Revenue surges 186 per cent and Blinkit-led quick commerce momentum boosts profitability; food delivery business continues gradual recovery
Eternal, which operates Zomato and Blinkit, reported a 346.15 per cent year-on-year rise in consolidated net profit at Rs 174 crore for the March quarter, driven by expansion in its quick commerce business and gains in operating efficiency.
The company’s consolidated adjusted revenue increased 186 per cent year-on-year to Rs 17,680 crore in Q4FY26. B2C net order value (NOV) rose 54 per cent to Rs 26,880 crore, while adjusted Ebitda grew 160 per cent to Rs 429 crore from Rs 364 crore in the preceding quarter.
Founder and Chief Executive Officer, Deepinder Goyal, said the business is moving into a phase of accelerated scale. “Our first annual USD 10 billion in NOV took 18 years. This doubling to USD 20 billion annual NOV will take less than two years from here,” he said. He added that the company expects to reach USD 1 billion in adjusted Ebitda by FY29, after achieving that level of profitability in FY24.
During FY26, 109 million users transacted over USD 10 billion across Blinkit, District and Zomato, indicating rising consumption across food delivery, quick commerce and dining-out categories.
Quick Commerce Drives Expansion
Quick commerce continued to lead growth, with net order value rising 95.4 per cent year-on-year. The segment reported adjusted Ebitda of Rs 37 crore, compared with Rs 4 crore in the previous quarter. Eternal added 216 net new stores during the quarter, taking the total to 2,243.
Group Chief Executive Officer, Albinder Singh Dhindsa, said, “Quick commerce today is still concentrated in the top 15-20 cities and in a relatively narrow set of categories. The headroom for growth on geography, assortment, and frequency is substantial.”
Between FY23 and FY26, Blinkit’s net order value expanded at a 104 per cent compound annual growth rate, and the company expects growth to remain above 60 per cent CAGR over the next three years.
The company indicated that Q1FY27 is likely to see stronger sequential performance. “Q4 is seasonally the weakest quarter for quick commerce, and this year was no exception. The demand signals we’re seeing in April indicate that the recovery this quarter will be strong,” said Chief Financial Officer, Akshant Goyal.
Food Delivery Shows Steady Recovery
The food delivery business recorded 18.8 per cent year-on-year growth in net order value, approaching the company’s long-term benchmark of over 20 per cent. The segment reported adjusted Ebitda of Rs 532 crore, up 24 per cent year-on-year, with margins improving to 5.5 per cent.
“Growth has been accelerating over the last three quarters after bottoming out in Q1FY26, driven primarily by deliberate interventions to expand the addressable market into more price-sensitive segments,” Goyal said.
The going-out segment posted 46.5 per cent growth in net order value, while Hyperpure, the company’s restaurant supply business, reported 37 per cent growth in revenue along with improved margins.
“We have faced several cycles of disruption in the last 18 years. But it is our ability to pivot, to disrupt ourselves, sometimes to cannibalise ourselves, that makes us ongoing contenders,” Goyal said.
Shares of Eternal closed 1.09 per cent higher at Rs 258.28 on the NSE on Tuesday. The stock has gained over 13 per cent over the past year, while the Nifty 50 has declined nearly 2 per cent during the same period.
