Summary: Eternal reported a 92.3% year-on-year increase in Q2 FY27 consolidated net profit to ₹125 crore as revenue from operations climbed 77.6% to ₹24,138 crore. Profit nevertheless missed analyst estimates because delivery, employee and depreciation costs rose with expansion. Blinkit added 308 stores, taking its network to 2,751, while its net order value increased 79.3% and adjusted EBITDA improved sequentially.
Eternal’s September-quarter results show rapid growth across Blinkit and Zomato, but they also underline the cost of building a larger quick-commerce network. Revenue exceeded market expectations, while profit came in well below the analyst consensus cited by Reuters.
What Happened
Eternal, the parent of Zomato and Blinkit, reported consolidated net profit of ₹125 crore for the quarter ended September 30, 2026, up 92.3% from ₹65 crore a year earlier. Revenue from operations rose 77.6% to ₹24,138 crore, slightly ahead of the ₹23,921 crore analyst estimate compiled by LSEG.
The profit figure was below the ₹271 crore consensus estimate. Total expenses climbed to ₹24,166 crore as delivery charges, employee costs and depreciation increased alongside expansion.
Blinkit’s net order value rose 79.3% year on year to ₹20,940 crore. Its adjusted EBITDA improved to ₹184 crore from ₹102 crore in the June quarter. Eternal added 308 Blinkit stores during Q2, taking the total to 2,751.
Zomato’s food-delivery net order value increased 21.5% to ₹11,445 crore, while adjusted EBITDA for that business rose 25% year on year to ₹627 crore.
Why It Matters
The result illustrates the central trade-off in India’s quick-commerce market: scale is expanding rapidly, but new stores require rent, staff, delivery capacity, equipment and depreciation before they reach mature economics. Eternal’s revenue growth therefore does not translate automatically into profit at the same pace.
Management now expects Blinkit to cross 3,500 stores by March 2027 and reach about 5,000 by March 2028. The value of that strategy will depend on store productivity, order density and whether newer locations can reach contribution and EBITDA break-even without slowing customer growth.
Market Impact
The results became public around the end of the October 21 trading session, leaving no clean post-results share-price reaction to assess. Any same-day move before the complete filing should not be presented as a demonstrated response to the earnings. The next trading session will provide the first fuller market test of the profit miss and Blinkit expansion plan.
Industry Context
Quick-commerce companies are competing on delivery speed, assortment and network density. More dark stores can shorten delivery times and support higher order volumes, but they also raise fixed costs and capital requirements. Investors are increasingly looking beyond gross order growth to contribution margin, EBITDA and cash use.
Traditional retailers are taking a more cautious route. BusinessNews1’s recent DMart Q2 analysis explains how Avenue Supermarts has reduced the geographic footprint of its online unit while prioritising store economics.
What To Watch Next
- Blinkit’s path from 2,751 stores to more than 3,500 by March 2027.
- Whether adjusted EBITDA continues improving as newer stores mature.
- Food-delivery order growth and margin performance.
- Cash generation after higher delivery, employee and depreciation costs.
- The first full trading-session reaction to the results.
FAQs
What was Eternal’s Q2 FY27 profit?
Eternal reported consolidated net profit of ₹125 crore for Q2 FY27, up 92.3% from ₹65 crore a year earlier. Despite the strong percentage increase, profit was below the ₹271 crore analyst consensus cited by Reuters because expansion-related delivery, employee and depreciation costs increased during the quarter.
How fast did Blinkit grow in Q2?
Blinkit’s net order value increased 79.3% year on year to ₹20,940 crore. Eternal added 308 stores, lifting the network to 2,751. Blinkit’s adjusted EBITDA improved sequentially to ₹184 crore from ₹102 crore, although continued store expansion will keep execution costs and store-level profitability in focus.
What is Eternal’s Blinkit store target?
Eternal expects Blinkit to cross 3,500 stores by March 2027 and reach about 5,000 by March 2028. These are forward-looking targets rather than completed additions. Investors will need to track how quickly new stores mature, their effect on margins and whether demand grows enough to support the larger network.
