Eternal eyes $20 billion order value as Blinkit drives growth

Bengaluru: Eternal, formerly Zomato, said it expects to double its annual order value to $20 billion in less than two years, led by the continued expansion of its quick commerce business Blinkit.

The company said it took 18 years to reach $10 billion in annual net order value, across Zomato, Blinkit and District. Founder Deepinder Goyal said in the shareholder letter that the next doubling to $20 billion annual NOV “will take less than two years from here”. Eternal also said it expects to reach $1 billion in adjusted Ebitda, “hopefully by FY29”.

Blinkit remains the main growth engine. Quick commerce NOV grew 95.4% year-on-year in Q4FY26, while adjusted Ebitda improved to Rs 37 crore from Rs 4 crore in the previous quarter. The company added 216 net new stores during the quarter, taking its store count to 2,243.
On the earnings call, management said Blinkit’s growth will be driven by assortment expansion, geographic expansion and demand densification. The company expects quick commerce NOV to grow at over 60% annually for the next three years. Albinder Dhindsa said Blinkit is “very confident of maintaining our pricing discipline,” adding that it is hard to estimate “how much of the market is artificially inflated by discounts.”

Food delivery NOV grew 18.8% year-on-year, moving closer to the company’s long-term expectation of over 20% growth. Eternal said interventions such as lower free-delivery thresholds for Gold members and meals under Rs 250 helped expand demand among price-sensitive users.

Eternal’s total revenue for the March quarter rose to Rs 17,634 crore, up about 6% sequentially from Rs 16,663 crore in the December quarter and sharply higher from Rs 6,201 crore a year earlier, reflecting a year-on-year growth of around 184%. Profit for the period came in at Rs 174 crore, rising about 71% quarter-on-quarter from Rs 102 crore and more than four times higher than Rs 39 crore reported in the year-ago period. For the full year, total income increased to Rs 55,760 crore from Rs 21,320 crore in FY25, marking a growth of roughly 162%. However, annual profit declined to Rs 366 crore from Rs 527 crore in the previous year, a drop of about 31%.

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