Zomato-parent Eternal Q2 adjusted revenue jumps 65% to $1.6b

Eternal reported a 65% year-on-year rise in adjusted revenue for Q2, reaching 13,590 crore rupee (US$1.63 billion), but net profit fell to 65 crore rupee (US$7.8 million) from 176 crore rupee (US$21.1 million) last year as investments in quick commerce continued.

The Delhi-based company operates Blinkit, Zomato, and Hyperpure.

Quarterly operating revenue rose 89% to 7,167 crore rupee (US$860 million), according to exchange filings.

Shares dropped 4.3% to 338 rupee (US$4.06) on the NSE after the earnings announcement.

Blinkit’s NOV more than doubled year-on-year to 11,679 crore rupee (US$1.4 billion), with segment revenue rising 8x to 9,891 crore rupee (US$1.19 billion) as the business shifted to an inventory-led model.

Zomato, the food delivery startup, posted 22% year-on-year revenue growth to 2,863 crore rupee (US$343 million), with management noting challenges from weaker discretionary spending and increased competition from quick commerce.

Hyperpure’s core restaurant supply business rose 42% to 940 crore rupee (US$113 million), while non-restaurant revenue declined due to the inventory transition.

The District vertical reported revenue fall sequentially to 189 crore rupee (US$23 million), and continued to operate at a loss.

🔗 Source: YourStory

🧠 Food for thought

Implications, context, and why it matters.

Blinkit’s inventory shift inflates revenue but obscures true unit economics

Blinkit, Eternal’s quick commerce unit, posted an ~8x revenue jump to ₹9,891 crore. The move from a marketplace model to owned inventory means it now books the full sale value, which distorts year-over-year comparisons 1 2.
Profit hinges on contribution margin per order, gross margin after inventory costs, and working capital in inventory and payables. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) loss was ₹156 crore 1, with net working capital for inventory at ₹2,000 crore 3. Management expects about a 1 percentage point lift 3, while Q2 adjusted EBITDA margin moved from -1.8% to -1.3% 1. Sparse unit data on cost of goods sold, shrinkage, and turnover keeps the outlook murky.

Quick commerce’s advertising flywheel is heating up for brands and adtech players

Net Order Value (NOV) rose 137% year over year to ₹11,679 crore 4. About 80% of order value now comes from owned inventory 3, which gives direct control over shelf space, placement, and merchandising. That control powers retail media, so ad revenue could top the roughly 15% share some third-party analyses assign to ads 5.
Goods and Services Tax (GST) cuts lowered average basket tax by 3 percentage points 3, which should lift order frequency. That raises ad impressions and improves return on investment for sponsored placements. Blinkit targets 3,000 stores by March 2027 3.