Zomato Q1 Results Preview: Blinkit Growth to Drive Eternal Earnings; Food Delivery Margins in Focus

Eternal Ltd, formerly known as Zomato, is set to announce its financial results for the quarter ended June 30, 2026 (Q1 FY27), with investors expected to closely track the performance of its quick commerce business, Blinkit. While the company's food delivery segment is likely to maintain steady growth, analysts believe Blinkit will once again emerge as the biggest contributor to overall business expansion.

Eternal Q1 Results Today: Blinkit Growth, Food Delivery Margins in Focus

Brokerages expect Eternal to deliver another healthy quarter, supported by rapid growth in quick commerce, an expanding dark store network and resilient demand across major cities. However, the Street will also closely monitor whether the company has been able to sustain profitability amid rising competition and continued investments in expansion.

Zomato Q1 Results Today: Can Blinkit Drive Another Strong Quarter for Eternal?

Most analysts expect Blinkit to remain the primary growth engine for Eternal during the June quarter.

According to Motilal Oswal Financial Services, Blinkit's Net Order Value (NOV) is expected to surge around 84.4% year-on-year and nearly 17.9% sequentially, significantly outpacing the food delivery business. Kotak Equities is even more optimistic, forecasting approximately 88% year-on-year growth and nearly 20% quarter-on-quarter growth in Blinkit's order value.

The strong performance is expected to be driven by continued expansion of Blinkit's dark store network, higher average order values, seasonal demand and increased consumer spending during the IPL season.

Quick Commerce Margins Under the Spotlight

While Blinkit's growth remains robust, profitability will be equally important for investors.

Brokerages expect Blinkit's contribution margin to remain healthy despite aggressive expansion. Motilal Oswal estimates Blinkit's gross profit margin at around 26.9%, with contribution margin expected at approximately 5.2% of Net Order Value. The brokerage also expects Blinkit to report an adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) margin of around 0.6%.

Food Delivery Business Expected to Deliver Stable Performance

Although Blinkit is likely to dominate growth, Eternal's food delivery segment continues to remain the company's primary profit generator.

Motilal Oswal expects food delivery Net Order Value to increase around 19.7% year-on-year, supported by healthy demand across restaurants and improving order frequency.

The brokerage expects food delivery take rates to remain stable at around 21.5%, while adjusted EBITDA margin is projected to improve to nearly 6.1% of Net Order Value.

Apart from consolidated revenue and profit, analysts believe several operating metrics will remain critical for evaluating Eternal's quarterly performance.

Blinkit's Net Order Value growth, dark store additions, contribution margin, adjusted EBITDA and overall profitability will remain the biggest focus areas. Investors will also track food delivery order growth, take rates, delivery costs and EBITDA margins to assess whether the company's core business continues to generate healthy cash flows.

Management's outlook on competitive intensity in quick commerce, future expansion plans, customer demand trends and profitability roadmap is also expected to influence investor sentiment following the results. Brokerages remain constructive on Eternal's long-term growth prospects despite the increasingly competitive quick commerce landscape.

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