Eternal Q2 Results: Profit Jumps 92% to ₹125 Crore as Blinkit Scales Up

Eternal, which owns Zomato and Blinkit, posted a consolidated net profit of ₹125 crore for the July–September quarter, an increase of 92% from ₹65 crore in the same period last year. The Eternal Q2 results, announced on October 21, showed revenue up 77.6% at ₹24,138 crore.

Profit increased 35.8% sequentially from ₹92 crore in the April–June quarter, when revenue stood at ₹20,211 crore. However, the company missed street estimates of ₹250 crore in net profit, as reported by YourStory.

Consolidated adjusted EBITDA came in at ₹666 crore, roughly three times the year-ago level with 197% growth, and 20% higher quarter-on-quarter. Group business-to-consumer net order value (NOV) was ₹35,644 crore, an increase of 54%.

Blinkit drives the Eternal Q2 results

Quick commerce arm Blinkit remained the main growth engine. Blinkit net order value grew 79.3% to ₹20,940 crore from ₹11,679 crore, and revenue rose 93.6% to ₹19,152 crore.

Blinkit generated adjusted EBITDA of ₹184 crore, compared with a loss of ₹156 crore in the corresponding period last year. Blinkit first posted positive adjusted EBITDA in Q3 FY26, at ₹4 crore.

The company added 308 net stores during the quarter, taking the network to 2,751. Chief financial officer Akshant Goyal said Eternal now expects more than 3,500 stores by March 2027 and about 5,000 by March 2028.

Part of the jump in reported revenue reflects Blinkit’s move to an inventory-led model, under which the full value of goods sold is booked as revenue. On a like-for-like basis, consolidated adjusted revenue of ₹24,621 crore grew 58% rather than the headline 76%, the company said in its Q2 FY27 shareholders’ letter.

Zomato food delivery and other businesses

Zomato food delivery NOV rose 21.5% to ₹11,445 crore from ₹9,423 crore, and adjusted revenue in the segment grew 35.5% to ₹3,879 crore. Average monthly transacting customers rose to 28 million from 27.2 million in the June quarter.

Founder Deepinder Goyal said the company has always expected food delivery to grow at “over 20 per cent” a year over the long term. The segment’s adjusted EBITDA rose about 25% to ₹627 crore, or 5.5% of NOV, according to afaqs.

The going-out business, which runs the District app for dining and event ticketing, grew NOV 58% to ₹3,259 crore. Eternal kept its FY30 targets for the unit of ₹28,000 crore in NOV and ₹1,400 crore in adjusted EBITDA.

B2B supplies arm Hyperpure reported revenue of ₹1,154 crore, up 12.8%, with adjusted EBITDA of ₹10 crore. It now serves about 85,000 restaurants, compared with 62,000 a year ago.

Growth came at a higher marketing cost. Advertising and sales promotion expenses rose 41.2% to ₹1,138 crore from ₹806 crore a year earlier, afaqs reported.

Why it matters for investors and business leaders

The Eternal Q2 results suggest that India’s quick commerce race is moving from pure land-grab to a test of unit economics. Blinkit is adding stores at pace while staying profitable at the adjusted EBITDA level, which raises the bar for rivals such as Swiggy Instamart, which recently named a new chief executive.

Group CEO Albinder Dhindsa framed the strategy around the quality of growth. “How we grow matters as much as how fast,” he said, arguing that customers won mainly through deep discounts tend to leave when the offers stop.

Expansion beyond the metros is a key theme. Management said new stores in smaller cities are reaching about 1,000 orders a day in a similar time to metro stores, with average order values at 85–90% of metro levels.

Cash and equivalents fell to ₹16,475 crore from ₹18,288 crore at the end of June, which Business Standard attributed to a seasonal build-up in working capital ahead of the festive season.

What happens next

Eternal shares closed 2.71% lower at ₹311.75 on the BSE on October 21, after falling as much as 5% during the session. On Thursday morning, the stock traded 1.1% higher at ₹314 on the NSE even as the Nifty 50 slipped nearly 1%.

Brokerages stayed positive. Emkay Global kept a “buy” rating and raised its target price by 5% to ₹420, while Nirmal Bang retained “buy” with a target of ₹385, according to Business Standard.

Investors will now watch whether Blinkit can speed up store additions from the December quarter without hurting margins, and whether the District unit stays on track to break even at the adjusted EBITDA level within four to six quarters.

For more corporate earnings coverage, see our business news section.