Eternal Q3 results today: Zomato and Blinkit estimates, what to watch
Kotak Institutional Equities sees Eternal reporting 46 per cent jump in Q3 profit at Rs 86.30 crore on 214 per cent YoY rise in net sales at Rs 16,970 crore.
- Jan 21, 2026,
- Updated Jan 21, 2026 10:38 AM IST
Eternal Ltd (erstwhile Zomato) is expected to report over 40 per cent year-on-year (YoY) surge in net profit for the December quarter on 200 per cent surge in sales. All eyes would be on any commentary on competition intensity, Blinkit, food delivery gross order value (GOV) growth, and margins.
Kotak Institutional Equities sees Eternal reporting 46 per cent YoY jump in Q3 profit at Rs 86.30 crore on 214 per cent YoY rise in net sales at Rs 16,970 crore. It expects Eternal to post 18 per cent YoY growth in food delivery (Zomato) gross merchandise value (GMV), 71 per cent YoY growth in Hyperpure revenues and solid 123 per cent YoY growth in Blinkit's net merchanside value (NMV).
"The strong 123 per cent YoY NMV growth in Blinkit will be driven by rapid store additions. The NMV growth is impacted by 3-4 per cent due to the GST rate revisions implemented in September 2025. Blinkit's revenues will not be comparable YoY due to the shift to the 1P model Q1FY26 onwards," Kotak said.
MOFSL sees net profit rising 42.60 per cent to Rs 84.10 crore and sales ( net of delivery) 181 per cent YoY to Rs 15,189 crore. MOFSL said net order value (NOV) for the food delivery and quick commerce businesses are likely to grow at 12 per cent YoY and 122 per cent YoY, respectively. It sees food delivery take rates of 21.5 per cent and quick commerce gross profit of 26.5 per cent.
"Food Delivery adjusted Ebitda as percentage of NOV margin may rise 20 bps QoQ to 5.5 per cent. Blinkit is likely to post a contribution margin of 4.7 per cent and adjusted Ebitda margin as percentage of NOV at minus 1.3 per cent in Q3," MOFSL said.
JM Financial sees Q3 profit at Rs 97.90 crore, up 65.80 per cent YoY. It sees sales at Rs 15,887 crore, up 194 per cent. Elara Securities sess Eternal Q3 profit at Rs 120 crore and sales at Rs 15,760 crore.
ICICI Securities expects Eternal to report profit at Rs 99.30 crore in the December quarter. It sees adjusted revenue at Rs 17,700 crore.
"We estimate Zomato’s GOV to grow 2.7 per cent QoQ/19 per cent YoY, with adjusted Ebitda at Rs 530 crore and adjusted Ebitda margin (percentage of GOV) of 4.5 per cent in Q3FY26E. Blinkit’s GOV could grow 15.4 per cent QoQ/127.4 per cent YoY, with adjusted Ebitda loss reducing from Rs 160 crore to Rs 94 crore and adjusted Ebitda margin (percentage of GOV) of minus 0.5 per cent (up 49bps QoQ)," it said.
Eternal Ltd (erstwhile Zomato) is expected to report over 40 per cent year-on-year (YoY) surge in net profit for the December quarter on 200 per cent surge in sales. All eyes would be on any commentary on competition intensity, Blinkit, food delivery gross order value (GOV) growth, and margins.
Kotak Institutional Equities sees Eternal reporting 46 per cent YoY jump in Q3 profit at Rs 86.30 crore on 214 per cent YoY rise in net sales at Rs 16,970 crore. It expects Eternal to post 18 per cent YoY growth in food delivery (Zomato) gross merchandise value (GMV), 71 per cent YoY growth in Hyperpure revenues and solid 123 per cent YoY growth in Blinkit's net merchanside value (NMV).
"The strong 123 per cent YoY NMV growth in Blinkit will be driven by rapid store additions. The NMV growth is impacted by 3-4 per cent due to the GST rate revisions implemented in September 2025. Blinkit's revenues will not be comparable YoY due to the shift to the 1P model Q1FY26 onwards," Kotak said.
MOFSL sees net profit rising 42.60 per cent to Rs 84.10 crore and sales ( net of delivery) 181 per cent YoY to Rs 15,189 crore. MOFSL said net order value (NOV) for the food delivery and quick commerce businesses are likely to grow at 12 per cent YoY and 122 per cent YoY, respectively. It sees food delivery take rates of 21.5 per cent and quick commerce gross profit of 26.5 per cent.
"Food Delivery adjusted Ebitda as percentage of NOV margin may rise 20 bps QoQ to 5.5 per cent. Blinkit is likely to post a contribution margin of 4.7 per cent and adjusted Ebitda margin as percentage of NOV at minus 1.3 per cent in Q3," MOFSL said.
JM Financial sees Q3 profit at Rs 97.90 crore, up 65.80 per cent YoY. It sees sales at Rs 15,887 crore, up 194 per cent. Elara Securities sess Eternal Q3 profit at Rs 120 crore and sales at Rs 15,760 crore.
ICICI Securities expects Eternal to report profit at Rs 99.30 crore in the December quarter. It sees adjusted revenue at Rs 17,700 crore.
"We estimate Zomato’s GOV to grow 2.7 per cent QoQ/19 per cent YoY, with adjusted Ebitda at Rs 530 crore and adjusted Ebitda margin (percentage of GOV) of 4.5 per cent in Q3FY26E. Blinkit’s GOV could grow 15.4 per cent QoQ/127.4 per cent YoY, with adjusted Ebitda loss reducing from Rs 160 crore to Rs 94 crore and adjusted Ebitda margin (percentage of GOV) of minus 0.5 per cent (up 49bps QoQ)," it said.