Eternal Limited (Zomato) Q4 Results FY26 Analysis: ₹174 Cr Profit Explosion, Blinkit Boom & ₹300+ Target Ahead?

Introduction: From “Cash Burn” to “Cash King”

If you’ve followed India’s startup ecosystem over the last decade, you’ll remember a time when profitability felt like a distant dream for food delivery companies. Endless discounts, high cash burn, and constant skepticism defined the narrative. But fast forward to today, and Eternal Limited has completely rewritten that story.

What makes this transformation even more interesting is that the company didn’t try to hide its past. Instead, it embraced it and evolved. The rebranding from Zomato to Eternal Limited signals a much bigger ambition—becoming a dominant force in India’s entire consumption ecosystem, not just food delivery.

On April 28, 2026, the company released its Q4 FY26 results, and the numbers are nothing short of extraordinary. Net profit surged 346% year-on-year to ₹174 crore, while revenue from operations skyrocketed 196% to ₹17,292 crore.

Even in a market environment affected by global headwinds like US tariffs and geopolitical uncertainty, Eternal is proving that India’s consumption story—especially quick commerce—is operating on a completely different trajectory.

The stock is currently trading near ₹258, showing resilience despite intraday volatility. Investors are clearly digesting one simple message: this is no longer a “loss-making startup.” This is a profit-generating growth machine.

Q4 FY26 Financial Scorecard: The Hyper-Growth Quarter

The Q4 FY26 results of Eternal Limited represent one of the strongest growth quarters seen in India’s new-age tech space.

The company reported consolidated revenue of ₹17,292 crore, compared to ₹5,833 crore in Q4 FY25. That’s a massive 196% increase, driven largely by the explosive growth of its quick commerce business.

Net profit stood at ₹174 crore, up from just ₹39 crore a year ago. This 346% jump is not just about growth—it signals a fundamental shift in the business model toward profitability.

Adjusted EBITDA came in at ₹429 crore, up 160% year-on-year. This indicates that the company is not only growing fast but also becoming more efficient.

The real standout, however, is Blinkit. Revenue from Blinkit alone jumped to ₹13,232 crore from ₹1,709 crore, reflecting an astonishing 674% growth.

These numbers make one thing clear: Blinkit is no longer an experiment. It is the core engine of Eternal’s growth story.

Fundamental Analysis: The Blinkit Revolution

Quick Commerce: The New Core Business

A few years ago, quick commerce was seen as an unsustainable model. The idea of delivering groceries in minutes seemed expensive and impractical.

But today, Blinkit has changed that perception completely. With revenue growing 674%, it is now one of the fastest-growing segments in the Indian consumption space.

What’s even more important is scale. Blinkit is rapidly approaching the size of the core food delivery business, making Eternal a diversified consumption platform.

Store Expansion: Building a Delivery Moat

One of the key drivers of Blinkit’s success is its aggressive store expansion strategy. The company added 216 new stores in just one quarter, taking the total count to 2,243.

This expansion is not random—it is strategic. By increasing store density in urban and semi-urban areas, Blinkit is reducing delivery time and improving customer experience.

More stores also mean higher order density, which directly improves profitability. This is how operating leverage works in quick commerce.

Operating Leverage: Profitability Kicks In

The biggest shift in Eternal’s business model is the emergence of operating leverage. As order volumes increase, the cost per delivery decreases.

This is clearly visible in the 160% growth in adjusted EBITDA. The company is now reaching a stage where scale is translating into profits.

For investors, this is the turning point. Growth without profitability is exciting, but growth with profitability is powerful.

Technical Analysis: The Multi-Year Accumulation

From a technical perspective, Eternal Limited’s stock is showing strong signs of consolidation before a potential breakout.

The stock is currently trading around ₹258 and has established a strong base in the ₹212–₹220 range. This zone acts as a structural support, where long-term investors are accumulating.

In the short term, ₹245 has emerged as an important support level. The fact that the stock held this level during intraday volatility indicates strong buying interest.

On the upside, ₹290–₹300 is the key resistance zone. A breakout above ₹300 could trigger a sharp rally toward the all-time high of ₹368.

The RSI is currently around 54, which suggests that the stock is in a healthy zone—not overbought and with enough room for further upside.

Brokerage Sentiment & Targets: The Re-Rating Cycle

Brokerage firms are increasingly optimistic about Eternal Limited’s growth prospects.

Jefferies has given a “BUY” rating with a target price of ₹320, highlighting the company’s leadership in quick commerce.

Nuvama Institutional Equities has taken a slightly cautious stance with a target of ₹275 but acknowledges that strong growth justifies the valuation.

The overall consensus points toward a target range of ₹300+, with potential upside if the company continues to execute well.

Management Guidance: The “Eternal” Vision

Expanding Beyond Groceries

Management is not stopping at groceries. Blinkit is rapidly expanding into categories like electronics, apparel, and beauty products.

This move significantly increases the addressable market and positions Eternal as a one-stop platform for instant consumption.

Hyperpure: The Next Profit Engine

Another important segment is Hyperpure, the company’s B2B supply chain business. This division is nearing EBITDA breakeven, which could add another layer of profitability.

For restaurants, Hyperpure provides a reliable supply chain, creating strong ecosystem synergies with the food delivery business.

The “30-Year” Analyst Verdict

For Long-Term Investors

Eternal Limited represents the “New India” consumption story. It captures the shift from traditional retail to instant, on-demand services.

For long-term investors, this is one of the best ways to participate in India’s digital consumption growth.

For Traders

For traders, the stock offers a clear strategy. As long as it holds the ₹245 support level, the trend remains bullish.

Buying on dips and targeting ₹300+ levels provides a favorable risk-reward setup.

Conclusion: A New-Age Powerhouse

Eternal Limited has officially transitioned from a startup to a fundamentally strong business. The Q4 FY26 results confirm that profitability and growth can coexist.

With Blinkit leading the charge and new segments adding momentum, the company is well-positioned for the future.

What’s Your View? (CTA)

Are you investing in Eternal Limited for its ₹300+ growth potential, or do you think the valuation is still too high? Let’s discuss the future of quick commerce and digital consumption in the comments.

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