10 Things to Know from Eternal (Zomato) Q3 Results

Eternal Limited, formerly Zomato, reported a strong performance in Q3FY26, showing clear progress in both growth and profitability. Revenue for the quarter stood at ₹16,315 crore, up 201% year on year and 20 percent quarter on quarter. The sharp year-on-year growth was largely driven by the shift to inventory-led quick commerce, where the full value of goods sold is now recognised as revenue.

Eternal’s net profit for the quarter came in at ₹102 crore, marking a 72.8 percent increase year on year and a 56.9 percent rise quarter on quarter. Here are the 10 key takeaways from the quarter:

1. New Leadership

Eternal announced a leadership change during the quarter. Deepinder Goyal stepped down as Managing Director and CEO, effective February 1, 2026, and is proposed to be appointed as Vice Chairman of the Board, subject to shareholder approval. Albinder Singh Dhindsa, currently CEO of Blinkit, has been appointed as the new CEO of Eternal Limited from the same date 

2. Segment-wise Adjusted Revenue and Adjusted EBITDA (QoQ)

Food delivery continued to show steady improvement in margins, while quick commerce saw a sharp improvement in profitability, reaching EBITDA breakeven during the quarter. Hyperpure turned marginally profitable, while the going-out segment saw higher losses due to continued investments.

3. Blinkit achieved EBITDA breakeven for the first time

Eternal’s quick commerce business turned adjusted EBITDA positive at a quarterly level for the first time. Blinkit reported an adjusted EBITDA profit of ₹4 crore in Q3FY26, a sharp improvement from a loss of ₹156 crore in the previous quarter. Management highlighted that this was achieved through better execution, supply chain efficiency, and disciplined growth, not cost cutting.

4. Quick commerce growth remained extremely strong

Blinkit’s Net Order Value(NOV) grew 121% year on year and 14 percent quarter on quarter. Even after adjusting for GST changes and festive demand shifts, like-for-like growth remained above 130 percent year on year, showing that customer demand continues to scale rapidly.

5. Store expansion crossed the 2,000 mark

Eternal added 211 net new Blinkit stores during the quarter, taking the total store count to 2,027 stores. While this was slightly below management’s guidance of 2,100 stores due to pollution-related restrictions in Delhi NCR, the company reiterated its target of reaching 3,000 stores by March 2027.

6. Shift to owned inventory is driving margin improvement

Around 90% of Blinkit’s net order value now comes from owned inventory, up from 80% in the previous quarter. Management noted that this shift has already delivered more than half of the expected 1% point margin improvement, through better sourcing, lower wastage, and stronger control over pricing.

7. Food delivery margins hit an all-time high

 Adjusted EBITDA margin in food delivery reached 5.4 percent of net order value, the highest level ever for the business. Absolute adjusted EBITDA from food delivery stood at ₹531 crore, growing 26 percent year on year. This confirms that Zomato’s core food delivery business is now consistently profitable.

8. Hyperpure turned EBITDA positive and remains strategic

Hyperpure, Eternal’s B2B restaurant supply business, grew 36%year on year and reported an adjusted EBITDA profit of ₹1 crore, compared to a loss in the previous quarter. Management believes Hyperpure could become a $1 billion revenue business over the next few years, while also acting as a strategic backbone for Blinkit, food delivery, and new initiatives.

9. Going-out business is still in investment mode

The going-out segment saw net order value growth of 20% year on year, but adjusted EBITDA margin declined to -4.7 percent, resulting in a EBIDTA loss of ₹121 crore for the quarter. Losses increased due to investments in live events and the launch of District Pass, a new membership program. Management expects this segment to move towards breakeven in the next 4 to 6 quarters.

10. Strong cash position despite heavy investments

Eternal ended Q3FY26 with a cash balance of ₹17,820 crore, compared to ₹18,314 crore in the previous quarter. The decline was attributed to planned investments in store expansion, inventory, and working capital, particularly in quick commerce, rather than operational weakness

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