Shares of Eternal Ltd hit a record high on Tuesday after the parent company of food delivery giant Zomato and quick commerce platform Binkit reported earnings for the quarter ended June.

The Eternal stock soared 15% in early morning trade to hit a record high of ₹311.60 on the BSE, taking the Deepinder Goyal-led company’s market cap to ₹2.89 lakh crore.

Eternal’s q-commerce unit Blinkit surpassed the net order value of food delivery platform Zomato for the first time. The net order value of Blinkit surged 127% year-on-year to ₹9,203 crore. In comparison, Zomato's NOV stood at ₹8,967 crore in Q1 FY26.

“We added 243 net new stores this quarter, taking our store count to 1,544 stores by the end of the quarter. We are on track to get to 2,000 stores by Dec 2025. We also added 0.4 million sq ft of warehousing space and now operate over 5.6 million sq ft of warehousing space across the country,” said Albinder Dhindsa, CEO, Blinkit.

Meanwhile, the net order value of the food delivery business grew 13% in Q1 FY26. “I think the YoY growth is likely to bottom out now as we recover from the demand slowdown we started seeing in late 2024. For FY26, it looks unlikely that the business will deliver a 20%+ NOV growth but we should be north of 15% and hopefully trending towards 20% YoY growth in FY27,” said Goyal, founder and CEO, Eternal.

“We expect such quarterly fluctuations to be a regular feature as restaurants calibrate their investments in discounts in response to changes in the demand environment,” Goyal added.

“Every year in Q1, margins get impacted (in both food delivery and quick commerce), because of lower availability of delivery partners due to festivals and adverse weather conditions (onset of summer and rains in different parts of the country). In the past, in the food delivery business, this pressure on margins in Q1s used to be offset by improvement in other areas; but now that margins have matured in this business, such fluctuations driven by seasonal factors are possible,” said Goyal.

On risk from newer entrants in the food delivery business, Goyal said, “New ideas, new entrants and disruption are all inevitable. I think it also makes our business stronger as long as we are able to learn, adapt and out-innovate potential competition. At this point, we do not see any innovation in the space which makes us believe that this business is under any obvious threat.”

Eternal recorded a 90% year-on-year decline in its profit at ₹25 crore in the first quarter (Q1) of FY26 compared to ₹253 crore in the year-ago period. Eternal's revenue from operations surged 70% year-on-year to ₹7,167 crore in Q1 compared to ₹4,206 crore in the same quarter last year.