Eternal reported a strong set of Q3 FY26 results, delivering performance broadly in line with estimates on profit and beating estimates on revenue, EBITDA and margins, driven by operating leverage and continued traction in its quick commerce and food delivery businesses.
Q3 FY26 financial performance (QoQ)
Eternal’s net profit rose 56.9% quarter-on-quarter to Rs 102 crore, compared with Rs 65 crore in Q2 FY26. The profit figure came in line with estimates, reflecting improved scale benefits and cost discipline.
Revenue increased 20% QoQ to Rs 16,315 crore, up from Rs 13,590 crore in the previous quarter and ahead of estimates of around Rs 15,500 crore, supported by higher order volumes and growth in Blinkit’s inventory-led model.
The company’s EBITDA surged 54% QoQ to Rs 368 crore, compared with Rs 239 crore in Q2 FY26, significantly exceeding estimates of about Rs 300 crore. This sharp improvement highlights better contribution margins and operating efficiencies across businesses.
EBITDA margin expanded to 2.3% in Q3 FY26 from 1.8% in Q2 FY26, an improvement of 50 basis points and above estimates of around 1.9%.
Key operating highlights
The quarter’s performance was driven by stronger execution across segments, with quick commerce continuing to scale and food delivery maintaining steady growth. Margin expansion suggests Eternal is benefiting from higher utilisation of its network, improved unit economics, and tighter control on costs even as the business scales rapidly.
What to watch ahead
Going forward, investors will closely track management commentary on:
- Sustained profitability trajectory in quick commerce
- Further margin expansion potential
- Competitive intensity across food delivery and rapid commerce
- Medium-term growth outlook following leadership transition at the group level
Overall, Eternal’s Q3 FY26 results reinforce improving profitability alongside strong revenue growth, positioning the company well as it enters the next phase of execution-focused growth.
