Eternal Q2 preview: Analysts expect PAT to fall 61% YoY; revenue up 43%

Eternal Q1 results preview: Brokerages tracked by Business Standard estimate Eternal's net profit to decline around 61 per cent year-on-year (Y-o-Y) on average, to ₹69.05 cr as compared to ₹176 cr

Eternal Q1 results preview: Eternal (Zomato) is slated to release its second quarter (Q2FY26) results on Thursday, October 16, 2025.

Eternal Q1 results 2025: Profit estimates

Brokerages tracked by Business Standard estimate Eternal's net profit to decline around 61 per cent year-on-year (Y-o-Y) on average, to ₹69.05 crore as compared to ₹176 crore. Sequentially, the net profit is expected to zoom around 176 per cent from ₹25 crore in Q2FY25 on the back of change to an inventory-led model in the case of Blinkit.  

Eternal Q2 results 2025: Revenue expectations

The company's revenue for the quarter under review is expected to increase 43 per cent in Q2FY26, on average, to ₹6,841.25 crore as compared to ₹4,799 crore a year ago. However, on a quarter-on-quarter (Q-o-Q) basis, the revenue is poised to decline 5 per cent from ₹7,167 crore in Q2FY25.

 

How do analysts expect Eteral to perform in Q2FY26?

Kotak Institutional Equities: The brokerage expects Eternal to post 16 per cent Y-o-Y growth in food delivery gross merchandise value (GMV), 76 per cent Y-o-Y growth in Hyperpure revenues, and solid 136 per cent Y-o-Y growth in Blinkit GMV. The sharp 136 per cent Y-o-Y and 23 per cent quarter on-quarter (Q-o-Q) GMV growth in Blinkit will be driven by rapid store addition (we model period-ending store count of 1,774). 

 

Revenue growth may be higher than usual Q2FY26 onward and will not be comparable Y-o-Y as Blinkit shifts to the 1P model. Overall, the company's revenue is pegged at ₹8,074 crore, as compared to ₹4,799 crore a year ago. 

 

For the food delivery business, analysts model a 20 basis points (bps) (Q-o-Q) expansion in the contribution margin (CM) to 8.4 per cent in Q2, largely on account of higher platform fees. However, sequentially flat Earnings before interest, tax, depreciation and amortisation (Ebitda) margin of 4.2 per cent (percentage of GMV) on account of wage hikes. They expect Ebitda loss of ₹90 crore for the Blinkit business, lower Q-o-Q, as 40 bps sequential improvement in CM, driven by better take rate. 

 

Eternal is expected to post adjusted Ebitda (post-rent, pre-ESOP) of ₹280 crore, lower Y-o-Y, on account of higher Y-o-Y losses in Blinkit and District, partially offset by higher food delivery Ebitda.

 

Nuvama Institutional Equities: The brokerage estimates 27 per cent Q-o-Q and 89.7 per cent Y-o-Y revenue growth for consolidated business in Q2FY26 at ₹9,102 crore. Food delivery revenue is expected to grow by 3.6 per cent Q-o-Q and 16.5 per cent Y-o-Y, driven by volume growth. Consolidated Ebitda is pegged at ₹206 crore, as compared to ₹226 crore a year ago. 

 

JM Financial Institutional Equities: Analysts forecast sequential net order value (NOV) growth of 6 per cent, as compared to 15 per cent Y-o-Y. Take-rate (as percentage of NOV) is expected to improve slightly Y-o-Y to 

25.6 per cent in Q2FY26 from 24.3 per cent in Q2FY25. CM (as percentage of NOV) is likely to improve to 10.1 per cent from 9.9 per cent in Q1, while adjusted Ebitda margin (as percentage of NOV) is expected to remain flattish to 5.1 per cent. 

 

In Blinkit, sequentially, NOV is anticipated to grow 28 per cent and 139 per cent Y-o-Y.  However, take-rates (as percentage of NOV) are expected to see a significant improvement due to the change into an inventory-led model to 56 per cent in Q2 from 23.5 per cent in Q2FY25. 

 

At a consolidated level, reported Ebitda is anticipated to improve to ₹252 crore, as compared to ₹115 crore in Q1FY26.