Eternal Q2FY26 Results: Net Profit Slumps 63% to Rs. 65 Crore, Revenue Surges 183%

Eternal Ltd. (formerly known as Zomato) reported a sharp 63% year-on-year decline in consolidated net profit at Rs. 65 crore for Q2FY26, compared with Rs. 176 crore in the same quarter last year. Sequentially, profit rose 160% from Rs. 25 crore in Q1FY26.

The company’s revenue for the quarter jumped 183% year-on-year to Rs. 13,590 crore, up from Rs. 4,799 crore a year ago, and significantly higher than Rs. 7,167 crore in the previous quarter.
Consolidated adjusted EBITDA stood at Rs. 224 crore, down 32% year-on-year, but up 30% sequentially from Rs. 172 crore in Q1FY26.

Food Delivery Business

Net order value (NOV) for the food delivery segment rose 14% year-on-year to Rs. 9,423 crore from Rs. 8,281 crore in Q2FY25, showing modest growth amid subdued discretionary spending and competition from quick commerce.
Adjusted revenue from food delivery increased 22.3% year-on-year to Rs. 2,863 crore, compared with Rs. 2,340 crore in the same period last year. Sequentially, revenue rose 7.7%.
Average monthly transacting customers increased to 24.1 million, up from 22.9 million in the previous quarter.

Management noted that the recovery in NOV growth has been slower than expected, citing soft consumer spending, quick-commerce competition, and volatile weather conditions as short-term challenges.

Blinkit Business

The Blinkit vertical continued its rapid expansion, with NOV touching Rs. 11,679 crore, up 137% year-on-year — its highest growth in ten quarters.
About 80% of this NOV came from owned inventory, expected to rise to 90% in the next quarter.
Eternal added 272 new dark stores during the quarter, taking the total to 1,816, and aims to reach 2,100 stores by December 2025 and 3,000 stores by March 2027.

Going-Out Segment

The Going-Out business, which includes dining, movies, events, and the new “stores” category, reported 22.7% growth in revenue to Rs. 189 crore, compared with Rs. 154 crore last year.
NOV increased to Rs. 2,063 crore from Rs. 1,562 crore in Q2FY25.
The company has onboarded 3,400 outlets across six cities under the “stores” initiative, facilitating over 60,000 transactions, and launched ‘District’ in the UAE as part of its international expansion.

Hyperpure (B2B) Vertical

Eternal’s Hyperpure business, which caters to B2B restaurant and non-restaurant supplies, saw revenue decline 30.5% year-on-year to Rs. 1,023 crore, and 55.4% sequentially.
The drop was attributed to the company’s shift towards inventory ownership in quick commerce, which led to a strategic scale-down in Hyperpure’s non-restaurant business.

Despite the decline in profitability, Eternal’s strong revenue growth and continued expansion of Blinkit and Going-Out businesses underline its focus on building diversified, scalable digital commerce platforms for the long term.