Eternal Limited, formerly known as Zomato, reported a dramatic improvement in its consolidated fourth quarter numbers for FY26, with revenue nearly tripling year-on-year and operating profit surging over five times — reflecting the scale that Blinkit and its other businesses have achieved even as competition in the quick commerce segment intensifies.
Consolidated Q4 FY26 snapshot
| Metric | Q4 FY26 | Q4 FY25 | YoY Change | QoQ Change |
|---|---|---|---|---|
| Revenue | Rs 17,292 Cr | Rs 5,833 Cr | +196.45% | +5.99% |
| EBITDA | Rs 486 Cr | Rs 72 Cr | +575.00% | +32.07% |
| EBITDA Margin | 2.81% | 1.23% | +158 bps | +55 bps |
| PBT | Rs 228 Cr | Rs 97 Cr | +135.05% | +34.12% |
| PAT | Rs 174 Cr | Rs 39 Cr | +346.15% | +70.59% |
The 196% year-on-year revenue jump is largely attributable to the rapid scaling of Blinkit — which has expanded aggressively from around 1,000 dark stores a year ago to over 2,000 — alongside the consolidation of Hyperpure, the B2B supplies business, and the Going Out segment covering dining and events. The consolidated revenue base is now nearly three times larger year-on-year, making it one of the fastest absolute revenue expansions among large Indian consumer internet companies.
The margin story
EBITDA of Rs 486 crore against revenues of Rs 17,292 crore reflects a margin of 2.81% — thin in absolute terms but a significant step up from 1.23% a year ago and 2.26% in Q3 FY26. The sequential improvement of 55 basis points and the year-on-year improvement of 158 basis points shows the operating leverage beginning to emerge as the scale of each business increases, even as competitive intensity continues to pressure near-term profitability.
The gap between EBITDA of Rs 486 crore and PBT of Rs 228 crore reflects depreciation, amortisation and finance costs associated with the rapid physical infrastructure build — dark stores, warehouses and the Hyperpure supply chain network. PAT came in at Rs 174 crore, up 346% year-on-year and 70.6% sequentially — the strongest quarterly bottom line in the company’s consolidated history.
Standalone vs consolidated — the two lenses
On a standalone basis — covering primarily the food delivery and platform business — Eternal reported revenue from operations of Rs 2,953 crore, up 34.8% year-on-year, with PAT of Rs 705 crore. The standalone business is significantly more profitable on a margin basis, while the consolidated picture captures the full scale of the group’s ambition including the lower-margin but high-growth Blinkit and Hyperpure operations.
What management said
Blinkit CEO Albinder Dhindsa acknowledged the near-term pain from competition, noting that aggressive discounting by rivals is currently leading to growth centred around lower-margin SKUs. But he framed quick commerce as a nascent, expanding market rather than a zero-sum game, arguing that multi-player investment in infrastructure ultimately grows the category faster than any single player could alone. CFO Akshant Goyal said Q1 FY27 is expected to be “meaningfully stronger” on a sequential basis, pointing to strong April demand signals as early confirmation of a recovery.
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