On a sequential basis, profit rose 57% from INR 65 Cr.

Operating revenue surged more than 3X to INR 16,315 Cr from INR 5,405 Cr in Q3 FY25, largely due to Blinkit's shift to inventory-led model. On a like-for-like basis, Eternal's operating revenue increased 64% YoY.

Sequentially, the top line saw a 20% rise from INR 13,590 Cr. It is imperative to mention that the group shifted Blinkit from a marketplace model to a combination of marketplace and inventory-led model earlier this fiscal year. Owing to this change, the revenue for the quick commerce segment includes the full monetary value of goods sold, not just the marketplace commission.

Including other income of INR 348 Cr, total income for the quarter stood at INR 16,663 Cr. Without the other income component, Eternal would have registered a loss during the quarter.

The company's total expenses surged 198% YoY to INR 16,498.3 Cr. The uptick in total expenses can be attributed to a near 7X YoY surge in expenses pertaining to stock in trade, which stood at INR 10,076 Cr in the quarter under review.

Adjusted EBITDA, which is consolidated EBITDA excluding share-based payment expense and rental expenses pertaining to 'Ind AS 116 leases', zoomed 28% YoY to INR 364 Cr.

Eternal CEO Deepinder Goyal said that the company’s adjusted EBITDA margin (as a percentage of NOV) reached an all-time high of 5.4% and the business delivered an absolute adjusted EBITDA of INR 531 Cr for the quarter, growing 26% YoY.

Goyal, who founded Zomato in 2008 with Pankaj Chaddah, today announced that he is stepping away from his operational role in Eternal. He has resigned from his role of MD and group CEO of Eternal to pursue developing his other business ventures like LAT Aerospace, Temple and Continue Research.

Blinkit CEO Albinder Dhindsa will succeed Goyal, who will take up the role of vice chairman and director on Eternal’s board. Goyal's last working day as Eternal Group CEO and MD will be February 1. Meanwhile, the company is yet to announce a new Blinkit CEO who will replace Dhindsa.

With that, here’s a look at the detailed quarterly performance of the new-age tech company:

Blinkit's Growth Engine Gains Momentum

Blinkit’s operating revenue surged past the INR 10,000 Cr mark this quarter, jumping 24% to INR 12,256 Cr from INR 9,891 Cr in the preceding March quarter.

Its operating profit jumped to INR 202 Cr during the quarter under review from INR 5 Cr in Q2 FY26.Meanwhile, NOV for the business increased 121% YoY and 14% QoQ to INR 13,300 Cr.

Blinkit posted a positive adjusted EBITDA margin for the first time on a quarterly basis, reporting an adjusted EBITDA profit of INR 4 Cr as against a loss of INR 156 Cr in Q2 FY26.

CEO Dhindsa attributed the margin improvement to factors like supply chain cost efficiencies, a favourable shift towards long tail categories and operating leverage.

“This is the natural progression of a strong and maturing quick commerce business. What may be surprising is that we achieved it despite elevated competitive intensity over the past few months,” he added.

The quick commerce business also continued its aggressive expansion spree in the December quarter. Blinkit's dark store count surged past the 2,000 mark, increasing 12% QoQ to 2,027. While orders served during the quarter more than doubled YoY to 243.3 Mn, net average order value remained flat at INR 547.

Moving forward, the company aims to open 3,000 dark stores by March 2027, given ongoing “irrational competitive intensity” in the quick commerce arena.

If this intensity moderates in the near term, Dhindsa said that the company’s dark store count could increase to 3,500 to 4,000 in the same time frame.

Zomato Maintains Steady Growth

The food delivery arm’s revenue grew 29% YoY to INR 2,676 Cr. Zomato continued to be the biggest profit driver for Eternal, raking in an operating profit of INR 547 Cr (up 27% YoY) during the quarter under review.

Its net order value (NOV) grew 17% YoY to INR 25,732 Cr, making it the second consecutive quarter of NOV growth on a sequential basis.

Goyal highlighted that Zomato’s NOV growth bottomed out in Q1. He attributed the growth of the vertical to improvement in demand, a boost from lowering minimum order value to INR 99 from INR 199 for 'Zomato Gold' customers, and higher investments in customer activation across cohorts. Moving forward, Eternal expects Zomato to see a gradual rise in its growth number.

"We’re not expecting sudden acceleration – there’s no specific tailwind out there that would drive windfall growth. That said, we do expect YoY growth to inch up gradually towards 20% over time. That will come from two things: modest market share gains, and the compounding effect of persistent focus on affordability and selection. Nothing dramatic – just consistent execution adding up,” Goyal said.

District To Breakeven In 4-6 Quarters

Eternal’s going-out vertical and its third B2C app District saw its operating loss grow multifold YoY to INR 114 Cr in Q3 FY26, while operating revenue grew 16% YoY to INR 300 Cr. The vertical’s NOV for the quarter rose 20% YoY to INR 2,587 Cr.

The rise in District's loss was primarily due to increase in investments in new IPs for its live event business and upfront investment in membership programme 'District Pass'.

Eternal CFO Akshant Goyal highlighted that the programme would allow the company to build long-term customer retention. “We are already seeing strong early impact, including healthy growth in our movies ticketing business and increased multi-category engagement on the platform. Consequently, December 2025 marked our highest-ever NOV month for the movies ticketing business,” he said.

Going ahead, Eternal expects District to achieve breakeven in the next 4-6 quarters. It is targeting a 5% adjusted EBITDA margin for this vertical by FY30.

Hyperpure Turns Adjusted EBITDA Profitable

Eternal’s B2B arm Hyperpure turned adjusted EBITDA positive, registering a profit of INR 1 Cr in the December quarter as against a loss of INR 5 Cr in the preceding quarter. However, the restaurant supply business' operating revenue declined 36% YoY to INR 1,070 Cr due to the sustained impact of Blinkit’s shift to inventory-led model.

Highlighting Hyperpure's strategic relevance for Eternal, CFO Akshant said that it could grow into a $1 Bn top line business over the next three years, with adjusted EBITDA margins of 4-5%, translating roughly to INR 450 Cr of annual adjusted EBITDA profit.

Detailing Hyperpure’s foundational role across Eternal's B2C businesses, he said that the vertical helps simplify sourcing and inventory management for its partner restaurants for Zomato, serves as a strategic sourcing backbone for Blinkit and supports quick food delivery business Bistro by accelerating menu innovation and shortening go-to-market timelines.

“There is no other business in India with this kind of infrastructure and capabilities at national scale, and hence Hyperpure serves as a strategic moat, quietly enabling sustained growth and endurance of all our B2C businesses,” he noted.

Speaking of Bistro, the 10-minute food delivery vertical continued to be a key growth focus for the company. Eternal attributed the quarterly loss incurred under the 'Others' segment to Bistro investments. Bistro currently operates 45 kitchens across Delhi NCR and Bengaluru.

Without giving any numbers, the CFO said that Bistro is seeing early signs of product-market fit, reflected in healthy throughput per outlet and early signs of a possible path to profitability.

Shares of Eternal ended today's trading session 4.98% higher at INR 283.40 on the BSE. The company declared the results after market hours.

[Edited by: Vinaykumar Rai]