching the exact height of the Galaxy S26+, while its narrower 72.8mm body and 8.9mm thickness make it the sleeker of Samsung’s two foldable options compared with the wider, shorter standard Z Fold8, which measures 81.9mm wide and 9.7mm thick. The Z Fold8 Ultra weighs 215g, just a gram heavier than the S26 Ultra, while the standard Z Fold8 weighs 201g.
Despite steady industry-wide improvements to basic foldable durability features such as water and dust resistance, engineering trade-offs in weight, thickness and long-term durability remain an inherent part of the foldable form factor, according to Engadget’s analysis, distinguishing both Fold models from the more conventional build of the S26 Ultra.
Different phones for different priorities
Engadget summarized the comparison by describing the Galaxy S26 Ultra as “a more balanced device for most users,” while characterizing the Z Fold8 Ultra as “a specialised product that offers the experience of putting a tablet screen in your pocket.” That framing reflects a broader theme running through most detailed comparisons of the two devices: rather than one model clearly outperforming the other, each is built around a different set of priorities, camera performance, charging speed and one-handed convenience on the S26 Ultra, versus multitasking, screen real estate and tablet-like functionality on the Z Fold8 Ultra.
What it means for Samsung’s strategy
The overlapping specifications combined with sharply different display technologies and use cases suggest a broader shift in how Samsung is positioning its flagship lineup. Rather than competing primarily on raw performance, where the S26 Ultra and Z Fold8 Ultra are now functionally equivalent, Samsung appears to be betting that consumers will increasingly choose between devices based on form factor and specialized features, whether that means a privacy-focused display and best-in-class camera system, or a foldable screen capable of replacing both a phone and a tablet in a single device.
With both phones now available, the decision for shoppers weighing Samsung’s two top-tier devices increasingly comes down to a straightforward question: whether they value the flexibility of a folding tablet-sized screen enough to pay a roughly $700 premium and accept a heavier, thicker device, or whether they’d rather have Samsung’s most refined and camera-capable slab phone at a lower price point.
Business
Google burning through cash with spiralling AI costs
Google parent Alphabet saw its business continue to grow in recent months, yet growing spending on artificial intelligence (AI) infrastructure put its leftover cash into negative territory.
The company’s free cash flow, the cash it maintained after paying for operations and investments, came in at negative $5.9bn (£4.3bn) for the first time in at least a decade, according to its past financial records.
Alphabet’s spending on AI is now expected to hit as much as $205bn this year, an increase from $190bn, as major tech companies race to build around a new wave of the technology.
Meanwhile, Alphabet’s combined quarterly revenue hit $119.8bn, up 23% compared with the same time last year.
But the company’s stock fell 4% in after hours trading.
Anat Ashkanazi, Google’s chief financial officer, noted on a call with financial analysts that the company had shown negative free cash flow due to growing capital expenditures, essentially all of which was related to AI spending.
She said the company spent $45bn in the second quarter, with 60% of the cost going towards servers and the remaining 40% going towards data centres.
Alphabet’s capital spending was $36bn in the first quarter of this year.
Ashkanazi said on the call that when it comes to AI, “the demand still outpaces that investment”.
“As long as we see these attractive opportunities to invest, we will continue to invest.”
Sundar Pichai, Google’s chief executive, said that the technological shift to AI tools and capabilities still “feels like early innings in a shift across multiple areas” and that the company’s plans around generating financial returns on its spending were “disciplined”.
“What I see with what you can do with frontier capabilities, there is still a lot of work left to do to translate that into experiences for our users. So that looks like extraordinary opportunities with extraordinary returns.”
Tesla, the electric vehicle company controlled by Elon Musk, also reported negative free cash flow on Wednesday of $1.1bn for the second quarter due to its own increasing investment costs.
It was the company’s first negative showing of leftover cash in two years, according to its financial records.
Vaibhav Taneja, Tesla’s chief financial officer, said during a call with analysts that the company will spend as much as $25bn this year, more than double its capital spending in 2025.
He added that Tesla was in “a big investment cycle” and that its spending would probably increase further over the next three years.
Tesla’s stock also dropped by 4% in after hours trading.
Business
Record quarterly revenue for Sandfire
Sandfire Resources boss Brendan Harris has praised the company’s strong finish to FY26, which included a new quarterly revenue record.
Business
DOJ clears TikTok for federal employees as Trump Cabinet joins app
President Donald Trump signs an executive order in the Oval Office that puts into effect his plan for the social media and video streaming platform TikTok.
Most members of President Donald Trump‘s Cabinet are expected to launch official TikTok accounts Tuesday, a White House official confirmed to Fox News.
The coordinated rollout, first reported by Axios, follows a July 16 opinion from the Justice Department’s Office of Legal Counsel concluding that federal employees may use TikTok because the app is now operated by a U.S.-approved owner that falls outside the federal ban.
The DOJ opinion concluded that the version of TikTok operated by the TikTok U.S. Data Security Joint Venture is not prohibited under the No TikTok on Government Devices Act, a 2022 law that barred TikTok from federal government devices because of national security concerns tied to Chinese parent company ByteDance.
The opinion says the law prohibits versions of TikTok “developed or provided by entities in which ByteDance Limited has a controlling ownership stake.”
TIKTOK AVOIDS US BAN BY FINALIZING HISTORIC TRUMP-BACKED AMERICAN MAJORITY OWNERSHIP DEAL

President Donald Trump speaks during a Cabinet meeting at the White House. Most members of his Cabinet are expected to launch official TikTok accounts Tuesday after a Justice Department opinion allowing federal employees to use the app. (Win McNamee/Getty Images / Getty Images)
According to the DOJ, the current version of TikTok no longer meets that definition because the joint venture “functions independently of ByteDance, is majority-owned by American investors and has revised the content recommendation algorithm and cybersecurity program originally developed by ByteDance to insulate federal government information against the concerning security features that initially motivated the prohibition.”
The decision marked a significant shift in the federal government’s posture toward TikTok after years of bipartisan concerns over the app’s ties to China and data security risks.
Trump has increasingly embraced TikTok, arguing the platform helped him connect with younger voters during the 2024 campaign.
“You know, I watched a couple of people critical of the fact that TikTok, TikTok, it’s so bad. It’s so dangerous. It’s horrible. They’re spreading all these rumors,” Trump said July 8.
“And the numbers came out yesterday. You know who’s No. 1 on TikTok? I am. I’m No. 1 at TikTok.”

The opinion says the law prohibits versions of TikTok “developed or provided by entities in which ByteDance Limited has a controlling ownership stake.” (iStock / iStock)
Trump also dismissed criticism from some China hawks, saying his messaging on the platform undercuts concerns about Chinese influence.
“And all I talk about is how bad communism is, right?” Trump said. “They say, ‘Oh, it’s terrible.’ They’re spreading. But I’m No. 1. I listen to Gordon Chang. I like Gordon Chang, but he’s always, like, negative.
“Oh, China is so terrible. They’re so terrible, and TikTok is so terrible. But I am No. 1 on TikTok. I have, like 4 billion views or something like that.”

Trump’s Cabinet is expected to launch official TikTok accounts Tuesday after the Justice Department concluded federal employees may use the app under its new ownership structure. (Win McNamee/Getty Images / Getty Images)
Earlier this month, Trump also credited TikTok with helping deliver his election victory.
CLICK HERE TO GET FOX BUSINESS ON THE GO
“We have to be careful because China is a great competitor,” Trump said during a July 6 event. “But, you know, he was talking about we must stop TikTok. I’m No. 1 on TikTok. I think it helped me win the election in a landslide if you want to know the truth.”
Fox News’ Patrick Ward contributed to this report.
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