Published: 21 October 2026
StartupFeed Quick Take
- Eternal Q2 profit rose 92.3% to Rs 125 crore, on revenue of Rs 24,138 crore, up 77.6%.
- Total expenses of Rs 24,166 crore ran Rs 28 crore past operating revenue, and other income of Rs 351 crore carried the pre-tax profit.
- Blinkit posted Rs 184 crore of adjusted EBITDA against a Rs 156 crore loss a year ago, and needs 749 more stores by March 2027.
Eternal, the Gurugram parent of Zomato and Blinkit, reported net profit of Rs 125 crore for the September quarter on Wednesday.
That is 92.3% above the Rs 65 crore it made in the same quarter last year. Sequentially the rise was 36%, from Rs 92 crore in the June quarter.
Revenue from operations grew 77.6% to Rs 24,138 crore from Rs 13,590 crore. Total expenses grew 75% to Rs 24,166 crore. That is Rs 28 crore more than the business earned from operations.
Other income of Rs 351 crore closed that gap, and then some, lifting the company into pre-tax profit. Pre-tax profit reached Rs 323 crore, against Rs 129 crore a year earlier.
The Q2 FY27 shareholders’ letter puts consolidated adjusted EBITDA at Rs 666 crore, up 197%.
What Eternal Q2 Profit Actually Rests On
Eternal Q2 profit rests on other income, not on the operating business. Operating revenue of Rs 24,138 crore sat Rs 28 crore below total expenses of Rs 24,166 crore. Other income turned that shortfall into a Rs 323 crore pre-tax figure.
We did that subtraction ourselves from the consolidated results filing, which reports total income of Rs 24,489 crore. The margin behind it is thin.
Rs 125 crore on Rs 24,138 crore is a net margin of 0.52%. A year ago the company kept 0.48% of a far smaller base.
Revenue grew 78%. The share of revenue reaching shareholders moved about four basis points in twelve months. Tax and other charges took Rs 198 crore of the Rs 323 crore pre-tax figure.
The same gap was Rs 64 crore in the September quarter of 2025. Advertising and sales promotion cost Rs 1,138 crore, up 41.2% from Rs 806 crore. That one line is about nine times the quarter’s net profit.
Blinkit Swung Rs 340 Crore in Twelve Months
Blinkit posted adjusted EBITDA of Rs 184 crore, against a loss of Rs 156 crore a year earlier. That is a swing of Rs 340 crore. The margin reached 0.9% of net order value, a sixth straight quarter of improvement.
Albinder Dhindsa, Group CEO at Eternal, put the trade-off plainly:
“How we grow matters as much as how fast.”
Albinder Dhindsa, Group CEO, Eternal. From the Q2 FY27 shareholders’ letter, October 21, 2026.
Net order value climbed 79.3% year-on-year and 22.2% sequentially to Rs 20,940 crore. Adjusted revenue reached Rs 19,152 crore, or 77.8% of the Rs 24,621 crore consolidated figure.
The store network reached 2,751 at the end of September after 308 net additions. Orders hit 398.9 million and monthly transacting customers reached 37.0 million.
Net order value per store per day was Rs 9.02 lakh. Average net order value per Blinkit order was Rs 525.
Food Delivery Pays, District Still Costs
Food delivery is the only Eternal business with a settled margin, and it carried the group again this quarter. Its adjusted EBITDA was Rs 627 crore, or 5.5% of net order value of Rs 11,445 crore. That net order value grew 21.5%.
Monthly transacting customers in food delivery reached 28.0 million, up 16%. District, the going-out business that sells event and cinema tickets, lost Rs 64 crore at the adjusted EBITDA level.
That is 2% of District’s Rs 3,259 crore net order value, which grew 58%. Eternal holds to break-even there within four to six quarters from January 2026.
Hyperpure, the restaurant supply arm, earned Rs 10 crore on adjusted revenue of Rs 1,154 crore. Hyperpure now serves about 85,000 restaurants, up from 62,000 a year ago. Hyperpure adjusted revenue grew 13%, and 23% on a like-for-like basis.
| Business | Net order value (Rs Cr) | Adjusted revenue (Rs Cr) | Adjusted EBITDA (Rs Cr) |
|---|---|---|---|
| Quick commerce (Blinkit) | 20,940 | 19,152 | 184 |
| Food delivery (Zomato) | 11,445 | 3,879 | 627 |
| Going-out (District) | 3,259 | 304 | -64 |
| B2B supplies (Hyperpure) | Not reported | 1,154 | 10 |
749 More Stores Due by March 2027
Blinkit needs 749 more stores in two quarters to meet its new target. Eternal now expects to cross 3,500 stores by March 2027, against earlier guidance of 3,000. Current plans point to about 5,000 by March 2028.
Blinkit added 308 stores in the September quarter. The new target needs roughly 375 a quarter through March 2027. Capital spending was Rs 941 crore in the three months.
Cash fell Rs 1,813 crore to Rs 16,475 crore on festive inventory and working capital. A year earlier the balance was Rs 11,813 crore.
Eternal also disclosed GST demands on delivery charges that remain unresolved. Orders run to Rs 420 crore for October 2019 to March 2022 and Rs 14 crore for April 2022 to March 2024.
Show-cause notices add Rs 119 crore for April 2022 to March 2023. Eternal shares fell more than 2% after the results, and the earnings call began at 5 pm.
What this means for you: If you sell a packaged brand through Blinkit, 749 new dark stores by March 2027 will change which cities and which stock keeping units matter. Get your smaller-city listings and festive stock plans ready before the next 375 stores open in the January quarter.
StartupFeed Insight
The number to watch is not the 92% profit jump. It is the Rs 28 crore gap between operating revenue and operating cost. Eternal runs a Rs 24,138 crore quarterly business that still needs other income to show a profit. Blinkit’s Rs 184 crore is the first quarter in which that gap has been small enough to close on its own. Watch the Q3 FY27 results in January 2027. If Blinkit holds its 0.9% margin and crosses 3,100 stores by 31 December, Eternal should report an operating profit before other income for the first time.
By Avinash Mishra, Business Correspondent
Disclaimer: This article is for information only and is not investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. Please speak to a SEBI-registered advisor before investing.
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