Zomato ka Blinkit Q3 FY26 mein profitable hua, Food Delivery margins all-time high; Bernstein valuation focus se stock bada

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AuthorRiya Kapoor|Published at:
Zomato ka Blinkit Q3 FY26 mein profitable hua, Food Delivery margins all-time high; Bernstein valuation focus se stock bada
Overview

Zomato ne Q3 FY26 ke strong results bataye hain. Blinkit ne adjusted EBITDA profitability haasil ki hai aur food delivery business ne record 5.4% EBITDA margins diye hain. Company mein leadership change bhi hua hai. Bernstein ne valuation approach maintain kiya hai. Iske baad Zomato ka stock 7.3% badh gaya 22 Jan 2026 ko.

Q3 FY26 Financial Highlights: Blinkit Achieves Profitability, Food Delivery Sets New Margin Record

Eternal Ltd. (pehlay Zomato) ne fiscal year 2026 (Q3 FY26) ke teesre quarter (31 December 2025 ko khatam hone wale) ke liye mazboot financial performance report ki hai. Ek aham vikas ye tha ki Blinkit, company ka quick commerce division, pehli baar adjusted EBITDA profitability tak pahunch gaya, jisme ₹4 crore ka profit report hua hai. Ye pichhle quarter mein ₹156 crore ke loss se ek bada sudhar hai. Blinkit ne 121% ka strong year-on-year Net Order Value (NOV) growth bhi dikhaya hai. Blinkit ki profitability ke saath saath, core food delivery business ne apne sabse oonche adjusted EBITDA margin ko record kiya, jo Net Order Value (NOV) ka 5.4% raha. Food delivery segment ka absolute adjusted EBITDA ₹531 crore raha, jo 26% year-on-year badha hai. Iske alawa, B2B supplies business, Hyperpure, bhi pehli baar adjusted EBITDA positive hua, jisme ₹1 crore ka profit hua hai.

Leadership Transition and Bernstein's Valuation Perspective

Mazboot financial results ke saath hi, Eternal Ltd. ne ek mahatvapurna leadership change ki ghoshna ki hai. 1 February 2026 se prabhavi, Deepinder Goyal Chief Executive Officer aur Managing Director ke pad se hat jayenge aur Vice Chairman ka pad sambhalenge. Blinkit ke vartaman CEO, Albinder Singh Dhindsa, naye Group CEO banaye gaye hain, jo shareholder aur regulatory approvals ke adheen hai. Is transition ko company ke liye ek mahatvapurna vikas mana ja raha hai.

Valuation ke mamle mein, Bernstein ne apni methodology ko barkarar rakha hai, jo sales-based multiples ke bajaye Enterprise Value to adjusted Earnings Before Interest, Tax, Depreciation, and Amortisation (EV/Adj. EBITDA) metric par focus karta hai. Halanki Bernstein ne November 2025 mein ₹390 ke target price ke saath coverage shuru kiya tha, UBS ke analysts ne haal hi mein ₹375 ka target set kiya hai, jiska karan quick commerce sector mein tez competition hai. Bernstein ki methodology mein food delivery business ke liye 35x multiple aur quick commerce segment ke liye 30x multiple lagana shamil hai.

Sector Headwinds and Market Reaction

Quick commerce sector mein Amazon aur Zepto jaise bade players ke beech competition badh raha hai aur discounting bhi tezi se ho rahi hai. Isse UBS jaise kuch analysts ne EBITDA estimates ko kam kiya hai aur margin recovery timelines ko FY27 tak badha diya hai. UBS ne Eternal ke quick commerce adjusted EBITDA estimates ko FY26-27 ke liye 15-20% tak kam kar diya hai. Sector-wide pressures ke bawajood, Zomato ke stock ne Q3 results par sakaratmak pratikriya di, jo 22 January 2026 ko 7.3% badhkar ₹304.20 ke intraday high tak pahunch gaya. Company ki market capitalization lagbhag ₹2.74 lakh crore aakli ki gayi hai. P/E ratio (TTM) 22 January 2026 tak alag alag sources mein badi variability dikhata hai, jisme ek report ke anusar lagbhag 293 se lekar 1,183 tak ke figures hain.

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