Zomato parent Eternal’s revenue jumps as Blinkit drives growth

Eternal Limited, the food delivery and quick commerce company that operates Zomato and Blinkit, reported a sharp surge in revenue and improving profitability for the March quarter.

The company posted a profit after tax (PAT) of Rs 174 crore for the quarter, up from Rs 39 crore a year earlier and Rs 102 crore in the December quarter, reflecting a steady improvement in profitability.

Revenue from operations surged 196% year-on-year to Rs 17,292 crore in Q4, compared with Rs 5,833 crore a year earlier, while rising sequentially from Rs 16,315 crore, driven by continued expansion in both food delivery and quick commerce.

Consolidated adjusted revenue rose 186% year-on-year to Rs 17,680 crore, largely due to a shift to an inventory-led model in quick commerce, where revenue now includes the full value of goods sold rather than just commissions. On a like-for-like basis, which adjusts for this accounting change, growth stood at 64%.

Adjusted EBITDA climbed 160% to Rs 429 crore, up from about Rs 165 crore a year earlier, while total B2C net order value (NOV) rose 54% year-on-year to Rs 26,880 crore.

Blinkit remained the fastest-growing segment, with NOV rising 95.4% year-on-year. The platform added 216 net new stores in the quarter, taking its total to 2,243, as the company expanded aggressively across urban clusters.

Management said growth is moderating off a higher base but expects the business to sustain a compound annual growth rate (CAGR) above 60% over the next three years, potentially scaling more than fourfold.

The company is betting on three levers to sustain that expansion: deeper product assortment, wider geographic coverage beyond top metros, and higher demand density per neighborhood.

“Quick commerce today is still concentrated in the top 15–20 cities,” Blinkit CEO Albinder Dhindsa said, pointing to significant headroom for expansion.

Food delivery steadies

Core food delivery growth continued to recover, with NOV rising 18.8% year-on-year, marking a third consecutive quarter of improvement. Adjusted EBITDA margin improved to 5.5%, translating to Rs 532 crore in quarterly EBITDA.

Founder Deepinder Goyal attributed the gains to targeted efforts to expand into more price-sensitive segments, including lower minimum order values and curated budget offerings.

While average order values have declined, the company said overall unit economics remain stable, with higher order volumes offsetting lower ticket sizes.

The company’s going-out platform District posted 46.5% NOV growth, while narrowing losses sequentially. Hyperpure, its B2B restaurant supply arm, reported 37% revenue growth and turned modestly profitable at the EBITDA level.

For the full financial year FY26, Eternal reported a consolidated profit of Rs 366 crore, down from Rs 527 crore in FY25, even as revenue expanded sharply.

Consolidated revenue from operations rose 169% year-on-year to Rs 54,364 crore, compared with Rs 20,243 crore in the previous fiscal, reflecting the growing contribution of quick commerce.

The company ended the quarter with a cash balance of Rs 17,972 crore, slightly higher than Rs 17,820 crore in the previous quarter.

In a shareholder letter, Goyal said the company processed more than $10 billion in annual transactions in FY26, reaching over 100 million users.

He said Eternal expects to double that to $20 billion in under two years and target $1 billion in adjusted EBITDA by FY29.

“It took 18 years to get to $10 billion. The next doubling will be much faster,” Goyal wrote.

The company struck a measured tone on artificial intelligence, arguing that AI-driven interfaces are unlikely to disrupt app-based commerce in high-frequency categories such as food delivery and groceries.

Instead, Eternal is deploying AI across demand forecasting, logistics, fraud detection, and customer experience, while exploring conversational interfaces to onboard new users.

“AI will not move food through traffic or stock shelves,” Goyal said, emphasizing that the company’s advantage lies in its real-world logistics infrastructure.