Why Eternal's Revenue Chart Goes Vertical — And Why That Might Be Misleading

On April 28, 2026, Eternal Limited — the company that until recently went by the name Zomato Limited — is set to announce its financial results for Q4 FY26 (January–March 2026) and for the full fiscal year. The board meeting was called for today. An investor conference call follows at 5:00 PM IST.

The name change from Zomato to Eternal happened earlier in FY26, reflecting the company's evolution from a food delivery app into a broader tech-driven commerce platform. The ticker on NSE is now ETERNAL. The stock has had a volatile year — it touched a 52-week high of around ₹305 and also dipped as low as ₹180. As of late April, it's trading around ₹256.

Brokerage estimates going into today's results have been running wide, which itself tells you something about the complexity of this business. But the directional consensus is clear: revenue should show another massive year-on-year jump, and profit is expected to multiply significantly.

The average analyst estimate, as tracked by Business Standard, puts Q4 FY26 consolidated net profit at around ₹141–160 crore — up approximately 263% from ₹39 crore in Q4 FY25. On a sequential basis (versus Q3 FY26's ₹102 crore), that would represent a roughly 40–57% jump.

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Revenue for the quarter is expected somewhere in the ₹17,500–18,500 crore range, versus ₹5,833 crore in Q4 FY25. The staggering year-on-year comparison is largely because the quick commerce business (Blinkit) shifted to a new accounting model (first-party or 1P) from Q1 FY26, which massively inflated reported revenues.

What this means practically: the revenue jump is real in terms of business scale, but year-on-year comparisons are distorted. The more meaningful metric to watch is Gross Order Value (GOV) and Net Order Value (NOV) — the actual value of orders flowing through the platform.

The Two Stories Inside Eternal

Eternal is really two businesses running simultaneously at very different stages of maturity.

Food Delivery is the older business. It's profitable, it generates cash, and it's growing steadily. Kotak Institutional Equities expects food delivery GMV (Gross Merchandise Value) to grow around 20% year-on-year in Q4. Adjusted EBITDA margin for the food delivery segment is expected around 4.5–4.6% — healthy for a marketplace model in India.

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Analysts are watching whether platform fee increases implemented toward the end of Q4 have started showing up in margins. If they have, it's a positive for the food business's long-term profitability story.

Quick Commerce (Blinkit) is the newer, faster-growing, and more capital-intensive business. Blinkit's Net Merchandise Value is expected to grow around 99% year-on-year in Q4 — though again, the YoY comparison is distorted by the 1P model transition. The more grounded metric: Blinkit is expected to have added approximately 173 new dark stores in Q4 FY26, taking the total store count to around 2,200.

The key question investors are asking about Blinkit is not whether it's growing — it clearly is — but whether the margin profile can hold as competition intensifies. Zepto and Swiggy Instamart have both been aggressive on pricing and store expansion. Analysts from Kotak and B&K Securities both expect contribution margins from Blinkit to remain largely flat quarter-on-quarter, as operating leverage from older stores gets offset by competitive pricing actions.

FY26 Full Year — A Year of Transformation

When the full-year numbers come out today, they will show a company that has fundamentally changed in scale since FY25.

In Q3 FY26 alone, Eternal reported consolidated revenue of ₹16,315 crore — up 200% year-on-year — powered by a 776% jump in quick commerce revenue to ₹12,256 crore. Food delivery revenue grew a more modest 29%. EBITDA jumped 77% to ₹368 crore.

If Q4 follows through on estimates, the full-year picture will show Eternal crossing approximately ₹65,000–70,000 crore in consolidated revenue for FY26. That's a company of meaningful scale by any metric.

Profitability, though, remains thin relative to revenues. EBITDA margins are in the low single digits. PAT margins are even thinner. This is by design — Eternal is still in growth mode, ploughing capital into Blinkit store expansion, supply chain infrastructure, and B2B food supply through its Hyperpure vertical.

The question the market will ask management today: at what point does Blinkit's store count become dense enough for operating leverage to really kick in at scale? And how does the company plan to defend food delivery margins if Swiggy continues to invest aggressively?

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The Eternal Brand Question

The name change from Zomato to Eternal was always going to be a talking point. For now, consumer-facing brands — Zomato for food delivery, Blinkit for quick commerce — have not changed. The Eternal umbrella is a corporate identity, not a consumer one.

Management's messaging has been that the rename reflects a broader vision: a company that is not just a food delivery app but a technology platform for Indian commerce. Whether investors buy that story will depend, increasingly, on whether the numbers justify a premium valuation.

At ₹256, Eternal's market cap is around ₹2.32 lakh crore. That's a significant number for a company whose profit this year will likely be somewhere in the ₹400–500 crore range. The bull case rests on the trajectory — profits growing at multiples year-on-year — and on Blinkit becoming a dominant, high-margin business at scale.

The bear case is simpler: the quick commerce market is overcrowded, competitive intensity destroys margins, and the path to sustainable high profitability is longer and harder than the current valuation assumes.

Today's numbers will give investors a clearer picture of where reality sits between those two narratives.

FAQs

Q1. When will Eternal (Zomato) Q4 FY26 results be announced? The board met on April 28, 2026, to approve Q4 and full-year FY26 results. An investor conference call was scheduled for 5:00 PM IST the same day.

Q2. What are analysts expecting for Q4 FY26 profit? Average estimates from brokerages tracked by Business Standard put consolidated PAT at around ₹141–160 crore for Q4 FY26 — up approximately 263% year-on-year.

Q3. Why is Zomato now called Eternal? Zomato Limited rebranded to Eternal Limited to reflect its evolution into a broader technology commerce platform encompassing Zomato, Blinkit, and Hyperpure.

Q4. How many Blinkit stores does Eternal operate? As of Q4 FY26, analysts expect the total dark store count to be around 2,200, with approximately 173 new stores added during the January–March quarter.

Q5. Is Eternal stock a good buy at current levels? Analyst price targets range widely from ₹230 to ₹300. The stock trades at ₹256 as of late April 2026. This is a high-growth, early-stage profitability story and carries significant valuation risk. Consult a SEBI-registered advisor before investing.