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.
| Metric | Q4 FY26 | Q4 FY25 | YoY | QoQ |
|---|---|---|---|---|
| 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 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 restaurant supplies business, and the Going Out segment covering dining and events. The consolidated revenue base at Rs 17,292 crore 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 trajectory
EBITDA of Rs 486 crore against revenues of Rs 17,292 crore reflects a margin of 2.81% — thin in absolute terms but a meaningful step-up from 1.23% a year ago and 2.26% in Q3 FY26. The 158 basis point year-on-year expansion and the 55 basis point sequential improvement signal that operating leverage is beginning to emerge as each business scales, even as competitive pressure from Zepto, Swiggy Instamart and new entrants continues to compress 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, Hyperpure warehouses and last-mile logistics. PAT came in at Rs 174 crore, up 346% year-on-year and 70.6% sequentially.
Standalone vs consolidated
On a standalone basis — covering primarily the food delivery platform — Eternal reported revenue from operations of Rs 2,953 crore, up 34.8% year-on-year, with a significantly more profitable PAT of Rs 705 crore. The consolidated picture captures the full group including the lower-margin but high-growth Blinkit and Hyperpure operations, which pull the overall margin down while driving the revenue scale.
What management said
Blinkit CEO Albinder Dhindsa acknowledged near-term pain from competition, noting that aggressive discounting by rivals is currently leading to growth centred around lower-margin SKUs. He framed quick commerce as a nascent expanding market rather than a zero-sum game. 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 from Q4’s seasonally weak showing.
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