Eternal Q2 results preview: Quick-commerce giant Eternal will report its July-September quarter (Q2FY26) earnings on Thursday, October 16. Experts believe the company may report a mixed set of numbers for the September quarter, reflecting strong revenue growth but weaker profitability, a trend seen in the first quarter as well.
In Q1FY26, the company reported a 90 per cent year-on-year drop in consolidated net profit to ₹25 crore. However, revenue from operations surged 70.4 per cent year-on-year to ₹7,167 crore. Consolidated adjusted EBITDA dropped by 42 per cent year-over-year to ₹172 crore in Q1FY26.
Eternal Q2: What experts say
Kotak Institutional Equities expects Eternal to post 16 per cent year-on-year (YoY) growth in food delivery GMV (gross merchandise value), 76 per cent YoY growth in Hyperpure revenues and a solid 136 per cent YoY growth in Blinkit GMV.
“The sharp 136 per cent YoY and 23 per cent QoQ GMV growth in Blinkit will be driven by rapid store addition,” said Kotak.
“Revenue growth may be higher than usual Q2FY26 onward and will not be comparable YoY as Blinkit shifts to the 1P (first-party) model,” Kotak said.
Saurabh Jain, the head of fundamental research at SMC Global Securities, believes Eternal’s top line will likely expand on the back of continued momentum in its core food delivery, Hyperpure, and Blinkit segments.
According to Jain, the food delivery business is expected to maintain steady demand, supported by higher platform fees and improving unit economics.
Hyperpure, which supplies restaurants, continues to scale rapidly as more partners are added to the network, said Jain.
Blinkit, the quick-commerce arm, remains the key growth driver, said Jain, with robust expansion in order volumes and store additions, aided by its transition to an inventory-led model that enhances efficiency and customer experience.
“Despite solid operational growth, margins and profitability may come under pressure due to rising costs and a high base from the previous year. Key aspects to watch include the company’s focus on improving take rates, optimising delivery costs, and scaling profitable verticals,” said Jain.
According to Abhinav Tiwari, a research analyst at Bonanza, Eternal may report a strong Q2FY26 topline, with revenue rising sharply by 80 per cent YoY to around ₹8,600 crore, led by Blinkit’s rapid growth and higher order frequency in metro and tier-I cities.
“The company has executed well in expanding its quick commerce business despite a tough operating environment,” Tiwari noted.
However, profit growth may remain weak.
“EBITDA is estimated to rise just 4 per cent YoY to ₹240 crore, while PAT is likely to fall 30 per cent YoY to ₹120 crore due to high rider incentives, discounts, and inflationary costs. This suggests that growth continues to be driven by heavy spending and customer acquisition rather than sustainable profitability,” said Tiwari.
Tiwari underscored the intense competition in the quick commerce space, with Amazon, Reliance JioMart, and Zepto expanding aggressively. This has extended Eternal’s market capture phase and delayed margin recovery.
“Eternal’s Q2 performance will highlight its strong growth momentum, but profitability and cost discipline remain key concerns. The outlook stays cautiously positive, depending on how quickly the company can turn its quick commerce business profitable,” said Tiwari.
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