Zomato Q3 FY26: Profit up as quick commerce scales

What Reddit and social media are debating

Online discussion around Zomato’s latest quarter is split between topline momentum and questions on profitability quality. A key thread referenced ICICI Securities’ pre-result estimate, which expected a sharp year-on-year profit drop but a big sequential recovery. That forecast framed the quarter as revenue-led, with profitability still under pressure. After the results, the conversation shifted to the holding-company reporting under Eternal, which houses Zomato and Blinkit. Many posts highlighted that quick commerce was the headline driver of expansion. Another commonly cited point was a milestone around Blinkit and Hyperpure turning adjusted EBITDA-profitable in the quarter. At the same time, users compared the strong quarter to prior periods where profitability was volatile due to investments. The net effect is that the quarter is being read as a scale story with mixed margin signals. The loudest takeaway online is that execution in quick commerce is now central to the earnings narrative.

ICICI Securities estimate vs the reported quarter

ICICI Securities projected Q3 net profit at ₹99.30 crore, down 43.6% year-on-year, but up 297.3% quarter-on-quarter. It also forecast net sales of ₹17,700.60 crore, up 208.1% year-on-year and 26.7% quarter-on-quarter. EBITDA in the estimate was ₹288.50 crore, up 1.2% year-on-year and up 28.8% sequentially. The reported numbers circulating widely after results were for Eternal, which reported consolidated net profit of ₹102 crore for Q3 FY26. Revenue was cited at ₹16,315 crore in multiple posts, described as nearly tripling year-on-year. A separate quarterly table shared on social media lists December-quarter revenue at ₹16,663 crore, which is directionally consistent with the strong growth narrative. EBITDA was reported at ₹368 crore, with margins expanding to 2.3%. Taken together, the estimate-versus-actual debate online is less about direction and more about the pace and mix of profitability improvement.

Revenue growth: the quick commerce effect

The strongest common point in social posts is that expansion was led by quick commerce. Eternal’s Q3 FY26 revenue was widely shared at ₹16,315 crore, alongside commentary that revenue roughly tripled year-on-year. Even the data table being circulated shows a sharp jump in revenue from ₹13,942 crore in Sep ’25 to ₹16,663 crore in Dec ’25. That sequential lift reinforces the narrative of a business that is scaling quickly. Commenters linked this to the Blinkit engine within the group rather than only food delivery. The broader historical context is that Zomato has previously reported strong operating revenue growth in earlier quarters as well, such as ₹5,404 crore in Q3 FY25. In that earlier Q3 FY25 quarter, total expenses also moved up sharply, shaping how investors interpret growth. For Q3 FY26, the focus is on whether growth is becoming more efficient as the base gets larger. The fact that the quarter is being described as quick commerce-led is central to how the market is framing the revenue line.

Profitability: YoY improvement, but the debate continues

Eternal reported consolidated net profit of ₹102 crore for Q3 FY26, a 73% year-on-year increase as shared across posts. Social summaries also cited Zomato’s Q3 FY26 consolidated PAT at ₹102 crore versus ₹59 crore in Q3 FY25, translating to 72.88% year-on-year growth. This is a very different picture from the ICICI Securities pre-result lens that expected a year-on-year profit decline for the quarter it was modelling. Part of the noise comes from investors comparing across different periods where profit has swung. For example, Zomato’s PAT in Q3 FY25 was reported at ₹59 crore, after a higher ₹176 crore in Q2 FY25 and ₹253 crore in Q1 FY25 (as mentioned in the context). Another reference point in the discussion is Eternal’s Q4 FY25, where PAT fell to ₹39 crore year-on-year amid accelerated investments in quick commerce store expansion. That makes Q3 FY26’s higher profit stand out, but it also keeps the “investment cycle” question alive. Net margins shown in the shared table remain small in absolute terms, which is why the commentary stays cautious even when profit is up.

EBITDA and margins: stronger operating print in Q3 FY26

On operating performance, the reported Q3 FY26 EBITDA was ₹368 crore, with margins expanding to 2.3%. That is a key reason social media posts described the print as “robust,” even while debating sustainability. ICICI Securities’ estimate for EBITDA was lower at ₹288.50 crore, and it called for only modest year-on-year growth but a better sequential quarter. The reported EBITDA figure therefore became a focal point for “beat versus expectation” chatter. Users also compared this with earlier profitability commentary from the company across periods. In Q3 FY25, consolidated adjusted EBITDA was reported at ₹285 crore, up 128% year-on-year, but down sequentially due to investments in expanding the quick commerce store network. The Q4 FY25 note added that adjusted EBITDA declined 15% year-on-year to ₹165 crore due to accelerated quick commerce investments. Against that backdrop, Q3 FY26’s EBITDA and margin expansion were interpreted as improving operating leverage. Still, investors in threads repeatedly stressed that margins can move around when expansion accelerates.

Blinkit and Hyperpure: a milestone that changed the tone

One of the most repeated lines from the Q3 FY26 discussion is that Blinkit and Hyperpure turned adjusted EBITDA-profitable during the quarter. For many retail investors, this is positioned as a practical milestone rather than a headline percentage. This matters because, in Q3 FY25, Blinkit’s EBITDA loss was reported at ₹103 crore, and losses were described as increasing sequentially from a loss of ₹8 crore in Q2 FY25. That older data point is frequently referenced to explain why the market tracked Blinkit’s path to profitability so closely. The context also notes that sequential margin pressure in Q3 FY25 was linked to investments made in expanding the quick commerce store network. Q4 FY25 again highlighted accelerated investments as the reason adjusted EBITDA declined. So when Q3 FY26 posts say Blinkit turned adjusted EBITDA-profitable, it is read as a sign that the business is scaling into better unit economics. Hyperpure’s profitability mention adds to that operational shift. Online, this milestone is being treated as a key driver of sentiment more than any single revenue number.

Quarterly trend snapshot from shared financial table

A widely shared table on social media tracks revenue, expenses, EBITDA, and profit across recent quarters. It shows revenue rising from ₹5,657 crore in Dec ’24 to ₹16,663 crore in Dec ’25, with expenses rising in parallel. EBITDA in the table increases from ₹414 crore in Dec ’24 to ₹716 crore in Dec ’25, while net profit moves from ₹59 crore to ₹102 crore over the same period. Operating profit margin in the table compresses from 7.66% in Dec ’24 to 4.39% in Dec ’25, even as the topline expands. Net profit margin stays under 1% across the periods shown, which helps explain why profitability remains a debate. The table also shows EPS (diluted) rising from 0.06 to 0.11 over the same window. These figures are often used online to argue that scale is improving results, but not yet producing high margins. The pattern also supports the view that expenses scale alongside growth, keeping profitability sensitive to investment intensity. For quick comparisons, here is the exact table that has been circulating:

What investors are watching after the Q3 FY26 print

The post-result discussion is now focused on how durable Q3 FY26’s operating improvement is. Investors are comparing it with the investment-led margin pressure described in Q3 FY25 and Q4 FY25. In Q3 FY25, total expenses were reported at ₹5,533 crore and cash balance at ₹19,235 crore, with the rise linked to a ₹8,446 crore QIP fundraise. That cash and investment capacity is often referenced as a reason the company can keep expanding quickly. At the same time, the Q4 FY25 note explicitly linked lower PAT and adjusted EBITDA to accelerated store network expansion in quick commerce. This is why users are reading Q3 FY26’s Blinkit profitability milestone as especially important, because it suggests expansion can coexist with improving economics. There is also a strand of commentary that “analysts expect the share price to rise” after robust results, though those posts do not add new guidance numbers. The more grounded view in threads is that the next few quarters will test whether margin expansion continues alongside growth. For investors, the key question remains simple: can quick commerce-led scale keep lifting consolidated profits without another investment-driven dip.