Eternal reported a sharp acceleration in its quick commerce business during the quarter, with net order value (NOV) rising 121% year-on-year, aided by scale expansion and improving unit economics. The company said the growth was partially influenced by GST-related changes and seasonal factors, but underlying demand trends remained strong.
In comparison, the food delivery segment delivered steadier growth, with NOV increasing 16.6% year-on-year, reflecting a more mature and stable business profile.
A key highlight for the quarter was profitability in quick commerce. Eternal’s quick-commerce arm turned profitable at the adjusted EBITDA level, posting a profit of Rs 4 crore, compared with a loss of Rs 156 crore in the previous quarter. This marks a significant inflection point for the business, driven by better cost control, higher order density, and increasing contribution from owned inventory.
The company also provided an update on store expansion. Store count stood at 2,027 at the end of the quarter, slightly below its earlier guidance of 2,100 stores. Management attributed the miss to calibrated expansion, focusing on efficiency and performance rather than aggressive additions. Notably, around 90% of Blinkit’s net order value now comes from its own inventory, underscoring tighter control over supply chains and margins at scale.
However, not all verticals are yet profitable. Eternal said losses at District widened during the quarter due to continued investments in category creation. In its shareholder letter, the company stated that these losses are expected to reduce sequentially, with the business targeted to move towards breakeven over the next four to six quarters.
Overall, Eternal reiterated that quick commerce remains a key growth engine, with improving profitability metrics and disciplined expansion expected to support margins, while newer categories continue to see investment-led losses in the near term.
