Eternal (Zomato) Q4 FY26 Results: What the Numbers Say

By Ventura Research Team 3 min Read Apr 28, 2026

Summary:
The Indian equity markets traded under pressure on Tuesday, with the Nifty 50 index closing lower by 82.65 points or 0.34% at 24,010.05. Despite the weak broader market sentiment, stock-specific buying emerged in select technology counters. Amid this, Eternal Limited share price touched an intraday low of ₹245 and later closed at ₹258, marking a sharp recovery of 6% from the day’s low.

Q4 FY26 numbers announced on 28 April 2026 tell the story of a business that has grown significantly in scale over the past year, even as full-year profitability has not quite kept pace with the revenue surge despite a strong quarterly performance.

The Headline Numbers

Eternal recorded a 346% surge in profit after tax to ₹174 crore in the March quarter, compared to ₹39 crore in the same period a year ago. On revenue, the company’s revenue from operations surged 196% year-on-year to ₹17,292 crore (consolidated revenue) in Q4, up from ₹5,833 crore a year ago.

These are large percentage movements, but the context matters. A significant part of the revenue jump reflects the shift to a first-party inventory model in Blinkit from Q1 FY26, which means the gross value of goods sold now flows through the top line differently than before. The growth is real, but the year-on-year comparison is not entirely like-for-like.

For the full financial year, consolidated operational revenue for FY26 rose 169% year-on-year to ₹54,364 crore, compared to ₹20,243 crore in FY25. However, full-year profit after tax attributable to owners of the parent fell 30.6% year-on-year to ₹366 crore from ₹527 crore in FY25. The business is growing fast, but the cost of that growth—more dark stores, delivery infrastructure, and manpower—remains significant.

Blinkit: The Main Story

Quick commerce is now Eternal’s largest segment by revenue. As per company disclosures, revenue from the quick commerce segment surged to around ₹37,779 crore for FY26, compared to ₹5,206 crore in FY25. Blinkit, which delivers groceries and everyday essentials in under 20 minutes, has been expanding its network of dark stores aggressively.

Albinder Dhindsa, Group CEO of Eternal, in his commentary, the compound annual growth rate of Blinkit’s net order value from fiscal year 2023 to 2026 stood at 104%. Even though the growth rate is expected to moderate over time on account of the increase in the existing base, there is an expectation that the NOV growth CAGR would be above 60% in the next three years. This means that the firm can grow by up to four times the existing base.

Food Delivery and Other Segments

Zomato’s core food delivery business remains steady. As per company disclosures, the India food ordering and delivery segment reported revenue of about ₹10,159 crore for FY26. Order volumes have remained resilient despite some pressure on consumer spending, and the platform fee hike introduced toward the end of the quarter appears to have supported margins.

The Hyperpure business, which supplies ingredients and raw materials to restaurants, had a mixed quarter. As per management commentary, Hyperpure’s B2B revenues fell 46% to ₹978 crore in Q4, compared to ₹1,840 crore in the same quarter last year. However, on a comparable basis, the company indicated that restaurant supply revenue grew 37% year-on-year, with the segment achieving adjusted EBITDA profitability.

The District segment, which includes dining out and entertainment ticketing, reported a 20% rise in Q4 revenues to ₹277 crore, compared to ₹229 crore a year earlier.The CFO pointed out that this firm operates on a seasonal basis, and the operations are often erratic, with the third quarter being event-driven and the first quarter seeing demand because of IPL.

Margins and Cash Position

Based on the company announcements, the adjusted EBITDA margin for Eternal has increased to 5.5% in Q4FY26, while the adjusted EBITDA stood at ₹532 crore, witnessing a year-over-year growth of 24%. Eternal had a cash balance of ₹17,972 crore at the end of the quarter, which is slightly above ₹17,820 crore from the previous quarter.

Where Things Stand

The Q4 FY26 results confirm that Eternal has scaled its business to a level that few would have anticipated two years ago. The quick commerce bet has delivered strongly in terms of revenue and market presence. The more important question whether this scale consistently translates into profitability at the consolidated level is still evolving.Full-year PAT declined despite a sharp rise in revenue, reflecting continued investment in growth. This appears to be a deliberate strategic choice rather than a sign of weakness, supported by a strong cash position. The trajectory of Blinkit’s expansion, along with the sustainability of growth in food delivery and the District segment, will be key factors to watch as the company moves into FY27.