Eternal’s quick commerce and Hyperpure turn profitable for first time in Q3FY26

Eternal hit a key milestone in the December quarter as its quick commerce arm Blinkit and Hyperpure businesses turned profitable for the first time, marking a turning point for a company that has spent heavily on expansion over the past few years.

Blinkit, its fastest-growing vertical, posted a positive adjusted EBITDA of ₹4 crore in Q3FY26, while Hyperpure, the B2B restaurant supply arm, reported a ₹1 crore profit after being loss-making until the previous quarter. The development comes even as competition in the quick commerce space has intensified and Eternal continues to invest in newer bets such as its going-out and Bistro segments.

At a consolidated level, Eternal’s adjusted revenue jumped 190% year-on-year to ₹16,692 crore, while adjusted EBITDA rose 28% to ₹364 crore. Business-to-consumer net order value (NOV) grew 55% YoY to ₹25,732 crore, taking the annualised run rate past ₹1 lakh crore.

The company said the sharp growth in reported revenue partly reflects a change in accounting due to inventory ownership in quick commerce, where it now books the full value of goods sold rather than just marketplace commissions. On a like-for-like basis, adjusted revenue growth stood at 64% YoY.

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Quick commerce

Quick commerce continued to be the biggest growth driver, with NOV rising 121% YoY and 14% QoQ, even as the business navigated GST changes and seasonal softness. On a like-for-like basis, growth crossed 130% YoY.

The company added 211 net new stores during the quarter, taking its total network to 2,027, and reiterated its plan to reach 3,000 stores by March 2027. Mature markets such as Delhi NCR continue to grow at around 55% YoY, while the next seven metros are expanding at more than 100% YoY.

Blinkit founder and CEO Albinder Dhindsa said the move into profitability was driven by structural improvements rather than short-term fixes. “Margin improvement came from several factors: 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,” he said.

On the growing competition in the space, Dhindsa added, “So far, there hasn’t been any noticeable impact of the recent increase in competitive intensity on our business quality, customers and our NOV market share.”

Founder and CEO Deepinder Goyal echoed that sentiment, saying the milestone was not the result of last-minute cost cutting. “We were focused on serving customers better, building supply chain depth and being disciplined about which type of orders we wanted to win. Breakeven happened as a consequence of those choices, not as a goal,” he said.

At the same time, Eternal’s core food delivery business also showed steady improvement. NOV grew 16.6% YoY and 4.5% QoQ, marking the second consecutive quarter of growth acceleration. Gross order value rose 21.3% YoY.

The segment’s adjusted EBITDA margin touched an all-time high of 5.4%, with absolute adjusted EBITDA at ₹531 crore, up 26% YoY.

Hyperpure

Hyperpure, which supplies ingredients and kitchen essentials to restaurants, grew 33% YoY and 7% QoQ. CFO Akshant Goyal sees it becoming a much larger profit contributor over time. “In three years, this business could be $1 billion in topline with 4–5% adjusted EBITDA margin translating into $50 million of annual adjusted EBITDA profit,” he said.

He added that beyond its size, Hyperpure plays a strategic role by strengthening the company’s overall ecosystem. Moreover, he added, “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.”

Loss-making segments still a drag

Not all of Eternal’s businesses are profitable yet. The going-out segment reported 20% YoY NOV growth, driven by investments in category creation, but continues to incur losses. The company expects these losses to narrow and reach breakeven over the next four to six quarters. December 2025 was the highest-ever NOV month for its movie ticketing business.

The “Others” segment remained in the red, largely due to continued investments in Bistro, Eternal’s quick food delivery service. Around 45 kitchens are currently operational, mainly in Delhi NCR and Bengaluru. The company said early signs of product-market fit are emerging.

“We know with confidence that the underlying unit economics of our business are strong and improving,” CFO Akshant Goyal said.

Eternal’s shares jumped 4.9% to close at ₹282.80 following the announcement of its Q3 results.