By BullScreen Editorial Team 
Eternal Limited reported a strong set of Q4 results 2026, supported by rapid growth in its quick commerce and food delivery businesses. The company posted sharp increases in revenue, profitability, and order volumes as Blinkit continued to scale aggressively and Zomato’s food delivery segment maintained steady momentum.
For the quarter ended March 31, 2026, Eternal’s consolidated Net Order Value (NOV) climbed 54% year-on-year to INR 26,880 crore. The company’s adjusted revenue surged 186% YoY to INR 17,680 crore, mainly due to the transition of Blinkit’s quick commerce business to an inventory-led model from Q1FY26. On a like-for-like basis, adjusted revenue increased 64%.
Consolidated adjusted EBITDA rose 160% YoY to INR 429 crore, while net profit for the quarter stood at INR 174 crore. Eternal also maintained a strong balance sheet, with cash reserves increasing to INR 17,972 crore at the end of the quarter.
The food delivery business, led by Zomato, remained a key contributor during the Q4 results 2026 period. NOV from food delivery grew 19% YoY to INR 9,757 crore, while adjusted revenue rose 30% to INR 3,125 crore. Adjusted EBITDA reached INR 532 crore, representing 5.5% of NOV. The company said lower minimum order values for Gold members helped expand demand and improve customer engagement.
Blinkit emerged as the fastest-growing business for Eternal in the Q4 results 2026 announcement. Quick commerce NOV nearly doubled to INR 14,386 crore, up 95% YoY. Adjusted revenue jumped 674% to INR 13,232 crore, while adjusted EBITDA turned positive at INR 37 crore, compared to losses a year earlier. The company said mature markets such as Delhi NCR are approaching steady-state profitability. Blinkit now operates across 17 million square feet of warehousing and dark store infrastructure.
Eternal also highlighted its increasing use of artificial intelligence across operations. AI tools are being deployed for demand forecasting, route optimization, and personalized customer experiences. Features such as Natural Language Search and “Healthy Mode” are already contributing to customer discovery and retention.
Looking ahead, Eternal aims to double its annual B2C NOV from $10 billion to $20 billion in less than two years and targets $1 billion in adjusted EBITDA by FY29. With over 100 million customers and more than 1 million delivery partners, the company is positioning itself for continued expansion in India’s fast-growing digital commerce market.
| Metric | Q4FY26 Data | YoY Growth |
|---|---|---|
| Consolidated NOV | ₹26,880 crore | ↑ 54% |
| Adjusted Revenue | ₹17,680 crore | ↑ 186% |
| Adjusted EBITDA | ₹429 crore | ↑ 160% |
| Net Profit | ₹174 crore | Positive Growth |
| Closing Cash Balance | ₹17,972 crore | ↑ ₹152 crore QoQ |
| Metric | Revenue / NOV | Key Insight |
|---|---|---|
| Zomato Food Delivery | NOV: ₹9,757 crore | NOV ↑ 19%, EBITDA margin at 5.5% |
| Blinkit Quick Commerce | NOV: ₹14,386 crore | NOV ↑ 95%, EBITDA turned positive |
| District Going-Out | NOV: ₹2,736 crore | NOV ↑ 47%, losses widened |
| Hyperpure B2B Supplies | Revenue: ₹978 crore | LFL revenue growth of 37% |
| Metric | Details |
|---|---|
| Customer Base | 100+ million users |
| Delivery Partners | 1+ million |
| Blinkit Infrastructure | 17 million sq. ft. warehousing space |
| AI Usage | Demand prediction, route optimization, customer discovery |
| FY29 EBITDA Target | $1 billion |
| Long-Term NOV Goal | Double B2C NOV from $10B to $20B |
Source: https://b.zmtcdn.com/investor-relations/Eternal_Shareholders_Letter_Q4FY26_Results.pdf