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Eternal Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary16 Oct, 2025
Executive summary
Quick commerce business saw significant MTU additions and robust revenue growth, supported by increased marketing investments and a shift to an inventory-led model, with plans to maintain elevated ad spend as long as CAC and LTV remain healthy.
Food delivery profitability improved due to a mid-quarter platform fee increase, but growth remained subdued, attributed to macro headwinds and competition from quick commerce.
Store expansion continues aggressively, targeting 2,100 stores by December and 3,000 by March 2027, with most new stores in top 10 cities.
Consolidated revenue for Q2 FY26 was INR 13,590 crores, up from INR 7,167 crores in the previous quarter and INR 4,799 crores in Q2 FY25.
The company completed the acquisition of Orbgen Technologies and Wasteland Entertainment, expanding into movies ticketing and events.
Financial highlights
Gross margin in quick commerce expanded by 300 basis points, mainly from a shift to an inventory-led (1P) model, though much of the gain was offset by higher supply chain costs.
Contribution margin did not improve meaningfully despite gross margin gains, as first mile and supply chain costs increased.
Food delivery growth was around 14-15% year-over-year, with expectations for a slow uptick in the near term.
Quick commerce revenue surged to INR 9,891 crores in Q2 FY26, up from INR 2,400 crores in Q1 FY26.
Net profit margin for Q2 FY26 was approximately 0.5%.
Outlook and guidance
Elevated marketing spend in quick commerce will continue in the near term, focused on new user acquisition, with operating leverage expected as scale increases.
Food delivery medium-term growth guidance remains at 20%+, but management expects 15% for the current year, with improvement dependent on macro recovery.
District business expected to maintain 30% year-on-year growth, with absolute losses remaining range-bound in the near term and improvement anticipated in FY 2027.
The company is transitioning its quick commerce segment to a combination of marketplace and inventory-led model, impacting segment revenue mix.
Management remains confident in the long-term growth of new business segments and continues to support loss-making subsidiaries.
Explain rationale for 3,000 Blinkit stores?
What underpins 20%+ food delivery growth?
Clarify Blinkit's profitability strategy?
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Q3 25/2619 Jan, 2026
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Frequently asked questions
Eternal Limited (formerly Zomato Limited) is an India-based technology company operating in the food services sector. The company provides an online platform connecting customers with restaurants, offering services such as food delivery, restaurant discovery, and table reservations. Zomato also offers subscription-based programs for users and marketing tools for restaurant partners to enhance their reach and engagement. In addition, the platform features customer reviews, menus, and ratings to help users make informed dining decisions. The company is headquartered in Gurugram, India, and its shares are listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).
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