Eternal‘s first-quarter shareholder letter shows a company where the older food delivery business is producing steady cash, Blinkit is becoming the main growth engine, and new bets such as Bistro and Nugget are still in investment mode.

The company reported 54% year-on-year (YoY) growth in B2C net order value to Rs 31,120 crore in Q1FY27. Adjusted revenue rose 173% to Rs 20,648 crore, though the company said like-for-like growth was 66% because the reported number was boosted by Blinkit’s shift to an inventory-led model. Consolidated adjusted EBITDA rose 223% YoY to Rs 555 crore.

Here are five key things investors need to know from the letter.

Blinkit is now the centre of the growth story

Blinkit’s net order value rose 86% YoY to Rs 17,132 crore. On a sequential basis, NOV grew 19%, compared with 8% in the previous quarter. The company added 200 net new stores during Q1, taking the total store count to 2,443.

The important point is that Blinkit is no longer only a growth business burning heavy cash. Its adjusted EBITDA improved for the fifth straight quarter to 0.6% of NOV, giving it adjusted EBITDA of Rs 102 crore. A year earlier, Blinkit had posted a loss of Rs 162 crore.

Management said the growth was helped by seasonality, assortment expansion in the top eight cities and geographic expansion in the next 30 cities. It also said “gourmet” stores in select locations will add curated premium brands and support assortment expansion.

Also Read: Eternal Q1 Results: Cons PAT skyrockets 268% YoY to Rs 92 crore; revenue zooms 182%

Quick commerce needs more capital, but Eternal says returns justify it

Eternal said quick commerce is not asset-light. Blinkit now operates about 19 million sq ft of store and warehousing space across more than 300 cities. The company has invested about Rs 3,000 crore in capex over the past four years to build this network.
The company also gave a sharper framework for Blinkit’s return on capital. It now assumes capex of Rs 2.5 crore per store, including warehousing, against Rs 1 crore earlier. Net working capital is estimated at 12 days of NOV, or 3.3%, compared with 18 days earlier. Average NOV per day per store is estimated at Rs 11 lakh, higher than the earlier assumption of Rs 7 lakh.Based on these assumptions, the company said a 4% EBIT margin can imply a pre-tax ROCE of 41.7%. This is the main argument Eternal is making for continued investment in Blinkit’s dark stores, warehousing and inventory.

Food delivery remains the profit anchor

Food delivery NOV rose 20% YoY to Rs 10,769 crore, after four straight quarters of acceleration. Adjusted EBITDA margin improved to 5.6% of NOV, producing Rs 606 crore of adjusted EBITDA, up 34% from a year earlier.

This is important because food delivery is the most mature business in the portfolio. The company said margins are now close to the upper end of its steady-state guidance of 5-6% of NOV.

Founder Deepinder Goyal said the company does not see a trade-off between growth and margin at this stage. He said food delivery is growing because the product is getting better, not because the company is buying growth through spending. He added that if the company has to spend margin to grow in the future, it will do so.

Competition is high, but Eternal says retention is holding

The shareholder letter also addressed competition from platforms such as Toing and Ownly. Eternal said the impact has been limited because these platforms offer similar restaurants and delivery times, with lower menu prices funded by lower commissions and delivery fees.

The company said customer retention remains the most important signal. It said average Q4 retention across cohorts is 46%, while the most recent completed cohort is at 50%. Q8 retention stands at 48% and Q12 retention at 49%. More importantly, Q12 NOV retention at 279%. This means older customer cohorts are spending nearly three times more than they did in their first quarter.

On quick commerce, management said competition remains high but has become more predictable. It said Eternal is investing in assortment depth, geographic expansion and supply-chain infrastructure, while many competitors remain focused on pricing.

New bets are small but losses are rising

Eternal’s going-out business, District, had a strong quarter. NOV rose 60% YoY to Rs 3,218 crore. Adjusted EBITDA loss narrowed to Rs 65 crore, or 2% of NOV. Management said the growth was not just because of IPL seasonality and was helped by District becoming a unified app across restaurants, movies, events and activities.

Hyperpure also moved into profit. Revenue grew 27% like-for-like to Rs 1,034 crore, while adjusted EBITDA stood at Rs 6 crore, compared with a loss of Rs 18 crore a year earlier.

The “Others” segment is where losses widened. This includes Bistro, Nugget, Greening India and community initiatives such as Blinkit ambulance service and Feeding India. Adjusted revenue rose to Rs 95 crore from Rs 4 crore a year earlier, but adjusted EBITDA loss increased to Rs 94 crore from Rs 45 crore.

Management said the higher loss was mainly due to R&D investments in Nugget as the company scales its AI product capabilities. It described this segment as the cost of experimentation and said it will shut down ideas that do not show promise within a reasonable time.

Eternal ended the quarter with a cash balance of Rs 18,288 crore, up Rs 316 crore from the previous quarter. For investors, the letter shows a clear split: food delivery is profitable and steady, Blinkit is scaling fast with improving margins, and the next set of bets is still being built.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The Reserve Bank of India sold a net $6.1 billion in the ​foreign exchange market in May, ​data released on Wednesday showed, as a sharp rise ​in oil prices due to the Iran war pushed the rupee to an all-time low.

The RBI said in its monthly bulletin that it purchased $22.2 billion and sold $28.3 billion in May. In ‌April, the ⁠central bank ⁠had sold a net $8.9 billion.

The Indian rupee fell to a record low of 96.96 per ​dollar in May, pummeled by surging oil prices and higher global bond yields.

The currency was ​then shored up by firm RBI intervention over multiple trading sessions and a salvo of policy measures to draw dollar inflows, ranging from tax cuts on ​foreign debt investments to incentives for raising overseas ⁠FX deposits.

The ‌RBI’s net outstanding forward dollar sales stood at a record $106.6 ​billion as ​of end-May, compared with $95.3 billion at the end of April.

The ⁠data also showed that the central bank’s gold holdings ​have remained unchanged since May 22 at 880.52 metric tonnes.
On ​Wednesday, the rupee closed down 0.3% at 95.5650 per dollar, hitting its weakest level in two months.

State of the Economy

India saw heavy selling by foreign investors in its equity markets till June, but the sentiment reversed partially after the central bank took dollar inflow measures to support the rupee.

Foreign inflows ‌into the bond markets rose in June and have remained positive in July, and equity markets too have seen inflows this ​month. Foreign exchange ​reserves also remain comfortable, ⁠providing cover for 10 months of imports, the bulletin said.

The RBI said in its bulletin that the recovery in foreign investment flows into India shows a “revival ​of confidence in the economy”.

The Indian economy has seen pressure from rising oil prices globally and a weak monsoon domestically.

Although food prices have risen, core inflation remains in check, the bulletin said.

It added that sowing has been delayed due to uneven rains, but “high public foodgrain stocks should provide some cushion against price pressure.”

BCE Northern ltd is braced for 50% growth this year as it strengthens relationships and seals new deals

A Gateshead family firm is set for significant growth on the back of a string of recent contract wins. Lowfell based BCE Northern ltd was launched 15 years ago by managing director Adrian Barton and it has since seen steady growth, taking turnover to £8m last year.

Now the civil engineering firm says it is on target for 50% growth this year, following new contract wins and framework agreements. The business offers civil engineering services including building development, excavation and site clearance, groundworks, urban regeneration, highway works and landscaping.

More recently the company, whose clients include local authorities such as Newcastle City Council, Hartlepool Borough Council and Redcar and Cleveland Borough Council, has been chosen as Northumbrian Water Group’s AMP8 water infrastructure partner.

Mr Barton runs the company with directors Chris Byrne and Neil Rooney, responsible for operations and preconstruction delivery respectively. Meanwhile, son Joe, who is health and safety manager, and daughter Emily, social value and bid manager, are also employed in the business.

He said: “The last two years have been pivotal for us, not only in terms of the new client workload and building upon existing client relationships, but also the creation of our new board of directors which has supported me and our growth and profitability as a business. The loyalty and professionalism of our staff and workforce of over 40 employees have given us a solid foundation on which to build.

“These factors have led to a significant increase in a very strong forward workload, having secured £10m in our first trading quarter of this year, which should hopefully see our turnover grow by around £4m and hit £12m by the end of 2026, to achieve our target of 50% growth.”

Recent high profile projects include a £1.2m redevelopment of Seaburn Play Park for Sunderland City Council, the expansion of Leeds Bradford Airport’s £2.5m meet and greet parking facilities, , a £2.5m public realm transformation of Bedford Street with Capita on behalf of North Tyneside Council, and a £3.8m active travel route investment at Hartlepool Headland and Marina for Hartlepool Borough Council.

Mr Barton added: “Our accelerated growth over the last couple of years has enabled us to invest in our staff, including two new graduate apprentices, new machinery and equipment, and new technologies which are enhancing the quality and efficiency of our project delivery and supporting our business growth.

“It’s an exciting time for the business but I want to stress, the growth which we’re experiencing currently really is down to the fantastic people within BCE and our trusted supply chain. Without them we don’t have a business, so I want to thank them for their continued loyalty, hard work and support.”

Cristiano Ronaldo is reportedly planning to retire from international football following one final appearance for Portugal, according to multiple outlets citing a Portuguese agent, with his farewell match expected to come against Wales in the UEFA Nations League on Sept. 24.

The report, which has not been officially confirmed by Ronaldo, Portugal’s football federation or Al Nassr, originated from sports journalist Mohamed Awaad, who said a Portuguese agent told him Ronaldo intends to step away from the national team after just one more match. “He will play against Wales in the UEFA Nations League; the match will be at Lisbon club stadium, Jose Alvalade,” Awaad wrote, citing the agent’s account.

Where the farewell would take place

The reported final appearance would come at Estádio José Alvalade in Lisbon, the home stadium of Sporting CP, the club where Ronaldo began his professional career before departing for Manchester United in 2003. The Football Association of Wales has officially confirmed the venue for the Sept. 24 Nations League opener, adding a layer of symbolic significance to the reported timing, given that a farewell at the stadium where his career began would close the loop on a journey spanning more than two decades in Portugal’s colors.

A record that would remain unmatched

Should Ronaldo step away after the Wales fixture, he would close out an international career of historic scale. He currently holds 233 caps and 146 goals for Portugal, figures that make him both the most capped player and the all-time leading goal scorer in international football history. His trophy collection with the national team includes the UEFA European Championship in 2016 and UEFA Nations League titles in 2019 and 2025.

The timing of the reported retirement follows Portugal’s elimination from the 2026 FIFA World Cup, where the team lost 1-0 to Spain in the round of 16. Ronaldo had already confirmed before that tournament that it would be his final World Cup appearance, a comment that has fueled continued speculation about the broader trajectory of his international career in the months since.

A new coach signals continuity, not upheaval

The reported timeline aligns with the recent appointment of Jorge Jesus as Portugal’s new head coach, who has signed a four-year contract to lead the national team. Jesus has publicly signaled he does not intend to make sweeping changes to the squad upon taking over, a stance that would leave the door open for Ronaldo’s farewell to proceed as reportedly planned.

“People might think that the new manager is going to come in and change a lot of players. That won’t happen. I’m not stupid. On top of that, I don’t have enough time to bring in several players who weren’t called up this time,” Jesus said in comments to Canal 11.

Continued focus at club level

Even if Ronaldo does step away from international duty in September, he is expected to continue playing at the club level. Now 41, Ronaldo remains under contract with Saudi club Al Nassr through the summer of 2027. He currently sits at 976 career goals across his club and international career, and has expressed a goal of reaching 1,000 goals before retiring from football entirely, a milestone that would command his full attention once his Portugal commitments conclude.

A report, not a confirmation

It is worth noting that as of this week, Ronaldo himself has not publicly confirmed any retirement plans, and the reporting has circulated primarily through secondhand accounts attributed to an unnamed Portuguese agent rather than a direct statement from Ronaldo, his representatives or the Portuguese Football Federation. Some outlets covering the story have described the source as credible given the journalist’s track record of covering Ronaldo’s career, but the report remains unconfirmed by official channels.

That distinction has not gone unnoticed among fans and commentators reacting to the coverage. Readers responding to at least one report questioned the strength of the sourcing, with one commenter writing that outlets publishing the story had not delivered concrete proof to match the certainty of their headlines, and another cautioning against publishing definitive retirement claims without solid confirmation.

A career defined by longevity

Speculation about Ronaldo’s international future is not new. Reports have periodically surfaced questioning whether he would continue playing for Portugal following previous tournament disappointments, including similar retirement rumors that circulated after Portugal’s exit from the 2022 World Cup, which Ronaldo later dismissed, saying at the time he believed he could still be useful to the national team.

That history of previous retirement speculation not materializing adds a note of caution to the current round of reports, even as this latest account carries additional specificity, including a proposed date, opponent and stadium, that has lent it more traction across major football outlets than some past rumors.

What comes next

Barring further comment from Ronaldo or Portuguese football officials, the question of his international future is likely to remain a subject of speculation until closer to September’s Nations League opener against Wales. If the reported plan holds, the match at José Alvalade would offer Portuguese fans a chance to formally bid farewell to a player who has spent more than two decades representing the national team, closing out a career that reshaped the record books for both goals scored and appearances made at the international level.

Plans have been submitted for a drive-thru at the Bridgwater Gateway site near junction 24

Plans for a McDonald’s near the M5 in Somerset could create more than 120 new jobs in the local area, should planning permission be granted. The Bridgwater Gateway site sits north of the A38 Taunton Road, close to junction 24 of the motorway, and currently houses ten business units, a Premier Inn hotel, a Lidl supermarket and outlets run by Costa Coffee, Domino’s Pizza and Greggs.

A total of 511 homes are set to be built at the northern end of the site, which falls within the parish of North Petherton. Somerset Council recently approved revised plans for 361 houses submitted by Keepmoat Homes, with the remaining 150 dwellings to be delivered by the Vistry Group.

Bridgwater Gateway has now lodged plans to build a McDonald’s drive-thru on vacant land on Carnival Way, alongside two additional industrial units, with the council anticipated to reach a decision before Christmas.

The development would be built between the Greggs outlet and the Lidl car park, with the McDonald’s positioned at the southern edge of this plot of land.

The primary access point will be via Carnival Way, with a new pedestrian and cycling link provided to the south onto Taunton Road, connecting to the broader ‘green route’ within the Bridgwater local cycling and walking infrastructure plan (LCWIP).

The restaurant and drive-thru will have 37 car parking spaces, together with two disabled bays; two electric vehicle charging points; and 18 cycle spaces.

The trading hours for the McDonald’s have not been outlined within the planning documents, though they are expected to mirror those of the neighbouring businesses in order to curb antisocial behaviour and limit traffic during the evenings and overnight.

The two additional units, which will be of a similar design to the existing units within the broader Gateway site, will be positioned at the north-western corner, alongside a further six parking spaces, eight van spaces and two disabled spaces.

A spokesperson for Angus Meek Architects, representing the applicant, said: “The proposals aim to provide accommodation to businesses within an established and sustainable employment location, maximising the potential of a vacant plot and demonstrating an efficient use of existing resources.

“This scheme will provide Bridgwater with additional commercial space which it desperately needs, with units to suit a range of future occupants. This scheme will enhance economic growth within the area.

“The proposal also represents a multi-million-pound investment by a national operator in McDonald’s and the restaurant is expected to employ more than 120 full and part time staff, which the company seeks to recruit from the local area.”

Somerset Council is expected to deliver a decision on the proposals within the next six months. It remains uncertain at present whether the decision will be made by its planning committee north (which manages significant applications in the former Sedgemoor district) or through the authority granted to its planning officers.

An independent autopsy commissioned by the family of Nolan Wells, the 18-year-old Mississippi football player whose death last month drew national attention, found his cause and manner of death “undetermined,” the family’s attorney said Wednesday, while adding that foul play could not be ruled out.

Attorney Ben Crump announced the preliminary findings at a news conference held during the 117th NAACP National Convention. He said the doctor who performed the independent autopsy could not eliminate the possibility of foul play in Wells’ death, based on findings that included red discoloration on the back of the teenager’s head.

What the independent autopsy found

The autopsy was performed by Dr. Roger Mitchell, a board-certified forensic pathologist and president of the National Medical Association, the oldest and largest organization representing Black physicians in the United States. According to Crump, the examination took place July 10, six days after Wells disappeared and four days after his body was recovered from the water off Horn Island, a barrier island along Mississippi’s Gulf Coast.

Crump said the report did not include a toxicology analysis. He also said the report appeared to have significant gaps, which he attributed to missing body parts and incomplete procedures by the time Mitchell examined Wells’ remains. Due to the level of decomposition, Crump said, Mitchell could not determine whether there was any bruising on Wells’ body. The report also noted that portions of Wells’ throat were missing when the body was received for review, a detail Crump said prevented investigators from ruling out injury to the neck as a possible contributing factor or cause of death.

Mitchell’s report additionally could not determine whether Wells was conscious when he entered the water, or how exactly he ended up there, according to Crump.

A separate, still-pending state autopsy

Alongside the independent examination, the Jackson County coroner’s office conducted its own autopsy on Wells’ body. Those results have not yet been released publicly, as the coroner’s office continues to wait on a toxicology report from the state medical examiner’s office. Jackson County Coroner Bruce Lynd told NBC News on Tuesday that the state’s autopsy report remained unfinished.

Crump called on local law enforcement officials to share their findings from the state autopsy with Mitchell, and said Mitchell should be included when a Mississippi grand jury eventually reviews the results of the broader death investigation.

What is known about Wells’ disappearance

Wells was last seen alive on the afternoon of July 4, though the exact time has not been established. He had traveled to Horn Island, an uninhabited, federally protected barrier island accessible only by boat, to celebrate the holiday with a group of high school friends. According to accounts his friends later gave to investigators, the group had to leave the island early after their boat began taking on water, but Wells told them he planned to stay behind and catch a ride back later with others who remained on the island.

Wells did not return home that night, and his mother reported him missing around midnight. His body was discovered two days later, on July 6, by a U.S. Park Service ranger patrolling the island. The Jackson County Sheriff’s Department confirmed the discovery occurred around 8:45 a.m. on the island’s western shore.

The family’s push for answers

Wells’ parents, Christine Wells-Wonsley and Elmore Wonsley, spoke publicly before Crump revealed the independent autopsy’s findings Wednesday. “There’s so many people out in the public asking all of these questions, but the only question that we have is what happened to our son,” Wells-Wonsley said. She said the family pursued an independent autopsy in part because the state-run report had not yet been released. “It is our hope that our local authorities will do what they need to do, because us having the preliminary autopsy results and hearing nothing from them — it’s heartbreaking, and it’s concerning,” she said. “Which again is why we are here, why we have asked for this help.”

Elmore Wonsley echoed his wife’s call for transparency. “We want to know what happened to our son because the things that you’re telling us — that’s not the character of our son. We know our son,” he said.

Crump and Wells’ parents have publicly rejected the notion, previously raised by some in law enforcement, that Wells simply drowned, and have said Wells was a strong swimmer with an athletic build, adding that they believe the circumstances surrounding his death do not add up. At the same time, people familiar with Horn Island have told NBC News it would not be surprising if Wells had been caught in a current and drowned, particularly on the island’s western side, which is known locally for rough water conditions.

A reward for information

Civil rights leader Rev. Al Sharpton, former NFL player Terrell Owens and filmmaker Tyler Perry have jointly offered $125,000 for information leading to the arrest and conviction of anyone responsible for Wells’ death, Crump announced in a release earlier this week.

A funeral and a case still open

Wells was laid to rest Monday in a ceremony in his hometown of Ocean Springs, Mississippi, followed by a gathering for his friends, family and teammates. At the funeral, held at Center Pointe Church, his mother remembered him warmly. “Nolan had such a gentle, calming spirit about him. He had a way of making people feel seen, welcome, and valued,” Wells-Wonsley said during the service. “He could lift your confidence with just a few words and make you feel like you belonged.”

The investigation into Wells’ death remains ongoing, with the state autopsy results still pending and no determination yet made on cause or manner of death by either the independent or state examinations. This is a developing story, and further findings are expected as both investigations continue.