Eternal’s Q3 revenue triples as quick commerce reaches breakeven
Eternal, formerly Zomato, reported Q3 FY26 revenue of ₹16,315 crore, up 201.9% year on year. Quick commerce reached breakeven after the addition of more than 200 net stores, while contribution and EBITDA margins improved sequentially.
What happened
Zomato (Eternal) · Eternal’s Q3 FY26 revenue more than tripled as quick commerce and food delivery drove growth; its quick-commerce unit reached breakeven after
Key facts
- India retail market projected at Rs 210-215 trillion by 2035, versus 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
- Quick-commerce EBITDA margin improved about 130 basis points sequentially
- Added more than 200 net stores
- Share price up 13.5% over the past year
Why this matters
Eternal’s combination of rapid store expansion and quick-commerce breakeven raises the strategic value of dense fulfillment networks and could intensify competition for retail-tech, logistics and local-commerce assets.
What to watch
- Sequential quick-commerce contribution margin and adjusted EBITDA after the latest store additions.
- Order growth, average order value and order density in mature versus newly opened stores.
- Net store additions and evidence of slowing payback periods for new dark stores.
- Competitive discounting, delivery-fee changes and expansion plans from Swiggy Instamart, Zepto and others.
- Cash burn, capital expenditure and any change in guidance for quick-commerce profitability.
- Prioritize new quick-commerce stores in high-density micro-markets with proven order frequency.
- Shift investor focus from headline revenue growth to contribution margin, mature-store profitability and EBITDA durability.
- Use improved unit economics to expand assortment, advertising and private-label monetization.
- Maintain targeted pricing and loyalty incentives to protect share without restarting broad-based discounting.