Eternal, the parent company of Zomato, Blinkit, and other digital-first platforms, prepares to announce its financial results for the first quarter of FY26 today, after market hours. Led by Deepinder Goyal, the company has steadily built an ecosystem of high-frequency, hyperlocal services catering to millions of consumers across India.
As anticipation builds, investors, analysts, and the startup community closely watch the numbers. A recent forecast by JM Financial Institutional Securities Limited (JMFISL) sets an optimistic tone. The report projects a significant improvement in both the company’s EBITDA and net profit, signaling stronger operational efficiency and better cost management.
EBITDA Expected to Jump by 136%
According to JMFISL, Eternal will report a 136% increase in EBITDA for Q1 FY26. The brokerage estimates an EBITDA of ₹170 crore for the quarter ended June 30, 2025, up from ₹72 crore in Q4 FY25. This impressive jump marks a continuation of the company’s journey toward sustainable profitability.
Eternal has aggressively cut down inefficiencies across its verticals. The Blinkit quick-commerce platform, once criticized for burning cash, now contributes positively to the group’s bottom line. Zomato, the group’s flagship food delivery arm, continues to hold its market leadership while improving unit economics.
Operational metrics support this expected EBITDA surge. In Q1 FY26, Blinkit expanded its dark store network in Tier 2 cities while increasing average order values. Zomato retained its leadership in urban centers while improving delivery margins through increased automation and renegotiated contracts with third-party logistics.
Net Profit Set to Double
JMFISL predicts Eternal will post a net profit of ₹78.5 crore in Q1 FY26, up from ₹39 crore in Q4 FY25. The doubling of profit within one quarter reflects not just top-line growth but also a leaner cost structure.
The profit increase also shows a broader structural shift. Eternal no longer focuses solely on GMV or user growth. Instead, the company now prioritizes financial discipline and long-term sustainability. Goyal’s leadership continues to steer the company toward profitability without sacrificing innovation.
Internally, Eternal streamlined its corporate structure. It consolidated backend operations, merged overlapping teams, and redirected capital to its highest-margin businesses. These strategic decisions helped the group stay resilient amid rising competition from new-age delivery and commerce startups.
Blinkit Turns the Corner
One of the biggest success stories within Eternal is Blinkit. When Zomato acquired Blinkit (formerly Grofers) in 2022, critics questioned the acquisition. Many viewed quick commerce as a cash guzzler with no clear path to profitability.
Fast forward to FY26, and Blinkit stands as a key contributor to Eternal’s financial turnaround. The company scaled operations in high-frequency categories such as snacks, beverages, and household essentials. It also launched private labels that deliver higher margins. Average order volumes increased by over 15% year-on-year in key metros like Delhi, Mumbai, and Bengaluru.
Blinkit also deployed AI to optimize delivery routes and reduce idle time for riders. These innovations translated into better unit economics and helped bring the platform closer to breakeven on a per-delivery basis.
In Q1 FY26, Blinkit closed partnerships with over 200 new local vendors and onboarded 30 new dark stores across underserved regions. With better SKU planning and improved fill rates, Blinkit reduced order cancellations and returns — further boosting profitability.
Zomato Sustains Growth
Zomato continues to deliver steady results. The platform diversified beyond food delivery, expanding its dine-out and intercity food delivery offerings. Zomato Gold gained further traction in Q1 FY26, with an increase in subscription renewals and better conversion rates.
The food delivery segment also maintained a consistent average order value, while reducing discounts and promotional expenses. This move helped improve per-order profitability. Zomato’s focus on loyal, high-frequency customers paid off as the customer retention rate crossed 75% in Tier 1 markets.
The company also scaled up its cloud kitchen partnerships. These delivery-only kitchens allowed Zomato to experiment with virtual restaurant brands and capture higher margins without the overheads of traditional dine-in formats.
During the quarter, Zomato enhanced its logistics stack. It launched a new delivery partner training program, reducing delivery times by 6% across major cities. The company also introduced real-time order tracking with predictive ETA updates — improving customer satisfaction scores.
Synergy Within the Ecosystem
Eternal doesn’t operate Zomato and Blinkit in silos. Instead, it drives synergy across platforms. In Q1 FY26, the company launched cross-platform promotions. For example, Zomato Gold users received exclusive Blinkit discounts. Similarly, Blinkit bundled snack deals with Zomato food orders during major events like the IPL finals.
Such bundled campaigns not only boosted order volumes but also reduced customer acquisition costs. Eternal also shared technology infrastructure — including payment gateways, delivery fleets, and warehouse management systems — across its brands. This common backend led to better efficiency and lower operational expenses.
The company used AI-powered personalization engines across platforms to boost cart size and drive repeat purchases. Eternal also refined its customer loyalty algorithms to segment users based on behavior, spend history, and delivery preferences.
Capital Discipline and Future Outlook
Eternal enters FY26 with a clear focus on fiscal discipline. While growth remains important, the company has shifted to a measured approach. It no longer spends aggressively on inorganic expansion. Instead, Eternal invests in core strengths — logistics, technology, and consumer engagement.
During Q1 FY26, the company slowed hiring across non-critical verticals and reassigned teams internally to control costs. It also re-negotiated key supplier and vendor contracts, bringing down procurement costs by 8% quarter-on-quarter.
With ₹170 crore in EBITDA and a ₹78.5 crore net profit forecast for the quarter, Eternal stands well-positioned to maintain momentum. These numbers underscore the resilience of the company’s asset-light model and the long-term potential of its hyperlocal ecosystem.
Going forward, Eternal plans to deepen its footprint in Tier 2 and Tier 3 cities. It also eyes international expansion for its private-label brands, particularly in Southeast Asia and the Middle East. Additionally, the company is evaluating potential foray into on-demand healthcare delivery through strategic investments.
Market Expectations and Investor Sentiment
The market expects strong results, and investor sentiment remains positive. Eternal’s stock witnessed a 12% rally over the past month, fueled by optimism over Blinkit’s turnaround and Zomato’s steady performance. Analysts view the stock as a long-term bet on India’s digital consumption economy.
Institutional investors, including global mutual funds and domestic asset managers, increased their stake in Eternal during the last quarter. The company’s strong governance, diversified portfolio, and improving financials give it an edge in the crowded consumer-tech landscape.
If Eternal meets or exceeds Q1 projections, it will not only validate Goyal’s leadership but also serve as a case study for how new-age tech companies can achieve profitability without sacrificing innovation or scale.
Conclusion
As the markets close today, all eyes will turn to Eternal’s Q1 FY26 results. With projected EBITDA more than doubling to ₹170 crore and net profit expected to rise to ₹78.5 crore, the company stands at a pivotal moment. Deepinder Goyal has led Eternal through volatility, intense competition, and strategic pivots. Today’s numbers will mark not just a financial milestone, but also a validation of a model that blends technology, operations, and fiscal discipline into a compelling story of modern Indian entrepreneurship.
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