Eternal, the parent company of Zomato, Blinkit, District, and Hyperpure, reported a strong performance for the first quarter of FY27, with consolidated adjusted revenue increasing 173% year-on-year to Rs 20,648 crore, while like-for-like revenue grew 66% YoY. On a sequential basis, adjusted revenue rose 17%.
The company’s B2C Net Order Value (NOV) grew 54% YoY to Rs 31,120 crore, while consolidated adjusted EBITDA increased 223% YoY and 29% quarter-on-quarter to Rs 555 crore.
Quick-Commerce Turns Profitable
Eternal’s quick commerce business recorded an 86% year-on-year increase in NOV to Rs 17,132 crore.
The segment posted an adjusted EBITDA profit of Rs 102 crore, with margins improving to 0.6% of NOV, compared with a loss of Rs 162 crore in the corresponding quarter last year. This marked the fifth consecutive quarter of improvement in adjusted EBITDA.
During the quarter, the company added 200 net new stores, taking its total store count to 2,443. Eternal said it has invested around Rs 3,000 crore in capital expenditure over the past four years to build a network spanning approximately 19 million sq. ft. of store and warehousing space across more than 300 cities.
The company said its quick commerce strategy continues to focus on assortment expansion, geographical expansion and demand densification. It also plans to drive premiumisation through the launch of ‘gourmet’ stores across select locations in the top eight cities.
“We continue to focus our efforts on our three pillars of long-term growth – assortment expansion, geographical expansion, and demand densification. Going forward, premiumisation through launch of ‘gourmet’ stores in select locations in top eight cities will also contribute to assortment expansion on the platform. These gourmet stores offer our customers the ability to buy curated premium brands across categories.” Albinder Singh Dhindsa, Group CEO, Eternal.
Food Delivery Maintains Growth Momentum
Eternal’s food delivery business reported more than 20% year-on-year NOV growth to Rs 10,769 crore, marking the fifth consecutive quarter of accelerating growth.
The segment’s adjusted EBITDA margin improved to 5.6% of NOV, resulting in a profit of Rs 606 crore, up 34% year-on-year.
Deepinder Goyal, Founder, Eternal, said, “If we’re doing our job well, growth and margins should compound together – because growth in this business comes from making the platform more useful to more people, which drives frequency, which drives density, which drives efficiency. The flywheel doesn’t ask you to choose.”
“These platforms (Toing, Ownly) are offering the same restaurants, similar or longer delivery times, and lower menu prices funded by lower commissions and delivery fees – making the revenue gap even more unsustainable. There’s no new use case being unlocked here. The customer traction is purely price-driven, and price-driven traction without structural economics tends to resolve itself,” he added.
Going-Out Business Accelerates
The Going-Out segment posted a 60% year-on-year and 18% quarter-on-quarter increase in NOV to Rs 3,218 crore.
Adjusted EBITDA margin improved to -2.0% of NOV from -2.7% a year earlier, reducing the segment’s loss to Rs 65 crore.
Eternal said its District platform currently generates business for more than 45,000 restaurants, over 5,000 movie screens, 6,000 retail stores, 7,500 events including concerts, comedy shows and sports events, and more than 2,000 activity outlets such as theme parks, sports facilities and children’s play areas.
Hyperpure Returns to Profitability
Hyperpure reported 27% year-on-year like-for-like revenue growth and 6% sequential growth to Rs 1,034 crore.
The business recorded an adjusted EBITDA margin of 0.6%, compared with a negative 0.8% in the year-ago period, resulting in a profit of Rs 6 crore against a loss of Rs 18 crore in Q1FY26.
The company’s ‘Others’ segment includes emerging businesses such as Bistro, Nugget and Greening India. Beginning Q1FY27, the segment also includes community initiatives such as Blinkit Ambulance Service and Feeding India, consolidated under Eternal General Services Foundation.
“The most critical signal of how we’re doing against competition is customer retention. If customers are staying and spending more despite aggressive pricing from competitors, the business is working. We’ve invested ~Rs 3,000 crore in capex over the past four years to build this network, and as we continue to expand, the investments will continue. This is the most critical building block of our business and also our biggest differentiator.” Akshant Goyal, Chief Financial Officer, Eternal.
