Eternal (Zomato) is set to report its Q4 FY26 results today, and analyst estimates point to a sequential improvement across most parameters even as the quarter brought fresh macro headwinds in the form of the LPG crisis and elevated fuel prices. Here is what the street is expecting and what to watch out for.
Eternal Results Today: What analysts expect
Analyst consensus estimates project Q4 FY26 net profit at approximately ₹198 crore, nearly doubling from ₹102 crore in Q3 FY26 — a sharp sequential jump driven by operating leverage across both the food delivery and quick commerce segments. Revenue is seen rising to around ₹17,160 crore from ₹16,315 crore in the previous quarter, reflecting steady volume growth. EBITDA is estimated at approximately ₹402 crore, up from ₹368 crore in Q3, with EBITDA margin broadly stable at around 2.3% — identical to Q3 levels, suggesting margin expansion remains gradual and cost pressures from fuel and gig-worker payouts are being absorbed rather than offset.
Eternal Results Today: Key things to watch
The most important metric to track is Blinkit’s Net Order Value growth, which analysts expect to come in strong at 95–100% year-on-year — a continuation of the hypergrowth trajectory that has made quick commerce the primary valuation driver for Eternal’s stock. Blinkit’s contribution margin is seen reaching between 4–5%, a significant improvement that would validate the unit economics story the company has been building.
On the food delivery side, NOV growth is estimated at 16–18% YoY — solid but slower than Blinkit, reflecting a maturing core business. The LPG crisis during the quarter is a double-edged sword for Eternal — it may have driven higher food delivery orders from households avoiding cooking, but also increased the cost of delivery for its rider fleet. Management commentary on the net impact will be closely watched.
Other key monitorables include the competitive intensity in quick commerce — with Swiggy Instamart, Zepto and now BigBasket all aggressively expanding — and any commentary around gig-worker payout frameworks in the context of ongoing regulatory developments around platform worker rights. Higher fuel prices flowing through into delivery costs represent the key margin risk for Q1 FY27 guidance.