Zomato Q2 Preview: Eternal Revenue Likely To See Strong Growth, Profit Under Pressure Amid Blinkit Expansion

Eternal, the parent company of Zomato, is expected to report strong revenue growth for the September quarter (Q2FY26), driven primarily by the rapid expansion of its quick commerce arm, Blinkit. However, analysts caution that despite a surge in topline figures, the company's profitability may decline significantly compared to the same period last year.

Eternal Q2 Results: Zomato Earnings Call Date, Time and Expectations

The Zomato company is scheduled to announce its Q2FY26 earnings on Thursday on October 16, 2025. The company is expected to release its results post-market hours, followed by an earnings call with analysts.

Zomato Parent Eternal Q2 Preview 2025: Revenue Growth Led by Quick Commerce

Brokerage estimates suggest a wide range for Eternal's revenue performance, reflecting differing expectations for Blinkit's contribution and overall platform growth. According to projections from four major brokerages; Morgan Stanley, BofA, Nuvama Institutional Equities, and Bonanza, the company could post year-on-year revenue growth of up to 137%.

Morgan Stanley Bullish on Zomato Q2 Performance

Morgan Stanley remains the most bullish, forecasting revenue at Rs 12,170 crore, marking a 137.3% year-on-year and 60.9% sequential growth. The brokerage attributes this surge to strong gains in Blinkit's order volume and a favorable shift in business mix.

BofA, Bonanza, Nuvama Project Strong Revenue Growth for Eternal in Q2FY26

BofA expects Eternal to report Rs 8,480 crore in revenue, representing a 77% year-on-year increase and an 18% quarter-on-quarter rise. Bonanza projects revenue to reach Rs 8,600 crore, driven by Blinkit's rapid penetration in metropolitan and tier-I cities and increasing order frequency.

While revenue figures are expected to impress, Eternal's bottom line may tell a different story. Analysts believe that the company's profit could drop by as much as 71% year-on-year, largely due to the cost-intensive nature of its quick commerce operations and rising input costs in its core food delivery business.

According to analysts, higher rider incentives, promotional campaigns, and investments in customer acquisition for Blinkit are likely to weigh heavily on margins.

Food Delivery Sees Steady Growth

Eternal's core food delivery segment is expected to post modest growth in the second quarter. BofA estimates the Gross Order Value (GOV) for food delivery at Rs 11,340 crore, reflecting a 17% year-on-year increase.

Meanwhile, Nuvama anticipates a 90% year-on-year and 27% quarter-on-quarter growth. It also projects similar growth of 5% quarter-on-quarter and 17% year-on-year.

Morgan Stanley forecasts an increase in Monthly Transacting Users (MTUs) by one million sequentially, bringing the total to 23.9 million. The brokerage expects both order frequency and average order value to remain stable, leading to a Net Order Value (NOV) of Rs 95.7 billion, up 6.7% QoQ and 15.6% YoY.

Adjusted EBITDA margins for the food delivery segment are expected to remain flat at 4.9%, mirroring the performance in the previous quarter.

Blinkit Q2 Expectations: High Growth, High Costs

Blinkit continues to be the centerpiece of Eternal's growth strategy. The quick commerce platform is expected to deliver a standout performance in Q2FY26. BofA estimates Blinkit's GOV at Rs 14,590 crore, marking a 24% quarter-on-quarter increase. Morgan Stanley is even more optimistic, projecting a 30.5% QoQ and 143.7% YoY rise in Net Order Value, with revenues climbing to Rs 74.4 billion.

This growth is attributed to Blinkit's continued shift towards a first-party inventory model, which allows better control over pricing and fulfillment. Nuvama also sees Blinkit as a major revenue contributor, projecting 23% QoQ and 137.1% YoY growth in its GOV.

However, not all analysts are optimistic about the segment's bottom line. Bonanza has warned that while Blinkit's growth is impressive, the fierce competition in the quick commerce space may delay the path to profitability, especially with elevated spending on logistics and customer acquisition.

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