Eternal's net profit slumps 63% to ₹65 crore, revenue surges 183%

Zomato's parent Eternal reports a 63% YoY fall in Q2FY26 profit to Rs 65 crore, while revenue more than doubles to Rs 13,590 crore on robust Blinkit and food delivery growth

The net profit of Eternal, formerly known as Zomato, fell 63 per cent year-on-year (Y-o-Y) to ₹65 crore in the second quarter of 2025-26 (Q2FY26) as against ₹176 crore during the same period a year earlier. On a sequential basis, profit increased by 160 per cent from ₹25 crore.

 

The company's revenue for the second quarter rose 183.1 per cent Y-o-Y to ₹13,590 crore, up from ₹4,799 crore a year earlier. The revenue stood at ₹7,167 crore in the previous quarter. On the profitability front, consolidated adjusted earnings before interest, tax, depreciation, and amortisation (Ebitda) declined 32 per cent Y-o-Y to ₹224 crore while increasing 30 per cent from ₹172 crore in Q1FY26.

 

 

Food delivery

 

Signalling marginal growth, the net order value (NOV) for food delivery increased 14 per cent Y-o-Y, compared to 13 per cent Y-o-Y in the previous quarter. In Q2FY26, NOV slightly rose to ₹9,423 crore compared to ₹8,281 crore in the corresponding quarter last year. Notably, NOV refers to the actual value retained after deductions (such as discounts and promotional codes).

 

Deepinder Goyal, founder and chief executive officer (CEO) of Eternal, said: "In line with our expectation (as mentioned in the last letter), NOV growth rate (Y-o-Y) did go up in Q2FY26 after declining consistently for the last five quarters. Having said that, the recovery in growth has been slower than expected, and we only expect a slow uptick in growth rate in the near term."

 

Goyal added that food delivery is facing headwinds, including soft discretionary consumption, the impact of quick commerce (qcom) growth, and increasingly volatile weather, which continue to weigh on near-term growth.

 

The adjusted revenue for food delivery in Q2FY26 grew 22.3 per cent Y-o-Y to ₹2,863 crore from ₹2,340 crore. On a sequential basis, food delivery revenue rose 7.7 per cent. The number of average monthly transacting customers increased to 24.1 million, up from 22.9 million in the earlier quarter. 

 

Quick commerce

 

The NOV for Blinkit remained higher than that of food delivery at ₹11,679 crore in Q2FY26. In fact, the NOV growth accelerated to 137 per cent Y-o-Y, its highest in the last ten quarters. According to Albinder Dhindsa, founder and CEO of Blinkit, in Q2FY26, about 80 per cent of the NOV was on owned inventory, and is expected to go up to about 90 per cent in the next quarter.

 

Continuing expansion of dark stores, the company added 272 new stores, taking the total store count to 1,816. It expects to get to 2,100 stores by December this year.

 

"We have been maintaining our quarterly rate of net store additions consistently for the last few quarters, and given what we know today, we think we should be able to get to 3,000 stores by Mar 2027," Dhindsa added.

 

Going out

 

For the Eternal going-out business, revenue rose 22.7 per cent to ₹189 crore as against ₹154 crore in the year-ago period. On the other hand, NOV jumped to ₹2,063 crore in Q2FY26 compared to ₹1,562 crore in Q2FY25.

 

The company added “stores” as a new category alongside dining-out, movies, and event ticketing.

 

"We have already onboarded nearly 3,400 outlets across six cities, and have enabled over 60,000 transactions to date. Early traction is promising, and we plan to continue scaling this segment," Goyal said, adding that the company has also launched “District” in the UAE.

 

Hyperpure

 

For Eternal’s business-to-business (B2B) supplies vertical, Hyperpure, revenue was down 30.5 per cent Y-o-Y to ₹1,023 crore in Q2FY26. It was down 55.4 per cent sequentially.

 

"The decline was on account of the shift to inventory ownership in quick commerce, which led to a scale-down in Hyperpure’s non-restaurant business in line with expectations," Goyal added.