Zomato Parent Eternal Q1 Preview: Strong Profit Surge Expected, Blinkit to Lead Growth with 20% QoQ GOV Jump

Deepinder Goyal-led Eternal Ltd, the parent company of foodtech giant Zomato or Eternal Limited is set to announce its financial results for the first quarter of FY26 later today. Market participants and analysts are closely watching the company's performance as it rides strong growth tailwinds across both food delivery and quick commerce segments.

Eternal Q1 Results Today: Zomato Q1 Preview 2026

According to projections by JM Financial Ltd (JMFL), Eternal is expected to report a significant sequential improvement in profitability. The company's EBITDA (earnings before interest, tax, depreciation, and amortisation) is forecast to rise to Rs 170 crore in Q1 FY26, up from Rs 72 crore in Q4 FY25. Net profit after tax is estimated at Rs 78.5 crore, a sharp jump from Rs 39 crore in the previous quarter.

Zomato: Steady Gains, Margin Pressure in Food Delivery

Zomato, Eternal's flagship food delivery platform, is projected to report 9% sequential growth in GOV during Q1 FY26, as per JMFL. However, contribution margins are expected to see a slight contraction compared to the previous quarter, partly due to higher delivery fleet costs during the summer and early monsoon months.

Axis Capital anticipates a 16% year-on-year growth in food delivery GOV in line with Q4 FY25 trends. Despite the revenue uptick, profitability could come under pressure as operating costs inch higher.

While take rates are expected to remain stable at 21.1%, analysts caution that rising logistics expenses and promotional pushes in Tier II cities may weigh on short-term margins.

Monthly Transacting Users (MTUs) are expected to grow from 20.9 million in Q4 FY25 to 22.1 million in Q1 FY26, indicating healthy customer acquisition momentum. Zomato's newer offerings such as Bolt and Bistro, which target convenience and quick food experiences, are seen as key future growth drivers.

JMFL and Axis Capital both expect Eternal to maintain strong topline momentum across its verticals, though certain margin headwinds are likely to persist, especially in food delivery.

"The medium term should see some uptick on newer offerings like quick food (Bolt, Bistro), platforms' push to increase AOV and frequency in Tier I markets, and greater penetration in Tier II," Axis Capital stated. JMFL, meanwhile, highlighted that YoY food delivery growth might be slightly slower due to a consumption slowdown and an unfavourable base.

Despite that, Eternal's operating performance appears poised for significant improvement in Q1 FY26, especially in terms of consolidated EBITDA and net profit.

Blinkit's Performance Expectation

Blinkit, Eternal's high-growth quick commerce arm, is likely to be the standout performer this quarter. Analysts expect Gross Order Value (GOV) to grow by 20% quarter-on-quarter, driven by a robust rise in both order volumes and monthly transacting users.

According to Axis Capital, Blinkit is expected to post a staggering 135% year-on-year growth in GOV, reflecting the company's growing dominance in the quick commerce space. Contribution margins are projected to stay flat sequentially but will likely benefit from higher average order values (AOVs), estimated at around Rs 674 for the quarter.

The company's share from each order, known as the take rate is expected to stay steady at 18.1%. However, better platform efficiency is likely to help improve overall profit margins.

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