Executive Summary
District is Eternal's going-out platform, combining dining, movies, sports, live events, shopping and recreational experiences. FY26 was the first full financial year in which the entertainment ticketing business contributed to the platform after its acquisition in FY25.
The business delivered strong transaction growth but remained in investment mode as Eternal spent on customer acquisition, engagement, live-event intellectual property and the District Pass.
FY26 Snapshot
Metric |
FY26 / Finding |
NOV |
₹9,399 crore; +42% YoY |
Transactions |
56 million; +61% YoY |
Net AOV |
₹1,678 |
Revenue |
₹973 crore; +32% YoY |
Adjusted EBITDA |
-₹319 crore |
Adjusted EBITDA margin |
-3.4% of NOV |
Geographic reach |
800+ cities in India and the UAE |
District Stores |
~5,200 outlets across 8 cities |
Business Model
District brings multiple going-out categories onto one consumer platform. Its offerings include restaurant discovery and reservations, movie tickets, sports and live-event tickets, shopping and activities such as sports facilities and recreational experiences.
Growth in Going-Out
Going-out NOV increased 42% to ₹9,399 crore, while transactions grew 61% to 56 million. Revenue increased 32% to ₹973 crore. Faster transaction growth than NOV indicates that transaction volume, rather than simply higher ticket size, was a key contributor to expansion.
Category Expansion
·Dining: discovery, reservations, offers and payments.
·Movies: ticketing relationships with major cinema chains.
·Sports: ticketing and partnerships connected with live sporting events.
·Events: concerts, theatre, comedy and other live experiences.
·District Stores: approximately 5,200 outlets across 8 cities.
·District Play: discovery and booking of third-party recreational sports facilities.
·District Pass: loyalty membership spanning movies and dining.
·UAE: expansion into dining-out and live-event ticketing.
Investment and Profitability
Adjusted EBITDA loss increased to ₹319 crore in FY26 from ₹38 crore in FY25, while Adjusted EBITDA margin declined to -3.4% from -0.6%. The company attributes the investment to customer acquisition, customer engagement, new live-event IPs and the launch of District Pass.
Long-Term Ambition
Eternal expects District losses to reduce sequentially toward breakeven in a few quarters. Management believes District could reach approximately $3 billion NOV by FY30 with a 5% Adjusted EBITDA margin.
Strategic Significance
District gives Eternal an opportunity to participate in the broader consumer 'going-out' wallet rather than remaining focused on at-home consumption. A single platform can potentially increase frequency by allowing users to move between dining, movies, sports, events and other activities.
Key Findings
1. District is evolving into a multi-category going-out platform.
2. Transactions grew 61%, significantly faster than NOV growth of 42%.
3. Dining is being complemented by movies, sports, live events, shopping and activities.
4. District Pass is intended to strengthen repeat engagement across categories.
5. The UAE launch represents an initial international expansion opportunity.
6. Profitability remains the key challenge because the business is still investing heavily in growth and supply.
Conclusion
District is one of Eternal's most strategically ambitious businesses. Its success will depend on building a high-frequency consumer ecosystem, controlling customer acquisition costs and converting its growing supply of entertainment and going-out inventory into profitable transactions.
