Eternal’s Q3 FY26 revenue jumps 202% as quick commerce reaches breakeven
Eternal, formerly Zomato, reported Q3 FY26 revenue of Rs 16,315 crore and net profit of Rs 102 crore. Quick-commerce contribution margin improved sequentially as the company added more than 200 net stores; its going-out business is targeted to break even within four to six quarters.
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 as quick
Key facts
- India retail market projected at Rs 210–215 trillion by 2035, from 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 breakeven targeted in 4–6 quarters
- Eternal share price up 13.5% over the past year
Why this matters
Quick commerce reaching breakeven while Eternal accelerates store additions raises the strategic value of local fulfillment, merchant partnerships and adjacent going-out assets as potential ecosystem expansion points.
What to watch
- Sequential quick-commerce contribution-margin trend after the addition of more than 200 net stores.
- Order growth, average order value, customer frequency and maturity curves for newly opened dark stores.
- Cash burn, adjusted EBITDA and capex per store relative to revenue growth.
- Advertising and private-label mix, which determine whether scale gains translate into durable margin expansion.
- Competitive discounting and expansion activity from Zepto, Swiggy Instamart and other rapid-delivery players.
- Progress toward going-out business breakeven, including take-rate stability and demand growth.
- Any moderation in revenue growth as comparisons become more demanding.
- Accelerate quick-commerce dark-store openings in high-density cities while selectively entering additional urban markets.
- Increase monetization from advertising, private labels, seller services and higher-margin non-grocery categories.
- Tighten store-level capital allocation, focusing on order density, repeat rates and payback periods rather than headline store count.
- Use the quick-commerce operating playbook to improve economics in the going-out business ahead of its four-to-six-quarter breakeven target.
- Defend consumer frequency through loyalty, membership and cross-platform offers while avoiding broad-based discount escalation.