Eternal’s first-quarter numbers make one shift difficult to overlook: quick commerce has become the company’s largest revenue engine.
The Gurugram-based company, formerly known as Zomato, reported revenue from operations of Rs 20,211 crore for the June 2026 quarter, compared with Rs 7,167 crore in the corresponding period last year. Net profit climbed nearly 3.7 times to Rs 92 crore.
Growth was also visible on a sequential basis. Operating revenue increased 17% from Rs 17,634 crore in the March quarter, supported largely by the expansion of Eternal’s inventory-led quick commerce operations.
Blinkit becomes Eternal’s biggest revenue contributor
Blinkit generated revenue of Rs 15,664 crore in Q1 FY27, making it the largest contributor to Eternal’s operating revenue.
The figure highlights how quickly the balance of the company’s business has shifted. Eternal still operates across food delivery, business-to-business supplies and going-out services, but quick commerce now accounts for the bulk of its reported revenue.
More importantly, Blinkit moved into positive EBITDA during the quarter. The business posted EBITDA of Rs 365 crore, against a loss of Rs 42 crore in the same quarter of the previous financial year.
The improvement indicates that Blinkit’s expansion was accompanied by stronger operating performance during the period, rather than revenue growth alone.
Food delivery remains a profitable core business
Eternal’s food delivery operation reported revenue of Rs 3,100 crore, an increase of 37% from the year-ago quarter. The segment contributed 15.3% of the company’s operating revenue.
Food delivery EBITDA rose by more than 33% year on year to Rs 621 crore. This made it Eternal’s strongest segment by absolute EBITDA contribution during the quarter, even as Blinkit led the company on revenue.
The numbers show the different roles being played by Eternal’s two largest businesses. Blinkit is driving the company’s revenue expansion, while food delivery continues to provide a substantial and profitable operating base.
District grows, while Hyperpure revenue declines
District, Eternal’s going-out business, recorded revenue of Rs 318 crore, representing growth of 54%. The segment, however, remained in the red at the operating level, reporting a negative EBITDA of Rs 62 crore.
Hyperpure, the company’s business-to-business supplies operation, saw revenue fall 55% from the previous quarter.
Including income from other segments and non-operating sources, Eternal’s total income for Q1 FY27 stood at Rs 20,586 crore.
Higher scale brings a steep rise in expenses
Eternal’s total expenditure increased to Rs 20,314 crore during the quarter.
Purchases represented the largest cost item, accounting for 59% of total expenses at Rs 12,031 crore. The high share of purchases reflects the growing contribution of the inventory-led quick commerce business to Eternal’s overall operations.
Delivery and related expenses rose 68.5% year on year to Rs 3,150 crore. Employee benefit expenses increased 29% to Rs 1,068 crore, while advertising expenditure climbed 41% to Rs 945 crore.
The company’s revenue base expanded sharply, but so did the cost of supporting its larger delivery, inventory, workforce and customer-acquisition operations. This kept consolidated net profit relatively modest when compared with the size of the business.
Profit rises as quick commerce economics improve
Eternal closed the quarter with a net profit of Rs 92 crore, supported by business growth and non-operating income.
The broader takeaway from the quarter is not simply the rise in profit. Blinkit, which has become Eternal’s largest business by revenue, also reported positive EBITDA. That combination could prove more significant for the company’s financial direction than top-line growth on its own.
Food delivery remained strongly profitable, District continued to grow but recorded an EBITDA loss, and Hyperpure reported a sequential revenue decline. Eternal’s portfolio therefore delivered a mixed operating picture, with Blinkit and food delivery emerging as the two clear drivers.
Kotak Institutional Equities retained its “Buy” rating on Eternal ahead of the results, citing continued strength in the company’s quick commerce business.
During the trading session covered in the financial update, Eternal’s shares stood at Rs 289.5. The company’s market capitalisation was reported at Rs 2,79,378 crore, equivalent to approximately $29.4 billion.
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