Eternal, the parent of Zomato and Blinkit, posted strong Q4 FY26 results with sharp growth in both revenue and profit. In Q4, the company’s revenue increased to about ₹17,292 crore, marking an almost threefold jump from last year. Also, net profit reached ₹174 crore, up 346% year-on-year, beating market expectations. The growth was largely driven by the rapid expansion of Blinkit, along with steady performance in food delivery.
The latest earnings highlight the scale at which Eternal has expanded over the past year. Revenue increased 196% year-on-year from ₹5,833 crore in Q4 FY25, while sequentially it grew from ₹16,315 crore in Q3 FY26. The company’s profit also jumped sharply from ₹39 crore a year ago and ₹102 crore in the previous quarter, reflecting both strong demand and improving operational efficiency.
Even operating performance showed a similar upward trajectory. The company reported adjusted EBITDA of around ₹429-486 crore for the quarter, growing sharply both year-on-year and sequentially. Margins improved to nearly 2.8%, compared to about 1.2% last year, indicating that the company is beginning to benefit from scale efficiencies, better cost control, and improved unit economics across its delivery network.
Importantly, a significant driver of the latest growth has been Blinkit, which has emerged as the company’s fastest-growing and largest segment. Blinkit’s quarterly revenue surged to ₹13,232 crore, compared to just ₹1,709 crore a year ago. Its net order value (NOV) jumped 95% year-on-year to ₹14,386 crore, while adjusted EBITDA turned positive at ₹37 crore, a sharp turnaround from a loss of ₹178 crore in the same period last year.
The company continued aggressive expansion in quick commerce infrastructure, adding 216 new dark stores during the quarter, taking the total store count to 2,243 locations. Blinkit’s monthly transacting users also nearly doubled to 27.2 million, compared to 13.7 million a year ago, highlighting strong user adoption. But despite rapid growth, there was some moderation in average order value, with Blinkit’s AOV declining to around ₹525 from ₹665 last year.
On the other hand, the food delivery business under Zomato remained stable and profitable. The segment reported revenue of about ₹3,125 crore, up from ₹2,409 crore a year earlier. Net order value for food delivery stood at ₹9,757 crore, representing an 18.8% year-on-year growth driven by higher order frequency and a growing user base. Meanwhile, monthly transacting customers increased to 25.4 million, compared to 20.9 million a year ago, showing steady expansion in demand. The company’s ‘going-out’ segment, which includes dining and events, also posted strong growth, with NOV rising 46.5% to ₹2,736 crore.
On the balance sheet front, Eternal maintained a strong liquidity position, with cash reserves of about ₹17,972 crore, slightly higher than the previous quarter. For the full financial year FY26, Eternal reported revenue of ₹54,364 crore, up from ₹20,243 crore in FY25, representing a 2.6x increase. The company also saw total expenses rise significantly to over ₹55,000 crore. In terms of scale, Eternal revealed that over 109 million users transacted across its platforms – including Zomato, Blinkit, and other verticals – generating more than $10 billion in annual net order value.
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Ashutosh is a Senior Writer at The Tech Portal, largely reporting on new tech, and intersection of technology and business. Ashutosh’s career spans across nearly a decade of technology writing across multiple platforms and languages.
