Eternal, Paytm headline Q1 FY27 earnings slate as Blinkit NOV surges 84% YoY
Eternal (Zomato/Blinkit) leads a busy earnings week (Jul 20-25) with quick-commerce NOV up 84.4% YoY and 17.9% QoQ, QC gross profit at 26.9% and adj EBITDA margin at 0.6% of NOV. Paytm expected to post +7% QoQ revenue and +27% YoY GMV. Indian Hotels, Reliance and others also report.
What happened
Q1 FY27 earnings season preview: Eternal (Zomato/Blinkit) expected to post strong quick-commerce NOV growth (+84% YoY), Paytm healthy revenue growth, plus
Key facts
- Blinkit NOV +17.9% QoQ/+84.4% YoY
- QC gross profit 26.9%
- FD take rate 21.5%
- Paytm revenue +7% QoQ
- Paytm GMV +27% YoY
- Blinkit adj EBITDA margin 0.6% of NOV
Why this matters
The 84% NOV growth and improving QC gross margins strengthen Eternal's positioning in the consolidating quick-commerce space, making category leadership and potential tuck-in acquisitions strategically relevant.
What to watch
- QC adj EBITDA margin trajectory vs the 0.6% base in subsequent quarters
- Dark-store net additions and per-store throughput commentary
- NOV QoQ deceleration below the 17.9% mark
- New entrant pricing/promo intensity (Amazon, Flipkart Minutes)
- Paytm revenue +7% QoQ and GMV +27% YoY confirmation or miss
- Eternal management guides on dark-store count and steady-state QC margin trajectory on the call
- Competitors (Swiggy Instamart, Zepto) accelerate store adds and promo spend to defend share
- Sell-side revises NOV/take-rate estimates upward while flagging near-term margin dilution
- Paytm frames GMV growth against regulatory and monetization narrative to hold sentiment