Eternal Limited, formerly known as Zomato, announced that its quick commerce segment has almost fully transitioned to an inventory ownership model, with approximately 80% of its Net Order Value (NOV) now operating under its own inventory in Q2FY26.
This strategic shift, part of Eternal’s long-term operational realignment, marks a major milestone for the company’s quick commerce business, which includes Blinkit. The model enables Eternal to improve supply chain efficiency, enhance product availability, and exercise greater control over pricing and margins.
According to the company’s management, the transition has also impacted its net working capital (NWC), which rose to around Rs 2,000 crore as of Q2FY26, with the majority attributed to the quick commerce segment. The NWC increase of Rs 482 crore sequentially was linked to higher inventory holding as Eternal moved toward self-managed warehousing and stock ownership.
Chief Financial Officer Akshant Goyal explained that the quick commerce business now operates with about 12 days of annualized NOV in working capital, well below its internal threshold of 18 days or 5% of NOV. He added that over 90% of the company’s Q2FY26 capex was also directed toward the quick commerce segment, primarily for backend warehousing, store expansion, and infrastructure upgrades.
Eternal estimates that the average capex per store stands at around Rs 1 crore, reflecting its continued investment in expanding delivery coverage and optimizing fulfillment centers.
This transition aligns with the company’s broader strategy to strengthen operational ownership and reduce dependence on third-party suppliers. The move is expected to help Eternal improve service consistency, capture better margins, and accelerate profitability in the quick commerce space.
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