Eternal Ltd, the parent company of Zomato and Blinkit, is set to announce its third-quarter earnings for the December quarter on Wednesday, January 21, after market hours. The company is expected to report a strong set of numbers, led primarily by robust growth in its quick-commerce arm, Blinkit.
According to market expectations, Eternal’s revenue for Q3 could come in between Rs 15,885 crore and Rs 16,275 crore, translating into a sharp 190–200% year-on-year growth. The surge is largely attributed to Blinkit’s transition to an inventory-led business model, which allows the company to directly purchase, store, and sell products. This shift has helped Eternal gain better control over pricing, improve margins, and scale volumes more efficiently.
On a quarter-on-quarter basis, revenue is expected to rise 16–19%, compared with Rs 13,590 crore in Q2, while the company had reported Rs 5,405 crore in the same quarter last year.
Profitability is also expected to improve meaningfully. Eternal’s net profit for Q3 is projected in the range of Rs 88–92 crore, marking a 49–55% increase year on year. Sequentially, profit could grow 30–35%, compared with Rs 65 crore in Q2 and Rs 59 crore in Q3 FY25.
Investors will closely track operational metrics during the results announcement. The gross merchandise value (GMV) of the food delivery business is expected to post double-digit growth, while Blinkit’s net order value could rise 14–15% quarter on quarter and 100–120% year on year. This growth is being supported by rapid expansion in the number of dark stores and higher order volumes across cities.
Management commentary will be crucial, particularly around the profitability trajectory of the quick-commerce business, competitive intensity in the segment, margin sustainability, and the pace of future dark store additions. Insights into cost control and unit economics will also remain in focus as investors assess the long-term scalability of Blinkit’s model.
With Blinkit emerging as a key growth engine and food delivery continuing to show steady traction, Eternal’s Q3 results are expected to offer important cues on the company’s growth outlook for the remainder of the financial year.
