The Gurugram-based company posted a consolidated net profit of Rs 174 crore for the quarter ended March 31, 2026, compared with Rs 39 crore in the same quarter last year. Sequentially, profit rose from Rs 102 crore in the December quarter.

Revenue from operations increased sharply to Rs 17,292 crore in Q4FY26 from Rs 5,833 crore a year earlier. On a quarter-on-quarter basis, revenue rose from Rs 16,315 crore in Q3FY26.

The company said the steep rise in revenue was mainly because of the shift in Blinkit's quick commerce business to a first-party, or inventory-led, model from Q1FY26 onwards.

Under this model, revenue includes the full monetary value of goods sold, and not only marketplace commission. This makes reported revenue growth look much higher than the like-for-like growth in the business.

Blinkit becomes the main growth engine

Blinkit as usual remained the biggest driver of Eternal's growth during the quarter. The quick commerce business reported net order value, or NOV, of Rs 14,386 crore in Q4FY26, up 95.4% year-on-year and 8.2% sequentially.

Blinkit's revenue rose to Rs 13,232 crore from Rs 1,709 crore a year earlier. However, this sharp increase was largely because of the accounting impact of the inventory-led model. On a like-for-like basis, quick commerce revenue grew 126% year-on-year and 9% quarter-on-quarter.

The business also turned profitable at the adjusted EBITDA level. Blinkit reported adjusted EBITDA of Rs 37 crore in Q4FY26, compared with a loss of Rs 178 crore in the year-ago quarter and a profit of Rs 4 crore in the previous quarter. Its adjusted EBITDA margin stood at 0.3% of NOV.

Blinkit added 216 net new stores during the quarter, taking its total store count to 2,243 at the end of March 2026. Orders rose to 273.9 million, while average monthly transacting customers increased to 27.2 million. Average monthly active delivery partners in quick commerce rose to 409,000.

Eternal said quick commerce growth is now naturally moderating because of a larger base, but it still expects Blinkit's NOV to grow at more than 60% CAGR over the next three years. It said growth will come from assortment expansion, geographic rollout and higher demand density.

Zomato food delivery growth improves

Eternal's food delivery business Zomato continued to show steady growth and strong profitability. Food delivery NOV stood at Rs 9,757 crore in Q4FY26, up 18.8% year-on-year, though slightly lower than the previous quarter.

Adjusted revenue from food delivery rose 29.7% year-on-year to Rs 3,125 crore.

The business reported adjusted EBITDA of Rs 532 crore, up from Rs 428 crore a year earlier. Adjusted EBITDA margin improved to 5.5 percent of NOV.

The company said food delivery growth has been improving for three straight quarters and is moving closer to its long-term expectation of over 20 percent annual NOV growth.

Co-founder Deepinder Goyal, who recently stepped down from the CEO role, said the improvement has been driven by steps taken to reach more price-sensitive customers.

From Q2FY26, Zomato lowered the minimum order value for free delivery for Gold members to Rs 99 from Rs 199, pushed targeted activation for budget-conscious users, and curated affordable options such as meals under Rs 250.

He said a lower net average order value was expected under this strategy.

'If we can make restaurant food affordable for a much larger base of Indians, the addressable market expands significantly,' Goyal said in the shareholder letter.

The company said revenue per order and operating cost efficiencies have kept pace, helping margins stay stable.

District grows but remains loss-making

Eternal's going-out business, District, reported NOV of Rs 2,736 crore in Q4FY26, up 46.5% year-on-year and 5.8% sequentially.

Revenue from the segment rose 21% year-on-year to Rs 277 crore, but declined from Rs 300 crore in the previous quarter.

The business continued to remain loss-making, though losses narrowed sequentially.

District reported an adjusted EBITDA loss of Rs 81 crore, compared with a loss of Rs 121 crore in Q3FY26.

The company said District is an inherently lumpy business because its performance depends on events, IPL, movie releases and other seasonal factors. It said FY26 should be seen as a more meaningful baseline year because it was the first full year with the District app in its current form.

District currently allows users to book restaurants, buy movie and event tickets, reserve playing arenas and discover local retail stores.

Hyperpure revenue falls, but business turns profitable

Hyperpure, Eternal's B2B supplies platform, reported revenue of Rs 978 crore in Q4FY26, down 46.8% from Rs 1,840 crore a year earlier. The decline was linked to the change in Blinkit's business model, as part of the inventory-led quick commerce revenue is now reflected within Blinkit rather than Hyperpure.

Despite the decline in reported revenue, Hyperpure turned profitable at the adjusted EBITDA level. It reported adjusted EBITDA of Rs 5 crore in Q4FY26, compared with a loss of Rs 22 crore in the year-ago period.

The company said Hyperpure's restaurant supply revenue grew 37% year-on-year, improving from 33% growth in the previous quarter. Adjusted EBITDA margin for Hyperpure improved to 0.5% of revenue.

Expenses rise sharply with quick commerce scale-up

Eternal's total expenses rose to Rs 17,406 crore in Q4FY26 from Rs 6,104 crore a year earlier. The biggest expense item was purchases of stock-in-trade, which rose to Rs 10,687 crore from Rs 1,658 crore. This increase reflects the shift to inventory ownership in quick commerce.

Delivery and related charges rose to Rs 2,607 crore from Rs 1,552 crore. Employee benefit expenses increased to Rs 927 crore from Rs 750 crore. Advertisement and sales promotion expenses rose to Rs 936 crore from Rs 634 crore. Depreciation and amortisation also increased to Rs 468 crore from Rs 287 crore.

For the full financial year FY26, Eternal reported revenue from operations of Rs 54,364 crore, compared with Rs 20,243 crore in FY25. However, annual profit declined to Rs 366 crore from Rs 527 crore in the previous year.

Cash balance remains strong

Eternal ended Q4FY26 with a cash balance of Rs 17,972 crore, compared with Rs 17,820 crore at the end of Q3FY26.

The company said the sequential increase was helped by a decrease in net working capital, mainly due to settlements with sellers after the transition to the first-party quick commerce model.

It also said some negative movement came from mark-to-market changes in debt securities because of lower bond prices. The company clarified that these were not realised losses and would not affect treasury returns because it intends to hold the bonds to maturity.

In the shareholder letter, Deepinder Goyal said Eternal has taken 18 years to reach $10 billion in annual NOV across Zomato, Blinkit and District. He said the next doubling could happen much faster.

'Our first annual $10 billion in NOV took 18 years. This doubling to $20 billion annual NOV will take less than two years from here,' he said.

He also said the company reached adjusted EBITDA profitability in FY24 after 16 years and now hopes to reach $1 billion of adjusted EBITDA by FY29.

Goyal said Eternal's strength lies in operating in the physical world, where execution is difficult to copy. He pointed to Zomato's restaurant network, Blinkit's supply chain and District's event operations as examples of businesses that require real-world coordination, not just technology.

'Our MOAT is physical,' he said, adding that the company now operates with 17 million square feet of warehousing and dark store space and supports over 1 million delivery partners, more than 400,000 restaurants, over 100,000 supply chain workers and thousands of brands.

Goyal's take on AI

Goyal said AI chat interfaces are unlikely to immediately disrupt high-frequency commerce habits such as ordering food or groceries.

'When someone is hungry, they think Zomato. When they need groceries within minutes, they think Blinkit. When they want to go out, they think District,' he said.

At the same time, he said Eternal is already using AI across demand prediction, route optimisation, supply-chain management, customer experience, fraud detection, catalogue quality and partner support.

The company said AI will help expand the market by making its platforms easier to use for customers, delivery partners, restaurants, sellers and small businesses, especially in smaller cities and among users who may struggle with app flows or language barriers.