Zomato and Blinkit parent Eternal today reported a 346.15% year-on-year jump in consolidated net profit to ₹174 crore for the March quarter, driven by strong growth in quick commerce and improving operating leverage across its businesses.

The company’s consolidated adjusted revenue surged 186% year-on-year to ₹17,680 crore in Q4FY26, while B2C net order value rose 54% to ₹26,880 crore. Adjusted EBITDA climbed 160% to ₹429 crore, up from ₹364 crore in the previous quarter, signalling sustained momentum in profitability.

Founder Deepinder Goyal said in a letter to shareholders that the company is entering a phase of faster scale after years of building its core businesses. “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 added that Eternal expects to reach $1 billion in adjusted EBITDA by FY29, after achieving profitability at that level in FY24.

In FY26, 109 million Indians completed transactions worth over $10 billion across Blinkit, District and Zomato, and it shows the platform’s growing role in everyday consumption across food delivery, quick commerce and going out.

Quick commerce leads growth

Quick commerce remained the key growth driver in the quarter. The segment posted 95.4% year-on-year growth in net order value, while adjusted EBITDA improved sharply to ₹37 crore from ₹4 crore in the previous quarter. Eternal added 216 net new stores, taking its total network to 2,243.

Albinder Singh Dhindsa, group CEO, Eternal, said the opportunity remains significantly underpenetrated. “Quick commerce today is still concentrated in the top 15-20 cities and in a relatively narrow set of categories. The headroom for growth on geography, assortment, and frequency is substantial,” he noted.

Between FY23 and FY26, Blinkit’s net order value grew at a 104% compound annual rate. While growth is moderating on a higher base, the company expects it to remain above 60% CAGR over the next three years, implying more than fourfold expansion.

The company expects Q1FY27 to be meaningfully stronger on a QoQ basis. “Q4 is seasonally the weakest quarter for quick commerce, and this year was no exception. The demand signals we're seeing in April indicate that the recovery this quarter will be strong,” added Akshant Goyal, chief financial officer, Eternal.

Food delivery shows improvement

Food delivery, meanwhile, continued its recovery trajectory. Net order value grew 18.8% year-on-year, approaching the company’s long-term expectation of over 20% growth. The segment reported ₹532 crore in adjusted EBITDA, up 24% year-on-year, with margins improving to 5.5%.

Goyal attributed the improvement to structural changes. “Growth has been accelerating over the last three quarters after bottoming out in Q1FY26, driven primarily by deliberate interventions to expand the addressable market into more price-sensitive segments,” he said.

Other businesses also posted steady gains. The going-out segment recorded 46.5% growth in net order value, while Hyperpure, the restaurant supply arm, reported 37% revenue growth with improving margins.

Goyal said the company’s ability to adapt has been central to its journey. “We have faced several cycles of disruption in the last 18 years. But it is our ability to pivot, to disrupt ourselves, sometimes to cannibalise ourselves, that makes us ongoing contenders,” he said.

Shares of Eternal Ltd ended 1.09% higher at ₹258.28 on the NSE on Tuesday. The stock has gained over 13% in the past year, outperforming the benchmark Nifty 50, which has declined nearly 2% during the same period.