Zomato Parent Eternal Q2 Revenue Jumps 78% to ₹24,138 Cr; Blinkit EBITDA Positive

Eternal Limited, the parent entity of food-delivery platform Zomato, quick-commerce leader Blinkit, B2B wholesale arm Hyperpure, and entertainment ticketing portal District, posted its second-quarter earnings for FY27, reporting consolidated revenue from operations of ₹24,138 crore. This marks a 77.6% year-on-year increase compared to ₹13,590 crore in Q2 FY26, driven by aggressive dark store network expansion and accelerating quick-commerce Gross Order Value (GOV).

What Happened

Consolidated adjusted EBITDA jumped 197.3% YoY to ₹666 crore from ₹224 crore in Q2 FY26. Consolidated profit after tax (PAT) rose 92.3% YoY to ₹125 crore from ₹65 crore a year ago. However, bottom-line net profit fell short of street consensus expectations of ₹270–₹300 crore, as aggressive dark store additions, warehouse leases, and competitive rider incentives in non-metro markets absorbed operating gains.

Q2 FY27 Financial Snapshot

Blinkit solidified its position as the group's fastest-growing engine, with GOV surging 118.5% YoY. Crucially, Blinkit operated at adjusted EBITDA breakeven to positive territory across mature city clusters, generating positive contribution margins of 4.2% on mature store cohorts. The active dark store footprint expanded to 1,180 stores across 45 cities, on track toward management's 2,000-store target.

Food Delivery vs. Quick Commerce Mix

Core food delivery generated steady GOV growth of 21.4% YoY with stable adjusted EBITDA margins of 3.8% of GOV. Meanwhile, Hyperpure B2B revenue grew 64% YoY to ₹2,850 crore as restaurant sourcing density deepened. The newly carved out "District" vertical for movies and live events began contributing initial revenues following the integration of acquired Paytm ticketing assets.

Independent TradeKaizen Analysis & Key Risks

TradeKaizen Analysis: Eternal's revenue acceleration demonstrates that quick-commerce has evolved beyond grocery into an all-category impulse retail channel. However, the PAT miss highlights the high cash intensity of the ongoing dark store land grab. With Swiggy, Zepto, and Tata Neu investing aggressively in 10-minute delivery, price competition and rider delivery costs will constrain margin expansion over the next 3–4 quarters.

Key risks include intensifying competitive discounting in Tier-1 quick commerce, regulatory interventions on gig-worker minimum social security contributions, and potential warehouse leasing cost escalation in dense urban catchments.

Disclaimer: This report is for informational purposes only and does not constitute investment advice.