Eternal is expected to post sharp YoY growth in Q4FY26, driven largely by Blinkit’s rapid expansion
Margins and profitability trends in food delivery and quick commerce will be key monitorables
Leadership change adds another layer, with investors looking for clarity on FY27 strategy
Eternal, the parent of Zomato and Blinkit, is set to report its Q4FY26 results on April 28, with analysts expecting up to 210% YoY growth in revenue and as much as a 430% rise in net profit.
The company has also announced that it will hold its earnings conference call today at 5:00 pm IST, where investors and analysts are expected to seek clarity on growth trends, profitability outlook, competitive intensity, and guidance for FY27.
1 April 2026
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Analysts also broadly highlight that food delivery demand has remained resilient despite macroeconomic pressures. As per reports from Economic Times, Bank of America noted that order volumes have not seen any meaningful impact from cost inflation, such as higher LPG prices, although restaurant advertising spends have shown some moderation.
Brokerage View & Key Drivers
ICICI Securities estimates 20% growth in gross order value (GOV) and 17.2% in net order value (NOV), with adjusted EBITDA likely around ₹530 crore and margins at 4.5% of GOV.
Kotak Institutional Equities expects Eternal to deliver strong growth across segments, with food delivery GMV likely to rise 20% YoY and Blinkit’s NMV projected to surge 99% YoY.
The quick commerce growth is expected to be driven largely by aggressive store expansion, with the network seen reaching around 2,200 dark stores, implying the addition of nearly 173 stores during the quarter.
However, the brokerage cautioned that Blinkit’s revenues may not be directly comparable on a YoY basis due to the shift to the 1P model from Q1FY26, according to media reports.
It expects a sequential improvement in profitability in the food delivery business, with contribution margin (CM) expanding by 30 basis points and EBITDA margin by 20 basis points to 8.8% and 4.6%, respectively. The margin gains are likely to be supported in part by a hike in platform fees toward the end of the quarter.
For Blinkit, margins are expected to remain largely flat on a sequential basis, as operating leverage from older stores could be offset by pricing actions amid intensifying competition, the reports said.
Motilal Oswal estimates Blinkit’s EBITDA margin to remain near breakeven at around -0.2% of NOV, while Hyperpure, Zomato’s B2B supply business, is expected to maintain its growth trajectory and support overall revenue expansion. Despite the strong growth outlook, analysts continue to flag rising competitive intensity as a key risk.
Q3FY26 Performance
Eternal reported a strong Q3FY26, led by explosive growth in its quick commerce segment. Revenue surged 200% YoY to ₹ 16,315 crore, driven by a 776% jump in quick commerce, while food delivery grew a steady 29%. EBITDA rose 77%, though margins compressed to 2.6%. Net profit increased 72.8% to ₹ 102 crore.
Notably, both quick commerce and Hyperpure turned EBITDA positive, with robust NOV growth of 121% in quick commerce and 16% in food delivery, indicating sustained demand momentum.
The quarter also marked a significant leadership transition, with founder Deepinder Goyal announcing his resignation as CEO effective February 1, 2026. He was succeeded by Blinkit co-founder Albinder Dhindsa.
Share Price Performance
At around 11:32 AM on Tuesday, Eternal shares were down around 3.36% at ₹246.91 on the NSE.
Eternal’s stock performance has been mixed in the past few months. It is up 0.77% over last five sessions and 10.46% in the past one month, but remains down 23% over the last six months and 9.24% year-to-date. Over the past one year, the stock has gained 13.36%.
