Whalesbook
Q3 FY26 Financial Performance: Profit and Revenue Surge
Eternal Limited, previously known as Zomato, announced its unaudited consolidated financial results for the third quarter of Fiscal Year 2026 (ending December 31, 2025). The company reported a consolidated net profit of Rs 102 crore, marking a substantial 73% increase compared to Rs 59 crore in the same quarter of the previous fiscal year. Revenue from operations experienced significant expansion, rising 202% year-on-year to Rs 16,315 crore from Rs 5,405 crore in Q3 FY25. On a sequential basis, revenue grew 20% from Rs 13,590 crore in Q2 FY26. This strong financial outcome was largely influenced by the company's strategic shift to an inventory ownership model in its quick commerce business, Blinkit.
Blinkit Drives Growth with Positive EBITDA Turnaround
The quick commerce segment, Blinkit, emerged as a primary growth engine. Revenue from Blinkit surged to Rs 12,256 crore in Q3 FY26, a considerable increase from Rs 1,399 crore in the prior year's quarter. This was mainly attributed to the accounting change where revenue now reflects the full value of goods sold under the inventory ownership model, rather than just marketplace commissions. Net order value (NOV) in the quick commerce segment grew by 121% year-on-year. Critically, Blinkit reported its first-ever quarterly positive adjusted EBITDA of Rs 4 crore, a significant improvement from an adjusted EBITDA loss of Rs 156 crore in the preceding quarter. The company expanded its store footprint by adding 211 net new Blinkit stores, bringing the total to 2,027, although this was slightly below the guidance of approximately 2,100 stores.
Food Delivery Segment Sustains Momentum, Reaches Record Margins
The core food delivery business, operating under the Zomato brand, continued its recovery and growth trajectory. Revenue from food delivery increased by 29% year-on-year to Rs 2,676 crore, contributing approximately 16% of the total revenue. Gross order value for this segment rose around 21% year-on-year, while net order value grew by approximately 17%, indicating sustained acceleration. The adjusted EBITDA margin for the food delivery business reached an all-time high of 5.4% of net order value, with an absolute adjusted EBITDA of Rs 531 crore, up 26% year-on-year.
Hyperpure and Going-Out Segments
Eternal's B2B restaurant supply business, Hyperpure, also showed positive operational developments, with revenue increasing 33% year-on-year to Rs 1,070 crore. The segment reported its first positive quarterly adjusted EBITDA of Rs 1 crore, a notable shift from a Rs 5 crore loss in the previous quarter. In contrast, the going-out business faced continued investments, resulting in an adjusted EBITDA loss of Rs 121 crore, despite reporting about 20% net order value growth year-on-year.
Leadership Transition and Future Outlook
Alongside the financial results, Eternal announced a significant leadership change. Founder Deepinder Goyal will resign as Managing Director and CEO, effective February 1, 2026, to pursue new, higher-risk ideas outside the public company structure. He is recommended for appointment as Vice Chairman and Director, subject to shareholder approval. Albinder Singh Dhindsa, currently CEO of Blinkit, will assume the role of CEO of Eternal Limited from February 1, 2026. The company's cash balance stood at Rs 17,820 crore at the end of the quarter, reflecting planned capital expenditure and working capital investments.
Market Activity and Valuation
As of January 21, 2026, Eternal Limited's shares were trading around Rs 283. The company's market capitalization was approximately Rs 2.71 trillion as of January 20, 2026. The trailing twelve months (TTM) Price-to-Earnings (P/E) ratio was notably high, reported in the range of 1,300x to 1,400x, reflecting the market's valuation of its growth prospects.