Eternal Q4 results expectations: Zomato, Blinkit parent may post up to 430% profit growth; target prices | Preview

Eternal Ltd is all set to announce its March quarter results on Tuesday, April 28. Analysts are largely expecting up to 210 per cent year-on-year (YoY) rise in sales and up to 430 per cent jump in net profit for the March quarter.

ICICI Securities, the fourth largest brokerage in terms of active clients in FY26, said Zomato’s gross order value (GOV) may grow 20 per cent and net order value (NOV) 17.2 per cent YoY, with adjusted Ebitda likely coming in at Rs 530 crore and an adjusted Ebitda margin as percentage of GOV at 4.5 per cent in Q4FY26. 

"Blinkit’s GOV could grow 106.1 per cent YoY and NOV could grow 100.50 per cent YoY, with adjusted Ebitda at Rs 44.30 crore and an adjusted Ebitda margin (per cent of GOV) of 0.2 per cent. Overall, we estimate adjusted revenue growth of 208 per cent YoY. We estimate consolidated PAT to be Rs 120 crore," ICICI Securities said.

Kotak Institutional Equities, the seventh biggest brokerage in terms of active clients, expects Eternal to post 20 per cent YoY growth in food delivery gross merchandise value (GMV) and 99 per cent YoY growth in Blinkit net merchandise value (NMV). The NMV growth in Blinkit is seen driven by rapid store addition. Kotak is expecting a store count of 2,200, implying 173 new dark store addition in Q4. 

"Blinkit's revenues will not be comparable YoY due to shift to 1P model 1QFY26 onwards. We model 30 bps QoQ expansion in CM and 20 bps QoQ expansion in Ebitda margin of food delivery business to 8.8 percent and 4.6 per cent, respectively. The margin expansion will be partially driven by an increase in platform fee at the end of the quarter. For the Blinkit business, we model flat contribution and Ebitda margin QoQ as operating leverage of older stores will be offset by pricing action taken due to increase in competitive intensity," Kotak said. 

This brokerage sees adjusted profit at Rs 67.80 crore, up 73.80 per cent YoY. Revenue is seen rising 200 per cent YoY to Rs 17,498 crore.  MOFSL sees profit at Rs 207.50 crore, up 432 per cent per cent. Revenue is expected at Rs 16,400  crore, up 180.60 per cent YoY.

Eternal target prices
MOFSL has a target of Rs 330 on Eternal. BNP Paribas recently upped its target price for Eternal to Rs 380 from Rs 420 earlier. Nirmal Bang has a target of Rs 334 for Eternal. JM Financial maintains a 'Buy' on Eternal with a target price of Rs 400.