Zomato Q3 Results Preview: Eternal Eyes 18% GMV Rise as Blinkit and Hyperpure Drive Momentum, Margins in Focus

Food delivery major Eternal, popularly known as Zomato, is set to announce its Q3FY26 earnings today on January 21, 2026. Analysts expect the December-quarter numbers to show strong growth, driven by Blinkit's first-party shift and robust quick commerce demand, even as profitability concerns linger across recent bets.

Zomato Q3 Results Preview: Eternal Set for Strong Blinkit-Led Growth, Profitability Under Watch

Brokerages anticipate solid top-line growth for Eternal in Q3. Kotak Institutional Equities projects 18 per cent year-on-year (Y-o-Y) growth in food delivery gross merchandise value (GMV), 71 per cent Y-o-Y growth in Hyperpure revenue and a remarkable 123 per cent Y-o-Y growth in Blinkit net merchandise value (NMV).

The strong performance in Blinkit is expected to be driven by rapid dark store expansion, with analysts forecasting a period-ending store count of 2,100, implying 284 new stores added in Q3. However, Blinkit's NMV growth is likely to be impacted by 3-4 percent due to GST rate revisions implemented in September 2025.

Eternal Q3 Results FY26 Preview: Kotak Institutional Equities Expects 18% Food Delivery GMV Growth, 123% Blinkit NMV Surge

While headline growth looks strong, brokerages remain cautious on profitability. Kotak expects a 10 basis points (bps) quarter-on-quarter (Q-o-Q) expansion in contribution margins, with Ebitda margins of the food delivery business rising to 4.5 percent and food delivery contribution margins reaching 8.7 percent.

On a consolidated basis, Ebitda is estimated at Rs 292.3 crore, up from Rs 162 crore a year ago. Adjusted Ebitda is forecasted at Rs 270 crore, reflecting higher losses in Blinkit and District that partially offset gains from core food delivery operations.

Motilal Oswal Sees Strong Quick Commerce Momentum

Motilal Oswal Financial Services expects the net order value (NOV) of Eternal's food delivery and quick commerce businesses to grow 12 per cent and 122 per cent Y-o-Y, respectively. Food delivery take rates are forecasted at 21.5 percent, while quick commerce gross profit is projected at 26.5 percent.

Blinkit is expected to maintain growth momentum, with Q-o-Q and Y-o-Y growth of 15 per cent and 122 percent in NOV, respectively.

Hyperpure revenues are also anticipated to continue their upward trajectory. Food delivery adjusted Ebitda as a percentage of NOV is likely to rise 20 bps Q-o-Q to 5.5 per cent, while Blinkit's contribution margin is projected at 4.7 percent and adjusted Ebitda margin at -1.3 percent.

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