Eternal (Zomato): Business Overview & Financial Analysis

Eternal Limited, formerly known as Zomato Limited, is an Indian technology company operating across food delivery, quick commerce, business-to-business restaurant supplies and going-out services. The company operates its businesses through Zomato, Blinkit, Hyperpure and District. With a large digital consumer base and delivery network, Eternal has expanded from a food delivery platform into a diversified technology and consumption ecosystem.

Zomato Business Segment Revenue Mix (Q4 FY2025-26)

Zomato business segments reflect the growing contribution of quick commerce, which has expanded rapidly alongside the company’s established food delivery operations.

• Quick Commerce (Blinkit) – 51.5% of adjusted revenue
• Food Delivery (Zomato) – 34.9% of adjusted revenue
• Going-Out (District) – 9.8% of adjusted revenue
• B2B Supplies (Hyperpure) – 3.8% of adjusted revenue

Note: Segment shares are based on adjusted revenue before consolidated adjustments and other corporate items.

Blinkit has emerged as the largest contributor to adjusted revenue, followed by the Zomato food delivery business. District and Hyperpure provide additional diversification across entertainment, dining and restaurant supply chain services.

Zomato Full-Year Financial Performance (FY2025-26)

The full-year Eternal financial performance reflects the company’s growing scale across its digital platforms and continued improvement in profitability.

• Consolidated Revenue – Rs 20,243 crore
• Consolidated Profit After Tax (PAT) – Rs 527 crore
• Active Transacting Consumer Base – 109 million users
• Aggregate Gross Transaction Value (GTV) – More than USD 10 billion
• Free Cash Flow Conversion – 166% of net profit

Eternal reported positive net profit for the full financial year, supported by higher transaction volumes and improving contribution margins across its businesses. The company also maintained strong free cash flow conversion as its consumer base and platform activity expanded.

Zomato Quick Commerce Business Performance (Q4 FY2025-26)

Blinkit remains an important growth driver for Eternal, supported by an expanding dark store network, higher order volumes and increasing customer adoption.

• Quick Commerce Net Order Value (NOV) – Rs 14,386 crore
• Monthly Average Transacting Customers – 27.2 million
• Adjusted Segment EBITDA – Turned positive for the first time
• Inventory-Led Business Transition – Completed across Blinkit operations

The transition to an inventory-led model has changed the revenue recognition structure of the quick commerce business. Higher order density, increasing average order values and an expanding dark store network supported improvements in Blinkit’s operating performance.

Zomato Food Delivery Business Performance (Q4 FY2025-26)

The Zomato food delivery business continues to maintain a large consumer and restaurant network while focusing on order growth and improving operating efficiency.

• Food Delivery Net Order Value (NOV) – Rs 9,757 crore
• Monthly Average Transacting Customers – 25.4 million
• Active Restaurant Partners – 1,31,233
• Active Delivery Partners – 1,61,637

The food delivery business remains a major contributor to Eternal’s operations. Platform fees, customer loyalty programmes and delivery network optimisation continue to support segment profitability and repeat customer activity.

Zomato Hyperpure and District Business Performance (Q4 FY2025-26)

Zomato's emerging businesses provide exposure to restaurant supply chains and the growing market for dining, entertainment and event discovery services.

• Hyperpure B2B Revenue – Rs 978 crore
• Hyperpure Geographic Presence – 8 major cities
• District Net Order Value (NOV) – Rs 2,736 crore
• District Revenue – Rs 277 crore

Hyperpure supports restaurant partners through business-to-business supply services, while District provides access to dining, movies, sports and live events. These businesses expand Eternal’s presence beyond food delivery and quick commerce.

Zomato Latest Quarterly Financial Performance (Q4 FY2025-26)

The latest quarterly results show strong growth in reported revenue and profitability, supported by the expansion of the company’s multi-business platform.

• Consolidated Revenue from Operations – Rs 17,292 crore (+196% YoY)
• Consolidated Net Profit (PAT) – Rs 174 crore (+346% YoY)
• Adjusted EBITDA – Rs 429 crore (+160% YoY)
• Sequential Adjusted EBITDA Growth – 18% QoQ
• Quarterly Cash Addition – Rs 152 crore
• Dividend – Nil

Reported revenue growth was significantly influenced by accounting changes following Blinkit’s transition to an inventory-led model. Despite continued investments across quick commerce and other emerging businesses, Eternal recorded positive adjusted EBITDA and added cash during the quarter.

Zomato Balance Sheet and Liquidity Position (As of March 31, 2026)

The company maintains a strong liquidity position with no outstanding borrowings, providing financial flexibility to support investments across its growing businesses.

• Total Borrowings – Nil
• Cash Balance – Rs 17,972 crore
• Return on Equity (ROE) – 7.13%
• Return on Capital Employed (ROCE) – 7.76%
• Current Ratio – 4.12 times

Zomato’s debt-free balance sheet and large cash reserves provide financial flexibility to fund dark store expansion, technology investments and growth across its emerging businesses without significant dependence on external borrowings.

Zomato Sustainability and Net-Zero Targets (FY2025-26)

The company has established long-term sustainability targets focused on electric mobility, emissions reduction and social initiatives.

• Electric Vehicle Delivery Target – 100% EV-based deliveries by 2030

• Net-Zero Target – Net-zero emissions across the value chain by 2033

• Social Impact Initiative – Feeding India focuses on addressing nutrition-related challenges

The transition towards electric delivery vehicles forms an important part of Zomato's sustainability strategy. The company is also working towards reducing emissions across its broader value chain while continuing its social impact programmes.

Zomato Management Commentary and Strategic Priorities (Q4 FY2025-26)

Management remains focused on expanding quick commerce, maintaining food delivery profitability and developing newer businesses such as District and Hyperpure.

• Corporate Structure – The transition from Zomato Limited to Eternal Limited reflects the company’s evolution into a multi-business technology platform.

• Quick Commerce Expansion – Blinkit will continue expanding its store network and increasing market penetration across key cities.

• Food Delivery Strategy – The company remains focused on customer retention, order frequency and maintaining sustainable unit economics.

• Capital Allocation – Internal cash reserves will continue to support investments in dark stores and other business expansion initiatives.

• District Growth – The company aims to expand District across dining, entertainment, sports and live event categories.

• Delivery Network – Operational initiatives remain focused on improving delivery partner onboarding, retention and efficiency.

• Hyperpure Expansion – The B2B business will continue improving sourcing and distribution capabilities for restaurant partners.

• Profitability Strategy – Management remains focused on balancing business expansion with disciplined operating economics.

Zomato's strategy focuses on strengthening its core food delivery business while scaling Blinkit, District and Hyperpure. Investments in technology, logistics infrastructure and consumer acquisition remain important for supporting the company’s long-term growth.

Zomato Future Outlook

The Zomato future outlook remains centred on expanding quick commerce, maintaining food delivery profitability and developing newer consumer-facing platforms.

• Quick Commerce – Growth will depend on dark store expansion, order density and increasing customer adoption.

• Food Delivery – The company will continue focusing on order growth, customer retention and sustainable margins.

• Emerging Businesses – District and Hyperpure provide opportunities to expand into additional consumer and business markets.

• Financial Position – Strong cash reserves provide flexibility to fund business expansion and technology investments.

Zomato's future performance will depend on its ability to scale Blinkit while maintaining profitability across food delivery and other businesses. The company’s strong liquidity position, expanding consumer ecosystem and investments in logistics infrastructure remain important factors for its long-term business growth.

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Citations

[1.1.1] Eternal Limited Corporate Blog: Q4FY26 Shareholders' Letter and Performance Summary (April 28, 2026).
[1.1.2] Eternal Limited Investor Relations Portal: Segment Disclosures, Brand Essentials, and Sustainability Rationale (FY26).
[1.1.3] Sahi Trading Desk: Eternal Limited Q4 FY26 Audited Result Evaluation and Inventory Shift Analysis (April 2026).
[1.2.1] Appreciate Financial Pulse: Eternal Zomato Q4 Results FY26 Analysis and Unit Economics Insights (June 2026).
[1.2.2] Univest Research Note: Eternal Limited Parent Corporate Performance and Management Outlook for FY27 (April 2026).
[1.3.1] Finology Ticker Database: Standalone and Consolidated Financial Metrics for Eternal Limited (ETERNAL).
[1.3.2] Screener Indian Markets Hub: Key Insights and Operational Ratios for Eternal Limited (ETERNAL).
[1.4.1] Wikipedia Open Archive: Eternal Limited History, Strategic Mergers, and Rebranding Transitions (2026).
[1.4.2] Kotak Neo Investment Guide: Zomato Rebranded – Strategic Rationale Behind Eternal Limited Frameworks (February 2025).

Disclaimer
The information presented above on Eternal has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on the Finology Ticker Eternal page before making any investment decision.