Eternal Q4 FY26: Profit up 346%, revenue ₹17,292 cr

Earnings headline: profit rises to ₹174 crore

Eternal Ltd, formerly Zomato Ltd and the parent of Zomato and Blinkit, reported a sharp rise in consolidated profit for the March 2026 quarter (Q4 FY26). Consolidated net profit (profit after tax) stood at ₹174 crore for the quarter. The company had reported ₹39 crore in the same quarter last year. Several reports described the change as a 346% year-on-year jump, based on the disclosed profit numbers. The results were released on April 28, 2026.

Revenue nearly triples as scale expands

Revenue from operations rose to ₹17,292 crore in Q4 FY26. This compared with ₹5,833 crore a year earlier, with multiple reports pegging growth at about 196% year-on-year. On a sequential basis, revenue was reported at ₹16,315 crore in Q3 FY26, indicating continued scale-up into the March quarter. The company attributed growth to continued momentum across food delivery and quick commerce. The quarter also reflected the impact of expansion-led operating intensity across businesses.

Profitability metrics: EBITDA and margins improve

Eternal’s Q4 FY26 consolidated EBITDA was reported at ₹486 crore, versus ₹72 crore in the year-ago quarter. EBITDA margin was reported at 2.8% versus 1.2% a year ago. Bloomberg consensus estimates cited in one report indicated EBITDA of ₹431 crore and margin of 2.4%, while net profit was estimated at ₹126 crore. A Reuters-LSEG poll cited in another report pegged Q4 net profit at ₹121 crore. The reported profit of ₹174 crore was above these cited expectations.

Expenses rise alongside growth investments

Total expenses for Q4 FY26 came in at ₹17,406 crore. This compared with ₹6,104 crore a year earlier and ₹16,493 crore in the December 2025 quarter (Q3 FY26). The disclosures linked higher spends to operational scale-up, including logistics and growth initiatives. The expense growth also provides context for why the topline acceleration did not translate into proportionate margin expansion. The company nonetheless posted a higher quarterly profit versus both the year-ago and the previous quarter.

Blinkit drives quick commerce momentum

The quick commerce business, Blinkit, was highlighted as a key driver of growth. Blinkit’s revenue was reported at ₹13,232 crore in Q4 FY26, up from ₹1,709 crore in Q4 FY25 and ₹12,256 crore in Q3 FY26. Net order value (NOV) for Blinkit rose to ₹14,386 crore, compared with ₹7,362 crore a year earlier and ₹13,300 crore in the previous quarter. Profitability also improved: adjusted EBITDA for Blinkit was ₹37 crore in Q4 FY26 versus ₹4 crore in Q3 FY26 and a loss of ₹178 crore in Q4 FY25. Blinkit added 216 net new stores in the quarter, taking the total to 2,243.

Food delivery: steady growth and higher segment EBITDA

The core food delivery business under Zomato continued to grow on revenue and profitability measures disclosed in reports. Adjusted revenue for food delivery increased to ₹3,125 crore in Q4 FY26 from ₹2,409 crore in Q4 FY25 and ₹3,053 crore in Q3 FY26. Food delivery NOV was reported at ₹9,757 crore in Q4 FY26 versus ₹9,846 crore in Q3 FY26 and ₹8,210 crore in Q4 FY25. Average monthly transacting customers (MTCs) rose to 25.4 million from 24.9 million in the previous quarter and 20.9 million in the year-ago period. Another performance snapshot reported adjusted EBITDA margin at 5.5% of NOV, translating into ₹532 crore of EBITDA, up 24% year-on-year.

Going-out (District) and Hyperpure updates

Eternal’s going-out segment, District, was reported to have improved in Q4 FY26 on both growth and losses. One report cited NOV growth accelerating to 46.5% year-on-year, while adjusted EBITDA loss narrowed to ₹81 crore from ₹121 crore in Q3 FY26, with margin improving to -3.0%. Another report cited going-out revenue of ₹277 crore in Q4 FY26 versus ₹229 crore a year ago, and ₹300 crore in Q3 FY26. Going-out NOV was reported at ₹2,736 crore, compared with ₹2,587 crore in the previous quarter and ₹1,868 crore a year earlier. Hyperpure was reported to have seen year-on-year revenue growth of 37%, and the segment posted adjusted EBITDA of ₹5 crore versus ₹1 crore in the previous quarter.

Full-year FY26 numbers: profit lower, revenue higher

For FY26, Eternal reported consolidated profit of ₹366 crore, compared with ₹527 crore in FY25. Consolidated operational revenue for FY26 rose to ₹54,364 crore from ₹20,243 crore in FY25. Full-year expenses were reported at ₹55,145 crore in FY26 versus ₹20,623 crore in FY25. The annual numbers underscore rapid expansion but also the cost intensity of growth. The company’s quarterly improvement in profitability in Q4 FY26 came amid this broader full-year backdrop.

Cash position and liquidity

Eternal ended Q4 FY26 with a cash balance of ₹17,972 crore. This was slightly higher than ₹17,820 crore at the end of Q3 FY26. The cash balance was cited as providing flexibility for expansion plans across businesses. The company’s liquidity position was flagged in multiple reports as a key support as it continues to add capacity, particularly in quick commerce.

Stock market reaction on results day

Eternal’s shares moved into gains after the Q4 FY26 results were announced. One report said the stock rose 1.51% to ₹259.45 versus the previous close of ₹255.60 on the BSE. Another report said the stock erased intraday losses and ended 1.1% higher at ₹258.3, recovering as much as 5.5% from the day’s low. The move reflected a generally positive read-through on revenue scale and improving segment profitability, even as expenses remained elevated.

Key numbers at a glance

Why the print matters for investors

The quarter combined three themes investors typically track for platform businesses: scale, unit economics, and funding capacity. Scale was evident in consolidated revenue and in Blinkit’s reported revenue and NOV numbers. Profitability improved at the consolidated level and in Blinkit’s adjusted EBITDA, while food delivery continued to report steady NOV and customer growth. At the same time, the step-up in expenses shows that growth is being funded through higher operating spends.

Conclusion

Eternal’s Q4 FY26 results showed a jump in profit to ₹174 crore, revenue of ₹17,292 crore, and improving EBITDA metrics, with Blinkit’s expansion and profitability improvements standing out. The company also ended the quarter with a cash balance of ₹17,972 crore. Market reaction was mildly positive on the day of the announcement, with the stock closing higher by about 1% to 1.5% in different reports. Investors are likely to watch subsequent updates on store additions, segment margins, and the pace of expense growth in coming quarters.