Eternal reported a strong Q2 FY2026, flagging a broad-based recovery across its consumer businesses and improved profitability in food delivery. In a public update shared by founder Deepinder Goyal, the company said consolidated Adjusted Revenue jumped 172% year-on-year (up 85% quarter-on-quarter) to ₹13,968 crore, while Adjusted EBITDA rose 30% QoQ to ₹224 crore. The consolidated NOV (net order value) of its B2C businesses, Zomato, Blinkit, and District, expanded 57% YoY (15% QoQ) to ₹23,164 crore.
Overview: growth back across the portfolio
- Adjusted Revenue: ₹13,968 crore (+172% YoY; +85% QoQ)
- Adjusted EBITDA: ₹224 crore (+30% QoQ)
- B2C NOV (Zomato, Blinkit, District): ₹23,164 crore (+57% YoY; +15% QoQ)
A simple read-through of the numbers suggests Eternal is combining scale with early operating leverage: by our calculation, the quarter’s Adjusted EBITDA margin works out to roughly 1.6% of Adjusted Revenue (₹224 crore on ₹13,968 crore), even as growth accelerates.
Blinkit: fastest growth in ten quarters, network push continues
Blinkit delivered a standout quarter with NOV growth of 137% YoY (27% QoQ), the highest in the last ten quarters. Network build-out stayed aggressive: 272 net new stores were added, taking the total to 1,816. (That implies a closing base last quarter of about 1,544.) Eternal reiterated its goal to reach 3,000 stores by March 2027.
The pace of store adds, alongside consistent double-digit QoQ NOV growth, underscores Blinkit’s scale-up momentum, with footprint expansion clearly synced to demand.
District: going-out vertical grows; new ‘stores’ category and UAE launch
Eternal’s going-out platform District reported 32% YoY NOV growth. The product footprint widened with ‘stores’ added as a new category on the app. So far, District has onboarded ~3,400 outlets across six cities and enabled 60,000+ transactions, with plans to scale further. The company also launched District in the UAE, citing the market’s position as a global hub for outdoor entertainment.
New category addition + early international expansion suggests District is moving beyond events and reservations into a broader local commerce stack.
Zomato: record profitability, growth stabilizing
Food delivery NOV grew 14% YoY, a notch better than the 13% YoY in the previous quarter. Zomato posted its highest profit margin ever, 5.3% of NOV and crossed ₹500 crore profit in a single quarter. Eternal believes growth bottomed out in Q1 FY26 and is now recovering, albeit slowly.
Why it matters: A new profitability watermark with improving growth is notable for a scaled consumer internet business; it also provides cushion for investment in newer bets.
Hyperpure: steady expansion, profitability in sight
Hyperpure, Eternal’s restaurant-focused supply business, continued to grow steadily at 42% YoY (15% QoQ). Management expects the segment to turn profitable over the next two quarters.
A path to profitability at Hyperpure would add a second earnings lever alongside Zomato’s delivery business.
By the numbers (Q2 FY26)
- Adjusted Revenue: ₹13,968 crore (+172% YoY; +85% QoQ)
- Adjusted EBITDA: ₹224 crore (+30% QoQ; ~1.6% margin on Adjusted Revenue)
- B2C NOV (Zomato + Blinkit + District): ₹23,164 crore (+57% YoY; +15% QoQ)
- Blinkit NOV growth: +137% YoY; +27% QoQ
- Blinkit stores: 1,816 total (+272 net in the quarter); target 3,000 by Mar 2027
- District: +32% YoY NOV; ~3,400 outlets, 6 cities, 60,000+ transactions; launched in UAE
- Zomato food delivery NOV: +14% YoY; 5.3% margin on NOV; ₹500+ crore profit in the quarter
- Hyperpure: +42% YoY; +15% QoQ, profitability expected within two quarters
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