- Eternal Ltd reported a 92.3% YoY rise in Q2 net profit to Rs 125 crore
- Q2 revenue grew 77.6% YoY to Rs 24,138 crore, led by quick commerce
- Blinkit's revenue surged 93.6% YoY to Rs 19,152 crore in Q2 FY27
Eternal Ltd., formerly known as Zomato Ltd., reported a 92.3% year-on-year increase in consolidated net profit to Rs 125 crore for the second quarter of FY27, compared with Rs 65 crore in the year-ago period. It, however, failed to meet the estimate of Rs 304 crore.
Eternal's revenue nearly doubled in quick commerce, while the company announced plans to consolidate its going-out business under a single subsidiary and restructure its investment in Adonmo through a share swap with Mygate.
Revenue in the second quarter rose 77.6% to Rs 24,138 crore from Rs 13,590 crore a year earlier. Quick commerce continued to account for the bulk of the company's revenue. Blinkit's segment revenue increased 93.6% year-on-year to Rs 19,152 crore, compared with Rs 9,891 crore in the same period last year.
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India food ordering and delivery revenue rose 36.7% to Rs 3,396 crore from Rs 2,485 crore. Revenue from Hyperpure, Eternal's business-to-business supplies arm, increased 12.8% to Rs 1,154 crore, while the going-out segment reported revenue of Rs 304 crore.
Deepinder Goyal, Founder of Eternal, says that there is growing conversation around AI agents that shop on behalf of consumers. He adds that, "The prevailing narrative is simplistic: agents will become the default commerce interface, and platforms that fail to adapt will be disintermediated. This echoes the narrative from 10 years ago that super apps would dominate everything. We continue to believe vertical commerce, at least in some categories, will have an edge over super apps, whether traditional or agentic.”
Eternal Q2 Results - Cons, YoY
- Net profit up 92.3% at Rs 125 crore vs Rs 65 crore YoY
- Revenue up 77.6% at Rs 24,138 crore vs Rs 13,590 crore YoY
- EBITDA at Rs 752 crore vs Rs 239 crore YoY
- EBITDA margin at 3.1% vs 1.8% YoY
Results Vs Estimates
- Net profit at Rs 125 crore vs estimate of Rs 304 crore
- Revenue at Rs 24,138 crore vs estimate of Rs 23,447 crore
- EBITDA at Rs 752 crore vs estimate of Rs 776 crore
- EBITDA margin at 3.1% vs estimate of 3.3%
Eternal has also approved a business transfer agreement to move its India going-out business into Zomato Entertainment Private Ltd., a wholly owned subsidiary, through a slump sale. The company said the restructuring is intended to streamline its corporate structure.The business generated revenue of Rs 587 crore in FY26, representing 5.39% of Eternal's standalone revenue, while its net worth stood at Rs 8 crore as of March 31, 2026.
Eternal has also approved a transaction to transfer all its shares in Adonmo, an ambient digital advertising platform, to Mygate in exchange for shares in Mygate. Eternal's investment in Adonmo was Rs 112 crore in January 2022.
The shares it will receive in Mygate are valued at approximately Rs 156 crore. After the proposed merger is completed, Eternal expects to hold about 4.4% of the merged entity on a fully diluted basis.
Hyperpure, Eternal's business-to-business supplies arm, reported revenue of Rs 1,154 crore in the September quarter. The shareholders' letter said revenue from its core restaurant supplies business grew 22.7% on a like-for-like basis. The business recorded positive adjusted EBITDA of Rs 10 crore, marking an improvement from a loss in the year-ago period.
Akshant Goyal, the CFO of Eternal expects to cross 3,500 stores by March 2027, and to about 5,000 stores by March 2028. "Our cash balance and profits from both food delivery and quick commerce businesses, also let us fund this pace of growth comfortably. We expect Adjusted EBITDA margins to keep improving through this expansion," he added.
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