Eternal, which owns Zomato and Blinkit, witnessed a 346 per cent surge in consolidated net profit to ₹174 crore in the March quarter from ₹39 crore a year ago. Consolidated revenue from operations jumped to ₹17,292 crore, up 196 per cent from ₹5,833 crore in the year-ago period.
Net order value (NOV) for food delivery business (Zomato) grew 18.8 per cent year-on-year continuing to improve for the third quarter in a row, inching closer to the company’s long-term expectation of over 20 per cent, the company said. It added that the quick commerce (Blinkit) NOV growth “remains strong” at 95.4 per cent y-o-y it added. Blinkit added 216 net new stores in the quarter taking the total store count to 2,243 stores at the end of the quarter.
In the letter to shareholders, Deepinder Goyal, Founder, Eternal said, “Last year (FY26), 109 million Indians completed transactions worth over $10 billion through Blinkit, District, and Zomato. Our first annual $10 billion in net order value took 18 years. This doubling to $20 billion annual NOV will take less than two years from here. We expect to reach $1 billion of adjusted EBITDA, hopefully by FY29.”
Food Delivery and LPG
Goyal said that the food delivery NOV growth has been accelerating over the last three quarters after bottoming out in Q1 FY26. “We believe the improvement is structural, driven primarily by deliberate interventions to expand the addressable market into more price-sensitive segments,” he added.
He noted that the recent LPG shortage in India did not have “any meaningful impact yet” on Zomato’s growth. “Some restaurants in affected pockets did see temporary disruption, but platform-level throughput wasn’t impacted,” he added
Blinkit
On quick commerce business, Albinder Singh Dhindsa, Group CEO, Eternal, said growth rates for Blinkit are “now naturally moderating off a much larger base” after net order value grew at 106 per cent CAGR between FY23 and FY26. “ Over the next three years, NOV growth CAGR should easily be north of 60 per cent.... Quick commerce today is still concentrated in the top 15-20 cities and in a relatively narrow set of categories. The headroom for growth on geography, assortment, and frequency is substantial,” he added.
The company also said it is entering into an asset transfer agreement with its subsidiary Wasteland Entertainment Private Ltd to transfer the technology stack of the District platform, along with its identified employees, for an aggregate consideration of over ₹24.19 crore.
Impact of AI
Meanwhile, Goyal also dismissed concerns over impact of artificial intelligence stating that most of the company’s business “happens in the offline realm” and that “the physical world does not get disrupted by language models”. He also pointed out that the company is one of the largest deployers of AI in India including in areas of demand prediction, supply chain management, customer experience and fraud detection among others.
Published on April 28, 2026