Eternal Limited (formerly known as Zomato Limited) has reported robust growth in its Q1 FY26 financial results, with significant expansion in its quick commerce business and continued progress across other segments. The company's consolidated revenue from operations surged by 70% year-over-year to INR 7,167.00 crore for the quarter ended June 30, 2025.

Quick Commerce Overtakes Food Delivery

In a notable shift, Eternal's quick commerce business has surpassed food delivery in terms of Net Order Value (NOV) for the first time in a full quarter. The company's B2C businesses, including food delivery, quick commerce, and going-out, achieved a combined NOV of INR 20,183.00 crore, marking a 55% year-over-year increase.

Albinder Bansal, who oversees the quick commerce segment, stated, "We added 243 net new stores this quarter, taking our store count to 1,544 stores by the end of the quarter. We are on track to get to 2,000 stores by Dec 2025."

Segment Performance

Profitability and Margin Improvement

Despite strong top-line growth, the company's consolidated profit after tax stood at INR 25.00 crore, down from INR 39.00 crore in the previous quarter. This decline was attributed to ongoing investments in the quick commerce and going-out segments.

Akshant Goyal, the company's financial leader, commented on the profitability outlook: "If we get to 5-6% of Adjusted EBITDA margin (as a % of NOV), ROCE should be at least 40% in our quick commerce business."

Business Model Transition

Eternal has initiated a transition from a marketplace model to a combination of marketplace and inventory-led model in its quick commerce segment. This shift is expected to provide more control over inventory and potentially improve margins.

Goyal explained, "We expect to see about 1 percentage point margin expansion over time, as a result of this transition."

Leadership Changes and Future Outlook

The company announced a new "Rotational Leadership" model, particularly for its food delivery business. Aditya Mangla, with a background in product and engineering, has been appointed to lead the food delivery business for the next two years.

Deepinder Goyal, Eternal's CEO, expressed optimism about the company's future: "The opportunity in front of us is massive, which means that the competition in this space is also very high. Under no circumstances, will we let go of our market position here, and lose sight of the size of the prize in the long term."

New Initiatives

Eternal also announced the launch of "Greening India," an agroforestry initiative aimed at planting over 2.5 million trees across 10,000 acres of farmland in partnership with thousands of farmers this year.

As Eternal Limited continues to evolve its business model and expand its operations, the company remains focused on long-term growth and market leadership across its diverse portfolio of services.

Eternal Limited , the parent company of food delivery giant Zomato and quick commerce platform Blinkit, has reported a significant shift in its business dynamics for the first quarter of fiscal year 2026. The company's financial results reveal a strategic pivot towards quick commerce, with Blinkit now surpassing Zomato in revenue contribution.

Quick Commerce Leads the Way

In a noteworthy development, Eternal's quick commerce segment, primarily driven by Blinkit, has emerged as the company's largest B2C business. For the first time, Blinkit's net order value (NOV) exceeded that of Zomato's food delivery service for an entire quarter. This milestone underscores the rapid growth and increasing importance of the quick commerce sector within Eternal's portfolio.

Financial Highlights

• Consolidated Revenue: Eternal reported a robust consolidated revenue growth of 67% year-over-year, reaching INR 7,167.00 crore for Q1 FY26.
• Adjusted EBITDA: Despite strong top-line growth, the company's Adjusted EBITDA declined by 42% YoY to INR 172.00 crore, reflecting ongoing investments in quick commerce and going-out segments.
• Segment Performance:

  Segment	Revenue (INR Crore)	YoY Growth
  Quick Commerce	2,400.00	155%
  Food Delivery	2,261.00	-
  Hyperpure Supplies	2,295.00	89%

Strategic Shifts and Investments

Eternal is actively transitioning its quick commerce business from a marketplace model to a combination of marketplace and inventory-led operations. This shift is expected to provide greater control over margins and accelerate assortment expansion.

The company has also initiated 'Bistro', a 10-minute food delivery service, currently operational in Delhi-NCR and Bangalore with 38 kitchens. While still in its early stages, Bistro aims to address unmet demand for high-quality, low-cost meals and quick snacks.

Expansion and Future Outlook

Blinkit added 243 new stores in Q1, bringing its total store count to 1,544. The company aims to reach 2,000 stores by December 2025. Eternal's management expressed confidence in the long-term profitability of the quick commerce business, with some cities already achieving over 2.5% Adjusted EBITDA margin.

Leadership Changes

In line with its 'Rotational Leadership' model, Eternal announced that Aditya Mangla, a product and engineering veteran, will lead the Zomato business for the next two years. This move aims to bring fresh perspectives and accelerate execution in the food delivery segment.

Environmental Initiative

Eternal has launched 'Greening India', an agroforestry initiative aimed at planting over 2.5 million trees across 10,000 acres of farmland in FY26. This project aligns with the company's environmental goals and has the potential to remove 1.5 million tonnes of CO2 from the atmosphere over 30 years.

As Eternal continues to evolve its business model and invest in high-growth areas, the company remains focused on scaling revenue while working towards long-term profitability across its diverse portfolio of services.