Eternal Limited, the parent of Zomato and quick-commerce platform Blinkit, is due to consider results for the quarter ended Sept. 30, 2026, on Wednesday, with Blinkit’s margin and network growth in focus.
In a Sept. 25 research note, Motilal Oswal Financial Services projected Blinkit’s net order value (NOV) would rise 22.7% quarter on quarter in July through September 2026. It forecast an adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin of roughly 1% of NOV.
Eternal reported that Blinkit added 200 net stores in the quarter ended June 30, 2026, bringing its total to 2,443. The business generated ₹102 crore in adjusted EBITDA, equal to 0.6% of NOV. NOV totaled ₹17,132 crore, up 86% from a year earlier and 19% quarter on quarter.
Blinkit’s network expansion carries a capital cost. Eternal said it had invested about ₹3,000 crore in Blinkit stores and warehousing over the four years preceding June 2026. The company previously set a target of 3,000 stores by March 2027. Owning inventory also creates working-capital needs, separate from the cost of building the network.
Inventory ownership affects how Blinkit’s sales appear in revenue: reported revenue includes more of the goods’ value, rather than mainly marketplace commissions. Eternal’s adjusted revenue for the June quarter rose 173% year over year on a reported basis; its like-for-like measure increased 66%. The company separately reported ₹20,211 crore in revenue from operations and ₹92 crore in profit for the quarter. Adjusted revenue was ₹20,648 crore, a company-defined measure.
Eternal’s Zomato food-delivery business recorded ₹10,769 crore in NOV, with adjusted EBITDA equal to 5.6% of NOV.
Eternal is scheduled to consider its results on Oct. 21 and hold an earnings call at 7:30 a.m. ET (11:30 UTC).
