Eternal Q3 FY26 profit jumps 73% as q-com fuels revenue surge

On the back of capital expenditure and net working capital in the quick commerce (qcom) business, the company’s cash balance decreased to Rs 17,820 crore against Rs 18,314 crore in Q2 FY26.

Eternal, the parent company of Zomato and Blinkit, on Wednesday reported a 72.8 per cent jump in its net profit for the third quarter of financial year 2026 (Q3FY26), on the back of a robust momentum in its quick commerce business.

The firm’s net profit rose to Rs 102 crore in Q3FY26 against Rs 59 crore it reported during the same period a year ago.

On sequential basis, profit was up 56.9 per cent, up from Rs 65 crore in Q2FY26.

The company’s revenue for the quarter under review more than doubled year-on-year (Y-o-Y) to Rs 16,315 crore, up from Rs 5,405 crore a year earlier.

The revenue stood at Rs 13,590 crore in the previous quarter.

Alongside, Eternal’s consolidated adjusted earnings before interest, tax, depreciation, and amortisation (Ebitda) increased 28 per cent on year to Rs 364 crore and grew 63 per cent quarter-on-quarter as compared to Rs 224 crore in Q2FY26.

On the back of capital expenditure and net working capital in the quick commerce (qcom) business, the company’s cash balance decreased to Rs 17,820 crore against Rs 18,314 crore in Q2 FY26.

Showing marginal growth, the net order value (NOV) increased 16.6 per cent Y-o-Y to Rs 9,846 crore, compared to Rs 8,443 crore last year.

NOV refers to the actual value retained after deductions (such as discounts, promo codes, etc).

Deepinder Goyal, founder and chief executive officer (CEO) of Eternal, said, “NOV growth recovery continues with NOV in Q3FY26 growing 16.6 per cent Y-o-Y, improving meaningfully from 13.8 per cent Y-o-Y NOV growth in the previous quarter.

"This was the second consecutive quarter of NOV growth acceleration following the bottom of 13.1 per cent NOV growth in Q1FY26.

"The GOV growth was 21.3 per cent Y-o-Y.”

Goyal added that growth was driven by a modest improvement in the demand environment, full quarter impact of reduction in minimum order value (to Rs 99 from Rs 199) for free delivery on Gold orders, and continuing investments in customer activation across cohorts.

The adjusted revenue grew 26.5 per cent Y-o-Y to Rs 3,053 crore from the corresponding quarter last financial year, when it was at Rs 2,413 crore. On sequential basis, food delivery revenue rose 6.6 per cent.

The number of average monthly transacting customers showed an almost negligible growth to 24.9 million, up from 24.1 million in the earlier quarter.

The NOV for Blinkit stood at Rs 13,300 crore in the third quarter.

It rose 120.9 per cent compared to Rs 6,020 crore in the corresponding quarter of the last financial year.

The revenue, on the back of transitioning to an inventory-led model, soared 776.1 per cent to Rs 12,256 crore, up from Rs 1,399 crore in Q3FY25.

Blinkit reported its first-ever adjusted Ebitda profit in the third quarter of FY26, posting a positive adjusted Ebitda of Rs 4 crore.

“The fact that we landed on the positive side was not the result of a last-minute push or a cost-cutting exercise.

"We were focused on serving customers better, building supply chain depth and being disciplined about which type of orders we wanted to win,” Goyal added.

Albinder Dhindsa, founder and CEO of Blinkit, added, “Margin improvement came from several factors: Supply chain cost efficiencies, a favourable shift towards long tail categories and operating leverage.

"This is the natural progression of a strong and maturing qcom business.

"What may be surprising is that we achieved it despite elevated competitive intensity over the past few months.”

Dhindsa added that mature cities like Delhi NCR are still growing at nearly 55 per cent Y-o-Y, while the next seven metros are growing at over 100 per cent Y-o-Y.

Continuing expansion of dark stores, the company added 211 net new stores, taking the total store count to 2,027 stores.

It expects to get to 3,000 stores by March 2027.

For the Eternal going-out business, revenue rose 15.8 per cent to Rs 300 crore, up from Rs 259 crore in Q3FY25.

On the other hand, NOV jumped to Rs 2,587 crore compared to Rs 2,158 crore in Q3FY25.

The company has launched ‘District Pass’ which is a membership program offering benefits across movies and dining-out on the District app.

For Eternal’s business-to-business supplies vertical, Hyperpure, revenue was down 36 per cent Y-o-Y to Rs 1,070 crore.

Similar to Blinkit, Hyperpure turned adjusted Ebitda margin positive for the first time ever, resulting in a profit of Rs 1 crore as compared to loss of Rs 5 crore in the previous quarter.

“Hyperpure is a smaller business, but still meaningful in size.

"In three years, this business could be $1 billion in topline with 4-5 per cent adjusted Ebitda margin,” Akshant Goyal, the company’s chief financial officer said.