Eternal Q1 revenue jumps as Blinkit turns EBIT profitable, but profit misses estimates
Eternal, parent of Zomato and Blinkit, reported Q1 revenue of Rs 20,211 crore and net profit of Rs 92 crore. Quick-commerce revenue reached Rs 15,664 crore, while Blinkit posted EBIT of Rs 365 crore versus a Rs 42 crore loss a year earlier.
What happened
Eternal Limited · Eternal, parent of Zomato and Blinkit, reported Q1 profit of Rs 92 crore and revenue of Rs 20,211 crore. Quick-commerce revenue surged and
Key facts
- Consolidated net profit: Rs 92 crore, up 260% year-on-year from Rs 25 crore
- Analyst net-profit estimate: Rs 300 crore
- Revenue: Rs 20,211 crore, versus Rs 7,167 crore; analyst estimate Rs 20,058 crore
- EBITDA: Rs 594 crore, versus Rs 115 crore
- EBITDA margin: 2.9%, up from 1.6%
- Quick-commerce revenue: Rs 15,664 crore, versus Rs 2,400 crore
- Food-delivery revenue: Rs 3,100 crore, up 37%
- Hyperpure revenue: Rs 1,034 crore, down 55%
- Blinkit EBIT: Rs 365 crore, versus loss of Rs 42 crore
Why this matters
Blinkit’s move from a Rs 42 crore EBIT loss to a Rs 365 crore profit strengthens the strategic case for scaled quick-commerce assets, while highlighting that profitability—not just GMV growth—is now the key deal benchmark.
What to watch
- Blinkit's quarterly EBIT margin, rather than absolute EBIT, as dark-store expansion continues.
- Order growth, average order value, repeat rates and the share of non-grocery categories.
- Net new dark stores, maturity curves for recently opened stores and delivery-time performance.
- Competitive discounting or capital raises by Zepto, Swiggy Instamart, Flipkart Minutes, Amazon and other rapid-delivery entrants.
- Supplier advertising revenue and changes in brand-funded promotions, which can materially support quick-commerce margins.
- Whether Eternal's consolidated net profit recovers toward estimates or remains pressured by investments outside Blinkit.
- Regulatory developments on gig-worker benefits, dark-store zoning, food safety and platform competition that could raise operating costs.
- Accelerate Blinkit dark-store additions in high-density metros and selected tier-2 cities where delivery economics can mature quickly.
- Shift more assortment toward higher-margin private labels, beauty, electronics accessories, pharmacy-adjacent products and larger basket missions.
- Use positive EBIT credibility to negotiate better supplier funding, exclusive launches and retail-media commitments from FMCG and consumer brands.
- Keep customer acquisition targeted rather than broad-based, using loyalty, subscriptions and personalized offers to defend repeat frequency.
- Provide clearer disclosure on Blinkit order growth, contribution margin, dark-store maturity and expansion costs to address investor concern over the group-level profit miss.