Eternal posts ₹16,315 crore Q3 FY26 revenue as quick-commerce expansion accelerates
Eternal, formerly Zomato, reported Q3 FY26 revenue up 201.9% year on year to ₹16,315 crore and net profit up 102.9% to ₹102 crore. The company added more than 200 net stores during the quarter, while quick-commerce contribution and EBITDA margins improved sequentially.
What happened
Eternal, formerly Zomato, reported Q3 FY26 revenue of Rs 16,315 crore and Rs 102 crore profit, driven by food delivery and quick commerce. It added over 200
Key facts
- India retail market projected at Rs 210-215 trillion by 2035, versus Rs 90-95 trillion in 2025
- Eternal Q3 FY26 revenue rose 201.9% YoY to Rs 16,315 crore
- Eternal Q3 FY26 net profit rose 102.9% YoY to Rs 102 crore
- Quick-commerce contribution margin expanded about 90 bps sequentially
- Quick-commerce EBITDA margin improved about 130 bps sequentially
- Eternal added more than 200 net stores in Q3 FY26
- Going-out business breakeven targeted in 4-6 quarters
- Eternal share price rose 13.5% over the past year
Why this matters
Eternal’s rapid store expansion and rising quick-commerce contribution raise the strategic premium on dense fulfillment networks, making scalable local logistics assets increasingly valuable.
What to watch
- Quarterly net dark-store additions, mature-store sales growth and disclosed store-level payback periods.
- Sequential quick-commerce EBITDA/contribution-margin movement after accounting for new-store investments.
- Gross order value, order-frequency and average-order-value growth relative to revenue growth.
- Discounting, delivery-fee changes and expansion announcements from key quick-commerce competitors.
- Inventory write-offs, fulfillment costs, rider costs and working-capital requirements as the network expands.
- Growth in advertising, private-label and other high-margin revenue streams.
- Whether consolidated net profit continues to rise while quick-commerce investment remains elevated.
- Prioritize dark-store clustering in high-frequency urban catchments rather than broad, low-density geographic expansion.
- Increase private-label, advertising and higher-margin convenience assortment penetration to improve basket economics.
- Use mature-store performance data to slow or redirect new-store openings where payback periods lengthen.
- Invest in inventory forecasting and rider utilization to protect availability and delivery speed without proportionate fulfillment-cost growth.
- Cross-sell food-delivery users into quick commerce and loyalty programs to reduce customer-acquisition dependence.