Eternal Ltd, the consumer internet company formerly known as Zomato Ltd, has delivered a strong financial performance in the third quarter of the ongoing fiscal year. For Q3 FY26, the company reported consolidated revenue from operations of ₹16,315 crore, marking a sharp year-on-year jump compared to ₹5,405 crore in the same quarter last year.
The impressive growth highlights Eternal’s rapid scale-up across multiple business verticals, particularly quick commerce, which has emerged as the primary growth driver. The company’s expanding presence in food delivery, B2B supplies, and adjacent consumer services also contributed to the strong top-line momentum during the quarter.
Net profit for the period surged 54% on a yearly basis to ₹102 crore, compared to ₹59 crore in Q3 FY25. The profit growth reflects Eternal’s improving operational efficiency and its ability to scale revenues faster than costs, despite higher spending across logistics, marketing, and manpower.
Quick Commerce Leads the Revenue Surge
Quick commerce remained the standout performer for Eternal during the quarter, driven largely by its platform Blinkit. Revenue from this vertical soared multiple times year-on-year, rising from ₹1,399 crore in Q3 FY25 to ₹12,256 crore in Q3 FY26.
This sharp increase was primarily supported by a shift towards an inventory-led model, which enabled better control over supply, faster delivery times, and higher order values. The company’s aggressive store expansion and deeper penetration in urban markets further strengthened its position in India’s rapidly growing instant delivery segment.
Food Delivery and Hyperpure Show Steady Growth
Eternal’s core food delivery business continued its steady growth trajectory, with revenue increasing by nearly 29% to ₹2,676 crore during the quarter. The segment benefitted from consistent order volumes, platform enhancements, and deeper engagement with restaurant partners across key cities.
Meanwhile, the Hyperpure B2B business, which supplies food ingredients and kitchen essentials to restaurants, recorded moderate but stable growth. Revenue from this segment rose by around 7% year-on-year, reflecting continued demand from partner restaurants despite a competitive operating environment.
Including other business segments and non-operating income, Eternal’s consolidated revenue stood at ₹16,663 crore for Q3 FY26, strengthening its path toward a significantly higher annual revenue run-rate.
Rising Costs, But Margins Hold Firm
While revenues expanded sharply, the company also reported higher operating expenses during the quarter. Material costs increased substantially to ₹9,801 crore, reflecting the scale-up of the inventory-heavy quick commerce business. Delivery costs climbed by 64%, while advertising and marketing expenditure nearly doubled as the company focused on customer acquisition and retention.
Employee benefit expenses rose 33% year-on-year to ₹914 crore, in line with team expansion to support growing operations. Despite these cost pressures, Eternal managed to maintain profitability, underlining improved unit economics and better cost absorption at scale.
Leadership Update and Market Outlook
Eternal recently announced a leadership transition, with founder Deepinder Goyal set to move into the role of Vice Chairman from February 1, 2026. The change is expected to allow greater focus on long-term strategy and innovation, while day-to-day operations continue under the existing leadership team.
Following the strong quarterly performance, market sentiment around Eternal remains positive, as investors track its execution in quick commerce, food delivery, and broader consumer services. With profitability improving alongside rapid revenue growth, Eternal appears well-positioned to strengthen its leadership in India’s competitive consumer internet landscape.