Eternal, the parent company of Zomato and Blinkit, reported a 77.6% year on year rise in revenue from operations to Rs 24,138 crore in Q2 FY27, while consolidated net profit increased 92.3% to Rs 125 crore.
The company’s September quarter performance reflected strong growth in quick commerce, improved profitability at Blinkit and continued expansion in food delivery. However, net profit came in below the reported analyst estimate of Rs 304 crore, highlighting the difference between business growth and bottom-line performance.
Consolidated EBITDA rose to Rs 752 crore from Rs 239 crore in the year ago quarter. Total expenses also climbed 75% to Rs 24,166 crore, compared with Rs 13,813 crore in Q2 FY26.
Founded by Deepinder Goyal, Eternal operates Zomato’s food delivery business, quick-commerce platform Blinkit, B2B supplies business Hyperpure and going-out platform District. The latest results show that its businesses are expanding at different rates, with Blinkit making a notable shift towards profitability.
Blinkit Turns Adjusted EBITDA Positive
Blinkit was a key contributor to the quarter’s performance. Its net order value (NOV) rose 79.3% year on year to Rs 20,940 crore, with sequential growth of 22.2%.
The quick-commerce business reported adjusted EBITDA of ₹184 crore, compared with a loss of Rs 156 crore in Q2 FY26. Its adjusted EBITDA margin improved for the sixth consecutive quarter to 0.9% of NOV.
Blinkit added 308 net new stores during the quarter, taking its total store count to 2,751. The combination of network expansion and improved adjusted profitability is important for the business, although sustaining the trend will depend on store-level economics, delivery costs and competition.
Zomato Food Delivery Maintains Growth Momentum
Eternal’s food delivery business recorded a 21.5% year-on-year increase in net order value (NOV) to Rs 11,445 crore. Growth accelerated for the fifth consecutive quarter, according to the company.
Adjusted EBITDA rose 25% to Rs 627 crore, although the adjusted EBITDA margin edged down to 5.5% of NOV. Average monthly transacting customers increased 16% year on year to 28 Mn.
Founder Deepinder Goyal has maintained that Eternal expects food delivery to grow at more than 20% annually over the long term. The business’s performance will depend on retaining customers, increasing order frequency and managing competition while protecting margins.
District and Hyperpure Show Different Profitability Trends
Eternal’s going-out business, District, recorded NOV of Rs 3,259 crore, up 58% year on year. Its adjusted EBITDA loss remained broadly stable at Rs 64 crore sequentially, while the adjusted EBITDA margin improved to -2% of NOV from -3.1% a year earlier.
Hyperpure, the company’s B2B supplies business, reported revenue of Rs 1,154 crore, up 22.7% on a like for like basis. Adjusted EBITDA turned positive at Rs 10 crore, compared with a loss of Rs 5 crore in Q2 FY26.
Other businesses, including Bistro and Nugget, generated adjusted revenue of Rs 132 crore, compared with Rs 95 crore in the previous quarter. Their adjusted EBITDA loss narrowed to Rs 91 crore from Rs 94 crore.
These results show that profitability is improving in parts of Eternal’s portfolio, but not all businesses are at the same stage of maturity. District continues to invest while Hyperpure has reached a small adjusted operating profit.
What Eternal’s Q2 Results Mean
Eternal’s results underline the scale of its quick-commerce expansion and the continued strength of its food delivery business. Blinkit’s move into positive adjusted EBITDA is a notable development, but its growing store network will require continued investment.
The key question is whether the company can sustain high growth while translating it into stronger consolidated earnings. Net profit rose sharply year-on-year, but it missed analyst expectations, and expenses increased alongside revenue. Investors will therefore be watching margin trends, store-level returns and cash generation as closely as headline growth.
