Eternal Ltd reported robust Q3 FY26 results, with consolidated revenue from operations rising sharply to ₹16,315 crore from ₹5,405 crore a year earlier, driven by rapid scale-up across quick commerce, food delivery, B2B supplies and related consumer services.
Quick commerce fuels revenue surge
Quick commerce, led by the Blinkit platform, was the primary growth engine. Revenue from this vertical jumped from ₹1,399 crore in Q3 FY25 to ₹12,256 crore in Q3 FY26, reflecting a strategic shift to an inventory-led model. The move improved assortment control, shortened delivery times and increased average order values.
Eternal also accelerated store openings and deepened penetration in dense urban clusters, capturing demand in India’s fast-growing instant delivery segment. These initiatives supported a step-up in gross merchandise value (GMV) and higher frequency of orders per user.
Food delivery and Hyperpure show steady momentum
The core food delivery business expanded nearly 29% year-on-year to ₹2,676 crore, supported by stable order volumes, platform enhancements and stronger engagement with restaurant partners across major cities. Improvements in app experience and delivery fulfilment contributed to higher customer retention.
Hyperpure, the B2B arm supplying ingredients and kitchen essentials to restaurants, recorded around 7% year-on-year revenue growth. The performance indicates sustained demand from partner restaurants despite a competitive market for supplies and procurement services.
Including other segments and non-operating income, consolidated revenue for Q3 FY26 was reported at ₹16,663 crore, underscoring a materially higher annual revenue run‑rate.
Profitability and cost trends
Net profit rose 54% year-on-year to ₹102 crore from ₹59 crore in Q3 FY25, reflecting improved operational efficiency and scaling benefits that allowed revenue to outpace cost growth. The result demonstrates progress on unit economics even as the company invested aggressively in growth.
Operating expenses grew in line with the business expansion. Material costs climbed to ₹9,801 crore as the inventory-heavy quick commerce business scaled. Delivery costs increased by 64% and advertising and marketing spends nearly doubled amid intensified customer acquisition efforts. Employee benefits rose 33% to ₹914 crore to support wider operations.
Despite these cost pressures, Eternal sustained positive margins, signalling better cost absorption and efficiency gains as scale increased.
Leadership change and market outlook
The company announced a leadership transition, with founder Deepinder Goyal moving to the role of Vice Chairman effective 1 February 2026. The change is positioned to allow greater focus on long-term strategy and product innovation while day-to-day operations remain with the current executive team.
Investor sentiment following the results has been broadly favourable as markets track Eternal’s execution across quick commerce, food delivery and adjacent consumer services. With robust top-line growth and improving profitability metrics, the company is strengthening its competitive position in India’s consumer internet ecosystem.
