Eternal Q4FY26 preview: PAT seen up 263% YoY

Results date and what the Street is watching

Eternal Ltd (formerly Zomato) is scheduled to announce its January to March quarter (Q4FY26) results on Tuesday, April 28, 2026. Brokerages tracked by Business Standard expect a sharp year-on-year rise in both revenue and profit, driven by continued scale-up in quick commerce through Blinkit and steady growth in food delivery.

Beyond the headline numbers, investors are expected to focus on management commentary around competitive intensity, Blinkit’s volume share and quick commerce strategy, and the trajectory of food delivery gross order value (GOV) and margins. A key theme in forecasts is the pace of profitability improvement in Blinkit, where several estimates point to EBITDA moving closer to breakeven.

Consensus snapshot: revenue and PAT expected to surge

On an average basis, brokerages tracked by Business Standard estimate Eternal’s net profit (PAT) at ₹141.75 crore in Q4FY26. This is seen up 263.46% year-on-year from ₹39 crore a year ago and up 39% sequentially from ₹102 crore in Q3FY26.

Revenue is expected to rise sharply as well. The average estimate pegs Q4FY26 revenue at ₹17,724.3 crore, up about 208% year-on-year from ₹5,833 crore. Sequentially, revenue is expected to grow 9% from ₹16,315 crore in Q3FY26.

ICICI Securities: food delivery steady, Blinkit scale remains the driver

ICICI Securities expects Zomato’s food delivery GOV to grow 20% year-on-year and net order value (NOV) to rise 17.2% year-on-year in Q4FY26. It models adjusted EBITDA at ₹530 crore and an adjusted EBITDA margin of 4.5% as a percentage of GOV.

For Blinkit, ICICI Securities estimates GOV growth of 106.1% year-on-year and NOV growth of 100.50% year-on-year. It forecasts adjusted EBITDA at ₹44.30 crore and an adjusted EBITDA margin of 0.2% as a percentage of GOV.

At the consolidated level, the brokerage estimates adjusted revenue growth of 208% year-on-year and consolidated PAT of ₹120 crore.

Kotak Institutional Equities: store additions and food delivery margin expansion

Kotak Institutional Equities expects Eternal to post 20% year-on-year growth in food delivery gross merchandise value (GMV) and 99% year-on-year growth in Blinkit net merchandise value (NMV). It attributes Blinkit’s growth to rapid store additions.

Kotak is expecting a period-ending dark store count of 2,200 in Q4FY26, implying 173 new dark stores added during the quarter. It also notes that Blinkit’s revenues will not be comparable year-on-year due to the shift to the 1P model from Q1FY26 onwards.

On profitability, Kotak models a 30 basis points quarter-on-quarter expansion in food delivery contribution margin (CM) to 8.8% and a 20 bps quarter-on-quarter expansion in food delivery EBITDA margin to 4.6%. It links part of the improvement to an increase in platform fees at the end of the quarter. For Blinkit, Kotak expects flat contribution and EBITDA margins quarter-on-quarter, with operating leverage of older stores offset by pricing actions amid higher competitive intensity. Kotak estimates adjusted EBITDA (post-rent, pre-ESOP) at ₹660 crore.

Motilal Oswal and B&K: range of expectations on profit and margins

Motilal Oswal Financial Services (MOFSL) expects food delivery and quick commerce NOV to grow 17.5% and 98.4% year-on-year, respectively. It forecasts food delivery take rates of 21.5% and quick commerce gross profit of 26.5%. MOFSL also models food delivery adjusted EBITDA margin (as a percentage of NOV) rising 70 bps quarter-on-quarter to 6.1%.

For Blinkit, MOFSL expects a contribution margin of 5%, with adjusted EBITDA margin (as a percentage of NOV) at -0.2% in Q4. MOFSL pegs profit at ₹207.50 crore (up 432%) and revenue at ₹16,400 crore (up 180.60% year-on-year).

B&K Securities expects pressure in food delivery, while modelling improved profitability in Blinkit. It estimates consolidated net profit at ₹98 crore (up 151.3% year-on-year, but down 3.9% quarter-on-quarter). B&K’s revenue estimate is ₹18,566.9 crore for Q4FY26, with an EBITDA margin of 1.8% versus 1.2% a year ago.

Key metrics table: what brokerages are pencilling in

Why Blinkit is central to the quarter’s narrative

Brokerage expectations across the board signal that quick commerce is the main swing factor in growth and profitability for Eternal. Blinkit’s projected year-on-year expansion in GOV and NOV is far higher than food delivery’s expected growth rates. At the same time, estimates indicate Blinkit is moving closer to EBITDA breakeven, even if some models still place it marginally negative.

Kotak’s emphasis on rapid dark store additions highlights that growth is being driven by network expansion, not just demand trends. But the same note also points to competitive intensity, suggesting that pricing actions may be needed to defend volumes even as operating leverage improves in mature stores.

Food delivery: steady growth, margins watched closely

Food delivery is expected to show moderate growth relative to quick commerce, with multiple forecasts clustering around mid-to-high teens growth in NOV and about 20% growth in GOV or GMV. The more important monitorable for this segment is profitability.

Kotak’s model indicates quarter-on-quarter margin expansion in both contribution and EBITDA margins, partly linked to a platform fee increase late in the quarter. ICICI’s forecast of adjusted EBITDA margin at 4.5% of GOV for the overall business mix also places margins at the centre of the Q4 discussion.

Target prices and brokerage positioning

Alongside near-term earnings expectations, multiple brokerages have published target prices for Eternal. MOFSL has a target of ₹330. BNP Paribas recently revised its target price for Eternal to ₹380 from ₹420 earlier. Nirmal Bang has a target of ₹334. JM Financial maintains a ‘Buy’ rating with a target price of ₹400.

Market context: recent price action and investor sensitivity to results

In a separate recent trading session referenced in the provided material, shares of Eternal rose as much as 7.3% to an intraday high of ₹304.20, ending a three-session losing streak. The move followed investor reaction to the company’s better-than-expected December quarter earnings, where Blinkit and Hyperpure were noted as turning profitable for the first time.

That backdrop matters going into Q4 because the market appears highly sensitive to signs of operating leverage in newer verticals and to management’s guidance on competition.

Conclusion

Eternal’s Q4FY26 results on April 28 are expected to show large year-on-year increases in revenue and PAT, with Blinkit’s growth and narrowing losses as a central theme. With brokerages modelling expanding food delivery margins and aggressive dark store additions, management commentary on competitive intensity, pricing, and unit economics is likely to shape the post-results reaction.