Eternal's Q3 FY26 revenue jump of 202% resurfaces as quick commerce scaling news from December
Resurfacing a December 2025 report: Eternal, formerly Zomato, posted Q3 FY26 revenue of Rs 16,315 crore and net profit of Rs 102 crore. The company had added more than 200 net stores, while quick-commerce contribution margin improved by about 90 basis points sequentially.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal’s Q3 FY26 revenue rose 201.9% to Rs 16,315 crore and profit
Key facts
- India retail market projected at Rs 210-215 trillion by 2035
- India retail market estimated at Rs 90-95 trillion in 2025
- Eternal Q3 FY26 revenue: Rs 16,315 crore, up 201.9% YoY
- Eternal Q3 FY26 net profit: Rs 102 crore, up 102.9% YoY
- Quick-commerce contribution margin expanded about 90 basis points sequentially
- EBITDA margin improved about 130 basis points sequentially
- More than 200 net stores added
- Going-out business expected to reach breakeven in 4-6 quarters
- Eternal share price up 13.5% over the past year
Why this matters
Eternal’s accelerating store footprint and improving quick-commerce unit economics raise the strategic value of local delivery infrastructure, merchant density and last-mile capabilities.
What to watch
- Sequential quick-commerce contribution-margin trend, especially whether the roughly 90-bp improvement is sustained.
- Net dark-store additions, store maturation periods and any indication that new-store productivity is weakening.
- Growth in order frequency, average order value and monthly transacting customers versus promotion intensity.
- Consolidated adjusted EBITDA and cash burn, rather than headline revenue growth alone.
- Competitive actions from Swiggy Instamart, Zepto and large-format retailers, including delivery-fee cuts and dark-store expansion.
- Mix of advertising, private label and higher-margin categories within quick commerce.
- Continue dark-store additions, with expansion likely concentrated in high-frequency urban clusters before broader city rollout.
- Increase assortment, private-label and advertising monetization to lift gross margins and reduce dependence on delivery fees.
- Use improving unit economics to selectively lower customer fees or fund targeted promotions in contested micro-markets.
- Emphasize contribution-margin progression and mature-store cohorts in upcoming investor communication to defend the quick-commerce investment cycle.