Eternal Profit Nearly Doubles as Revenue Growth Outpaces Analyst Expectations
GURUGRAM, India, October 22, 2026, ZEX PR WIRE — Eternal, the parent company of Zomato and Blinkit, reported a sharp increase in consolidated profit for the September quarter, while revenue growth highlighted the scale of its food delivery and quick commerce operations. However, the earnings picture was mixed, as profit and adjusted operating earnings fell short of analyst expectations.
The company reported consolidated net profit of ₹125 crore for the quarter, almost double the ₹65 crore recorded a year earlier. Consolidated adjusted revenue reached ₹24,621 crore, exceeding the Bloomberg estimate of ₹23,448 crore, according to reporting by Financial Express on October 21.
Adjusted earnings before interest, taxes, depreciation and amortisation rose 20% sequentially to ₹666 crore. That result, however, was below the estimate of ₹775 crore, indicating that stronger revenue did not fully translate into the operating performance investors had anticipated.
Quick Commerce Remains a Key Growth Driver
Eternal operates in two competitive consumer businesses: food delivery through Zomato and rapid grocery delivery through Blinkit. Both depend on order volumes, customer retention, delivery efficiency and the economics of serving individual orders.
Quick commerce has become particularly important to the Indian consumer internet sector. Customers increasingly expect groceries and daily essentials to arrive quickly, encouraging platforms to invest in local fulfilment centres, delivery networks and broader product selection.
That expansion can create opportunities to increase order frequency and customer spending. It also brings costs related to fulfilment infrastructure, staffing, delivery operations and customer incentives. Investors therefore need to distinguish between revenue growth and the profitability of the business supporting it.
Profitability Remains Under Scrutiny
The latest figures highlight the importance of operating margins as Eternal expands. Its sequential increase in adjusted EBITDA indicates an improvement compared with the previous quarter, but the shortfall against analyst estimates suggests the business still faces execution challenges.
In quick commerce, profitability can depend on the density of orders in each service area, the efficiency of inventory management and the proportion of deliveries that can be fulfilled economically. Competition can also encourage companies to offer discounts or absorb costs to attract and retain customers.
Food delivery has a different operating profile, but it faces its own challenges around restaurant partnerships, customer incentives and delivery expenses.
What Investors May Watch Next
Investors will likely examine order growth, average order values, delivery costs and the trajectory of adjusted EBITDA in coming quarters. The pace at which quick commerce investments translate into sustainable operating profits will be especially important.
Eternal’s latest results show substantial scale and improving year on year profitability. However, the gap between reported performance and analyst expectations underlines why investors may look beyond headline revenue growth when evaluating the company’s long term prospects.
