Eternal Q1FY26 results: Profit takes 90% hit on quick commerce push

Blinkit's net order value surpasses Zomato for the first time

The net profit of Eternal, the parent company of food aggregator Zomato and quick-commerce firm Blinkit, dropped sharply by 90 per cent on year during the first quarter of financial year 2026 (Q1FY26), largely due to continued investments in quick-commerce expansion and in its going out segment District.

 

The profit after tax (PAT) — or net profit — of Eternal fell to ₹25 crore year-on-year (Y-o-Y) from ₹253 crore in Q1 of FY25. On a sequential basis, the profit was down 35.8 per cent from ₹39 crore in the previous quarter.

 

The company’s revenue for the quarter rose 70.3 per cent Y-o-Y to ₹7,167 crore in Q1, up from ₹4,206 crore a year earlier. The revenue was ₹5,833 crore in the previous quarter.

 

 

On the profitability front, consolidated adjusted earnings before interest, tax, depreciation, and amortisation (Ebitda) declined 42 per cent Y-o-Y to ₹172 crore, the company said in a shareholder letter. The consolidated adjusted revenue grew 67 per cent Y-o-Y and 22 per cent quarter-on-quarter (Q-o-Q) to ₹7,563 crore.

 

The company said that its business-to-consumer (B2C) vertical now generates nearly $10 billion in annualised net order value (NOV), with quick commerce contributing almost half, now standing as its largest B2C segment. NOV refers to the actual value retained after deductions (such as discounts, promo codes). 

 

Food delivery

 

The adjusted revenue for food delivery grew 17.7 per cent Y-o-Y to ₹2,657 crore compared to the corresponding quarter in the last financial year. On a sequential basis, food-delivery revenue rose 10.2 per cent.

 

The gross order value (GOV) increased from ₹9,264 crore in Q1FY25 to ₹10,769 crore in Q1FY26, a 16.24 per cent Y-o-Y rise. The GOV stood at ₹9,778 crore in the last quarter. On the other hand, NOV was ₹8,967 crore in the June quarter, a 13.1 per cent rise, compared to ₹7,928 crore in the same quarter in the previous financial year.

 

The number of average monthly transacting customers increased to 22.9 million, up from 20.9 million in the earlier quarter. 

Quick commerce   For the first time, the NOV of Blinkit surpassed that of Zomato. While Zomato's NOV stood at ₹8,967 crore in Q1FY26, Blinkit's NOV was far higher at ₹9,203 crore.

 

The revenue of Blinkit in Q1FY26 touched ₹2,400 crore, up 154.7 per cent from the corresponding quarter last year.

The platform’s GOV for the quarter increased to ₹11,821 crore, compared to ₹9,421 crore a quarter ago and ₹4,923 crore in Q1FY25. The NOV also rose 126.6 per cent Y-o-Y to ₹9,203 in the June quarter.

 

The platform’s average order value (AOV) increased slightly to ₹669 in Q1FY26, up from ₹665 in Q4FY25.

 

Whereas the average monthly transacting customers for Blinkit grew to 16.9 million, up from 13.7 million in the previous quarter. 

 

Going out

 

For District — Eternal’s going-out business — revenue rose 117.8 per cent to ₹207 crore in Q1 as against ₹95 crore in the year-ago period. On the other hand, GOV jumped to ₹2,370 crore in Q1FY26 compared to ₹1,268 crore in Q1FY25.

In Q1FY26, there were about two million average monthly customers who transacted nearly two times a month on average, with a net AOV of ₹1,700.

 

“If we execute well, the District has the potential to scale to $3 billion in annual topline (NOV) with $150 million of Adjusted Ebitda sometime over the next five years,” said Akshant Goyal, chief financial officer, Eternal.