Eternal's revenue jumps 183% to Rs 13,590 crore in Q2 FY26; profit falls 63% to Rs 65 crore

Eternal Limited (formerly Zomato) reported a sharp scale-up in its second-quarter results for fiscal 2026, led by its quick commerce business and a shift in its operating model.

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Revenue from operations rose to Rs 13,590 crore in Q2 FY26, up from Rs 7,167 crore in Q1 FY26 and Rs 4,799 crore a year earlier. The company noted that the year-on-year increase is not directly comparable because of the transition of the quick commerce business to an inventory-ownership model under Ind AS accounting.

Under the new approach, revenue now reflects the entire value of goods sold instead of just the commission earned, as per Indian Accounting Standards (Ind AS).

Total income stood at Rs 13,942 crore, while total expenses reached Rs 13,813 crore. Profit before tax was Rs 129 crore, and profit after tax (PAT) came in at Rs 65 crore.

B2C Net Order Value (NOV) grew 57% year-on-year and 15% sequentially to Rs 23,164 crore. Adjusted revenue was Rs 13,968 crore, up 172% year-on-year and 85% quarter-on-quarter. On a like-for-like basis, adjusted revenue rose 65% year-on-year and 22% sequentially.

Adjusted EBITDA stood at Rs 224 crore, down 32% year-on-year but up 30% from the previous quarter’s Rs 172 crore. Eternal said adjusted revenue includes customer delivery charges and platform fees in food delivery, while adjusted EBITDA excludes share-based payments and certain lease effects.

Food delivery business

Eternal said that its net order value grew 14% year-on-year, compared with 13% growth in the previous quarter. Adjusted EBITDA margin reached an all-time high of 5.3% of NOV, with adjusted EBITDA exceeding Rs 500 crore, up from Rs 451 crore in Q1.

The company said food-delivery growth likely bottomed in Q1 and is expected to recover gradually amid soft discretionary demand, substitution from quick commerce, and weather-related factors. The take rate rose by about 75 basis points quarter-on-quarter, aided by advertising monetization, commissions, and platform fees.

However, lower delivery charges following a Gold membership threshold cut from Rs 199 to Rs 99 limited contribution margin expansion to roughly 50 basis points.

Blinkit performance

Blinkit’s NOV jumped 137% year-on-year and 27% quarter-on-quarter, marking its fastest growth in 10 quarters. Store count increased by 272 during the quarter to 1,816. Adjusted EBITDA margin improved to –1.3%, compared with –1.8% in Q1, but expansion was slower than planned due to heavy marketing investments, about four times higher than last year, and accelerated store rollouts.

The company now targets 2,100 stores by December 2025, up from its earlier plan of 2,000. Roughly 80% of Blinkit’s NOV has now transitioned to the inventory model, with the company aiming to reach 90% next quarter.

Going out and Hyperpure

The “Going-out” segment reported a 32% year-on-year increase in NOV, though adjusted EBITDA margin was –3.1%.

The segment posted a Rs 63 crore loss, compared with a Rs 54 crore loss in the previous quarter, as the company continued investing in experiences such as “District” and an expansion into the UAE.

Hyperpure reported total revenue of Rs 1,023 crore, lower sequentially as Eternal scaled down its non-restaurant business amid the quick commerce transition. Core restaurant revenue stood at Rs 940 crore, up 42% year-on-year and 15% quarter-on-quarter. The adjusted EBITDA loss narrowed to Rs 5 crore, with company expecting the core business to turn profitable within two quarters.

Under Ind AS accounting, Eternal reported segment-wise revenue of Rs 9,891 crore from its quick commerce business, Rs 2,458 crore from the India food ordering and delivery segment, and Rs 1,023 crore from its B2B supplies arm, Hyperpure.