Eternal’s Q3 revenue jump of 202% resurfaces as quick-commerce margins improve
Resurfacing a January 2026 report: Eternal, formerly Zomato, reported Q3 FY26 revenue of Rs 16,315 crore and net profit of Rs 102 crore. Quick-commerce contribution margin improved by about 90 basis points sequentially, while EBITDA margin rose roughly 130 basis points as the company added more than 200 net stores.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Retail-tech firms Eternal, Nykaa, Delhivery and IndiaMART are
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% year on year
- Eternal Q3 FY26 net profit: Rs 102 crore, up 102.9%
- Quick-commerce contribution margin expanded about 90 basis points sequentially
- Quick-commerce EBITDA margin improved about 130 basis points sequentially
- More than 200 net stores added in Q3 FY26
- Going-out business breakeven targeted 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 economics make it a more formidable partner, competitor or consolidation target in India’s retail-tech ecosystem.
What to watch
- Sequential quick-commerce contribution-margin and adjusted EBITDA-margin progression.
- Net new dark stores, mature-store sales productivity and disclosed store payback periods.
- Order growth, average order value, customer frequency and share of high-margin categories.
- Promotional intensity and cash-burn commentary from Zepto, Swiggy Instamart, Flipkart Minutes, Amazon and offline retailers.
- Changes in rider costs, real-estate rentals, inventory losses or regulatory rules affecting dark stores and delivery labor.
- Whether food delivery cash generation continues to fund quick-commerce expansion without weakening consolidated profitability.
- Prioritize dark-store additions in high-density catchments where order frequency can support faster payback.
- Expand private-label, higher-margin grocery and impulse categories to lift gross margin and basket value.
- Use membership, cross-platform customer data and targeted promotions to reduce acquisition costs rather than broad discounting.
- Tighten store-level profitability thresholds and slow expansion in low-density or high-rent micro-markets.
- Increase investment in supply-chain automation, forecasting and rider productivity to protect margins as delivery volumes rise.