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Eternal the parent company of Zomato and Blinkit reported strong growth in revenue and profitability for the March quarter driven by continued momentum in its food delivery and quick commerce businesses.
The company posted a profit after tax of Rs 174 crore for the quarter compared to Rs 39 crore in the corresponding period last year and Rs 102 crore in the December quarter reflecting improved margins through scale and operational efficiencies.
Revenue from operations rose 196 percent year on year to Rs 17,292 crore in Q4 from Rs 5,833 crore a year ago while also increasing sequentially from Rs 16,315 crore. The growth was led by expansion across its key business segments.
Consolidated adjusted revenue grew 186 percent year on year to Rs 17,680 crore. According to the company the increase was supported by a transition to an inventory led model in quick commerce where total sales value is recognised instead of commissions. Adjusted for this accounting change revenue growth stood at 64 percent on a comparable basis.
The company’s adjusted EBITDA grew 160 percent year on year to Rs 429 crore from nearly Rs 165 crore in the corresponding quarter last year while total B2C net order value increased 54 percent to Rs 26,880 crore.
Blinkit continued to be the fastest growing business segment with net order value rising 95.4 percent year on year. During the quarter the quick commerce platform added 216 net new stores taking its overall store count to 2,243 as it expanded further across urban markets.
The management noted that growth rates may gradually moderate on account of a higher base but expects the business to sustain a compound annual growth rate of over 60 percent during the next three years with the potential to grow more than fourfold. The company’s strategy remains centred on widening product assortment expanding into newer markets beyond metros and improving neighbourhood level order density.
“Quick commerce today is still concentrated in the top 15–20 cities,” Blinkit CEO Albinder Dhindsa said, pointing to significant headroom for expansion.
The food delivery business continued to witness a steady recovery with net order value growing 18.8 percent year on year marking the third straight quarter of improvement. Adjusted EBITDA margin for the segment increased to 5.5 percent resulting in quarterly EBITDA of Rs 532 crore.
Founder Deepinder Goyal said the gains were supported by efforts to target price-sensitive consumers through lower minimum order values and curated budget offerings. While average order values declined, the company stated that unit economics remained stable due to higher order volumes.
The company’s going out platform District registered 46.5 percent growth in net order value while also narrowing losses on a sequential basis. Its B2B supply business Hyperpure posted 37 percent revenue growth and achieved modest EBITDA level profitability.
For FY26 Eternal reported a consolidated profit of Rs 366 crore compared to Rs 527 crore in FY25 despite a sharp rise in overall revenue. Consolidated revenue from operations increased 169 percent year on year to Rs 54,364 crore from Rs 20,243 crore supported by the growing contribution of quick commerce.
The company closed the quarter with a cash balance of Rs 17,972 crore slightly higher than Rs 17,820 crore reported in the previous quarter.
In a shareholder letter Deepinder Goyal said the company processed annual transactions worth over $10 billion in FY26 serving more than 100 million users. He added that Eternal aims to scale this figure to $20 billion within the next two years while targeting $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. “AI will not move food through traffic or stock shelves," emphasising that operational infrastructure remains central to the company’s business model.
On the artificial intelligence front the company said it is using AI across demand forecasting logistics fraud detection and customer experience while noting that AI driven interfaces are unlikely to disrupt app based commerce in high frequency categories such as food delivery and grocery.
