Most of Zomato’s recent growth comes from more people ordering, and ordering more often, Deepinder Goyal, Founder, Eternal, told shareholders

Eternal, the parent entity of Zomato and Blinkit, reported a consolidated net profit of ₹125 crore for the September quarter, up 92.3 per cent over the ₹65 crore it posted a year ago, on the back of strong revenue growth.

Consolidated revenue from operations stood at ₹24,138 crore, up 77.6 per cent. The company said Blinkit, its quick-commerce arm, is expected to cross the 3,500-dark stores mark by March 2027, with plans to take it up to 5,000 by March 2028.

At a consolidated level, business-to-consumer (B2C) net order value (NOV) grew 54 per cent y-o-y to ₹35,644 crore. NOV of the food-delivery business under Zomato grew 21.5 per cent to ₹11,445 crore. Meanwhile, NOV of the quick-commerce business under Blinkit grew 79.3 per cent to ₹20,940 crore. Also, District, which houses the going-out business, reported a 58 per cent growth in NOV at ₹3,259 crore.

On Zomato, which has seen its fifth consecutive quarter of accelerated growth, Deepinder Goyal, Founder, Eternal, in a letter to shareholders noted, “We’re happy with how the business is doing right now. That said, we try not to read too much into any single quarter. Our long-term expectation for food delivery has always been over 20 per cent annual growth, and the last two quarters have brought us back to that range. This view didn’t change last year when growth slowed, and it doesn’t change now that it has picked up.”

“Over a four-year period, food delivery NOV has more than doubled, from ₹18,160 crore in FY22 to ₹37,993 crore in FY26. That is a CAGR of about 20 per cent despite a slower FY26. In hindsight, part of last year’s slowdown came from some ordering occasions moving to quick commerce as it scaled. That shift seems to have settled now. Most of the recent growth comes from more people ordering, and ordering more often,” Goyal added.

On Blinkit, Albinder Singh Dhindsa, Group CEO, Eternal, said, “For now, we focus on acquiring and retaining customers who order often, buy across categories, and are profitable to serve. How we grow matters as much as how fast. Each of our stores has a finite capacity to serve. A customer who shows up only for a deep discount uses the same capacity as one who orders every week across categories.”

Dhindsa said the company is bullish on expansion in smaller cities. “In metros, we usually compete for a market that already exists. In smaller cities, we are building the market and the supply. That is why we are bullish,” he added.

“We now expect to cross 3,500 stores by March 2027, and our current plans point to about 5,000 stores by March 2028. Our cash balance and profits from both food delivery and quick commerce businesses also let us fund this pace of growth comfortably. We expect adjusted EBITDA margins to keep improving through this expansion,” added Akshant Goyal, CFO, Eternal.

Separately, in a BSE filing, Eternal said its board has approved the sale of its entire stake in digital advertising platform Adonmo to Vivish Technologies, which operates the Mygate residential community management platform, in exchange for shares in Mygate.

It said that the board has approved “sale of 11,214 Series B compulsorily convertible preference shares and 10 equity shares in Adonmo Private Ltd to Vivish Technologies Pvt Ltd (Mygate).” In return, Eternal will acquire 1,84,091 Series C1 compulsorily convertible preference shares and 164 equity shares in Mygate.

“The company will eventually own about 4.4 per cent equity stake on a fully diluted basis in the merged Mygate entity. This stake is currently valued at ₹156 crore,” it added.

Published on October 21, 2026