Eternal Q3 preview: Revenue may rise 194% YoY; Blinkit store addition eyed

Eternal Q3 results date: Analysts and investors will watch out for guidance related to the outlook on competition intensity, Blinkit, food delivery gross order value (GOV) growth, and margin

Eternal Q3 results preview: Food delivery platform Eternal (Zomato) is all set to release its December quarter (Q3FY26) results on Wednesday, January 21, 2026.

 

Brokerages tracked by Business Standard estimate Eternal to report a net profit on average at ₹69.4 crore as compared to ₹59 crore year-on-year (Y-o-Y), up 18 per cent. On a quarter-on-quarter (Q-o-Q) basis, the profit is anticipated to grow 7 per cent from ₹65 crore in Q2FY26.

 

The company's revenue for the quarter under review is expected to rise 194 per cent in Q3FY26, on average, to ₹15,884.85 crore as compared to ₹5,405 crore a year ago. Sequentially, the revenue is poised to jump 17 per cent from ₹13,590 crore in Q2FY26.

 

 

Analysts and investors will watch out for guidance related to the outlook on competition intensity, Blinkit, food delivery gross order value (GOV) growth, and margin.

Here's how Eternal is expected to fare in Q3FY26: 

Kotak Institutional Equities: Analysts expect Eternal to post 18 per cent year-on-year (Y-o-Y) growth in food delivery gross merchandise value (GMV), 71 per cent Y-o-Y growth in Hyperpure revenue, and 123 per cent Y-o-Y growth in Blinkit net merchandise value (NMV). 

 

The strong 123 per cent Y-o-Y and 15 per cent Q-o-Q NMV growth in Blinkit will be driven by rapid store additions. Further, the brokerage anticipates a period-ending store count of 2,100, implying 284 new dark store additions in Q3. The NMV growth is likely to be impacted by 3-4 per cent due to the goods and services tax (GST) rate revisions implemented in September 2025, according to analysts.

 

They expect a 10 basis points (bps) Q-o-Q expansion in contribution margins (CM) and Earnings before interest, tax, depreciation and amortisation (Ebitda) margin of the food delivery business to 8.7 per cent and 4.5 per cent, respectively. Eternal is anticipated to post adjusted Ebitda (post-rent, pre-ESOP) of ₹270 crore, lower Y-o-Y, on account of higher Y-o-Y losses in Blinkit and  District, partially offset by higher food delivery Ebitda. On a consolidated basis, Ebitda is pegged at ₹292.3 crore, as compared to ₹162 crore a year ago. 

 

 

Motilal Oswal Financial Services: The brokerage expects net order value (NOV) of food delivery and quick commerce business to grow 12 per cent and 122 per cent Y-o-Y, respectively, with food delivery take rates of 21.5 per cent and quick commerce gross profit of 26.5 per cent.  

 

Blinkit’s NOV is projected to sustain its growth momentum with 15 per cent and 122 per cent Q-o-Q and Y-o-Y growth, respectively. Hyperpure is forecasted to continue its upward trajectory. Food delivery adjusted Ebitda as a percentage of NOV margin is anticipated to rise 20 bps Q-o-Q to 5.5 per cent. Blinkit is likely to post a CM of 4.7 per cent and adjusted Ebitda margin as a percentage of NOV at -1.3 per cent in Q3.

 

JM Financial Institutional Securities: Analysts expect the adjusted Ebitda margin of the food delivery business to expand 10–20 bps sequentially on an NOV/GOV basis. 

 

In quick commerce, an exponential Y-o-Y growth trend is expected to continue by Blinkit, reporting market share gains on a relative basis. While Blinkit is anticipated to report a sequential improvement in adjusted Ebitda margins, absolute adjusted Ebitda losses (on a Q-o-Q basis) may meaningfully come down. Overall, Ebitda is pegged at ₹338.1 crore, as compared to ₹162 crore a year ago.  

 

Nuvama Institutional Equities: The brokerage expects food delivery NOV to grow 2.2 per cent Q-o-Q and 14.1 per cent Y-o-Y, while the adjusted Ebitda margin as a percentage of NOV is likely to come in at 5.4 per cent. Blinkit NOV is likely to grow 14.4 per cent Q-o-Q and 122 per cent Y-o-Y while absolute adjusted Ebitda loss is pegged at ₹1,300 crore. 

 

 

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