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Informist, Tuesday, Apr. 28, 2026

 

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--Eternal Jan-Mar consol net profit INR 1.74 bln
--Analysts saw Eternal Jan-Mar consol net profit at INR 1.46 bln 
--Eternal Jan-Mar consol revenue INR 172.92 bln 
--Analysts saw Eternal Jan-Mar consol revenue at INR 179.93 bln 
--Eternal Jan-Mar consol net profit INR 1.74 bln vs INR 1.02 bln qtr ago 
--Eternal Jan-Mar consol revenue INR 172.92 bln vs INR 163.15 bln qtr ago 
--Eternal FY26 consol net profit INR 3.66 bln vs INR 5.27 bln year ago 
--Eternal FY26 consol revenue INR 543.64 bln vs INR 202.43 bln year ago 
--Eternal Jan-Mar delivery expenses INR 26.07 bln vs INR 23.76 bln qtr ago 
--Eternal Jan-Mar consol adjusted EBITDA INR 4.29 bln vs INR 3.64 bln qtr ago 
--Eternal Q4 consol stock-in-trade spend INR 106.9 bln vs INR 100.8 bln QoQ 
--Eternal Jan-Mar consol employee cost INR 9.27 bln vs INR 9.14 bln qtr ago 
--Eternal Jan-Mar consol depreciation INR 4.68 bln vs INR 4.39 bln qtr ago 
--Eternal Jan-Mar Hyperpure adjusted revenue INR 9.78 bln, down 8.6% on qtr 
--Eternal Q4 quick commerce adjusted revenue INR 132.32 bln, up 8% on qtr 
--Eternal Jan-Mar food delivery adjusted revenue INR 31.25 bln, up 2.4% QoQ 
--Eternal: Blinkit net order value CAGR should be north of 60% for next 3 yrs 
--Eternal Q4 quick commerce adjusted EBITDA INR 370 mln vs INR 40 mln qtr ago 
--Eternal Q4 food delivery net order value INR 97.57 bln vs INR 98.46 bln QoQ 
--Eternal Q4 quick commerce net order value INR 143.9 bln vs INR 133.0 bln 
--Eternal: See Blinkit net order value growth in Q1 to be stronger than Q4 
--Eternal Q4 going-out net order value INR 27.36 bln vs INR 25.87 bln qtr ago 
--Eternal Jan-Mar consol net order value INR 268.80 bln, up 4% on qtr 
--Eternal consol cash balance INR 179.72 bln Mar 31 vs INR 178.20 bln qtr ago 
--Eternal: Net added 216 quick commerce stores in Q4; total store count 2,243 
--Eternal quick commerce net avg order value INR 525 vs INR 547 qtr ago 
--Eternal: Some restaurants saw temporary hit from LPG shortage 
--Eternal: No major hit to platform-level throughput due to LPG shortage 
--Eternal: More confident for Blinkit to reach 5-6% margins 
--Eternal: Blinkit margin expansion may not be linear 

 

By Avishek Rakshit

 

KOLKATA – Eternal Ltd. Tuesday reported a sharp 346% on-year increase in its consolidated net profit for the March quarter to INR 1.74 billion – the sharpest rise in the company's bottom line in the past six quarters. From the December quarter of 2024–25 (Apr-Mar) till the September quarter of FY26, the company's net profit had fallen on a year-on-year basis. It was only in the December quarter of FY26 that the food delivery and quick commerce player could report an on-year growth in its bottom line.

 

The company's consolidated net profit for the March quarter surpassed the Street's estimate of INR 1.46 billion, but its revenue lagged expectations, despite rising nearly three-fold on year. Eternal's consolidated revenue rose 196.5% on year to INR 172.92 billion, against analysts' estimate of INR 179.93 billion. 

 

The sharp increase in revenue and net profit is primarily on account of the change in the company's quick-commerce grocery delivery model, an analyst with a domestic brokerage said following the company's earnings announcement. Blinkit, the company's grocery delivery business, has changed its avatar from being a hybrid marketplace to a first-party inventory-led business. Essentially, Blinkit has transitioned into a retailer from a platform.

 

Hence, Eternal's revenue and net profit are not comparable on a year-on-year basis due to this change in its business model. A sequential comparison, on the other hand, provides a clearer and more balanced picture of its financial performance. 

 

Sequentially, Eternal's consolidated net profit rose 70.6% and revenue increased nearly 6%. The company had reported a consolidated net profit of INR 1.02 billion and revenues of INR 163.15 billion in the December quarter of FY26. During the year ended March, Eternal's net profit fell around 31% on year to INR 3.66 billion and revenue increased around 169% on year to INR 543.64 billion.

 

The net order value of the company's food delivery platform, Zomato, grew around 19% on year but fell around 1% on quarter to INR 97.57 billion. The gross order value grew 22.5% on year. On the margin front, the adjusted earnings before interest, tax, depreciation, and amortisation as a percentage of net order value improved to 5.5% in the March quarter, with the business delivering an absolute adjusted EBITDA growth of 24% on year to INR 5.32 billion, the company said in a statement. Adjusted revenue increased 2.4% on quarter to INR 31.25 billion in the March quarter. 

 

The net order value of Blinkit's grew 95.4% on year and 8.2% on quarter to INR 143.9 billion. In the March quarter, the company net added 216 new stores, taking the total store count to 2,243 as of March end. The adjusted EBITDA improved to INR 370 million as against INR 40 million in the December quarter. Blinkit's revenue increased 8% on quarter to INR 132.32 billion.

 

The 'going-out' business housed under the District brand saw its net order value growth accelerate to 46.5% on year and 5.8% on quarter to INR 27.36 billion, while adjusted EBITDA losses narrowed to INR 810 million in the March quarter against loss of INR 1.21 billion in the December quarter. 

 

Hyperpure's restaurant supply revenue grew 37% on year in the March quarter, against 33% growth in the December quarter, with the overall adjusted EBITDA margin improving to 0.5%, resulting in absolute adjusted operating profit of INR 50 million, the company said in the statement. Revenue from the Hyperpure business declined around 9% on quarter to INR 9.78 billion. 

 

In the March quarter, the company's consolidated net order value increased 4% on quarter to INR 268.80 billion, but the net average order value on Blinkit fell to INR 525 from INR 547 a quarter ago.

 

While the company's revenue increased, so did its expenses. Delivery expenses during the March quarter increased around 10% on quarter to INR 26.07 billion and purchases of stock-in trade increased over 6% on quarter to around INR 107 billion. Employee costs rose over 1% on quarter to INR 9.27 billion and depreciation and amortisation costs, incurred on account of new dark store openings, rose around 7% on quarter to INR 4.68 billion. 

 

The company's cash balance improved marginally to INR 179.72 billion in the March quarter compared to INR 178.20 billion in the December quarter and the consolidated adjusted EBITDA increased to INR 4.29 billion in the March quarter against INR 3.64 billion a quarter ago. 

 

In a statement, Eternal said it sees Blinkit's net order value growth in the current quarter to be stronger than the March quarter and the net order value compounded annual growth rate to exceed 60% for the next three years. Stating that Blinkit's margin expansion may not be linear going ahead, Eternal said it is confident of the business reaching 5-6% margin levels. 

 

Although a few restaurants in some pockets were affected due to the liquefied petroleum gas shortage on account of the war in Iran, Eternal said platform-level throughput wasn't impacted and there is no meaningful impact yet in the current quarter. 

 

When localised supply disruptions happen, the company typically sees demand redistributing across the platform rather than going away, according to the company's statement. 

 

Tuesday, shares of Eternal closed over 1% lower at INR 253.07 on the National Stock Exchange.  End

 

Edited by Tanima Banerjee

 

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