Zomato Q4 Results Preview: Eternal May Deliver Strong Growth; Platform Fee Hike, Blinkit Could Drive Earnings

Food delivery major Zomato, now operating under the parent entity Eternal, is expected to report a robust set of numbers for the March quarter, with strong growth in both its core food delivery business and quick commerce arm Blinkit. However, analysts suggest that margins and the ongoing business model transition in Blinkit will remain key monitorables.

Zomato Q4 Results Today: Check Eternal Q4 Earnings Recording Time & Updates

Eternal, the parent company of Zomato is set to announce its Q4 FY26 (January-March quarter) results today, Tuesday, April 28, 2026.

Zomato Q4 Preview: Kotak Estimates 74% Profit Growth, Revenue to Jump 200% YoY

On the financial front, estimates vary across brokerages but point to strong growth overall. Brokerage firm Kotak Institutional Equities expects adjusted profit to come in at around Rs 67.8 crore, marking a rise of nearly 74% compared to the same period last year, with revenue projected to surge to about Rs 17,498 crore, up 200% year-on-year.

Eternal Q4 Preview: Kotak Sees Margin Expansion in Zomato's Food Delivery Business; EBITDA May Rise to 4.6%

Kotak Institutional Equities expects steady improvement in the profitability of the food delivery segment. The firm has projected a quarter-on-quarter expansion of around 30 basis points in contribution margin and about 20 basis points in EBITDA margin, taking the latter to approximately 4.6%.

Zomato Platform Fee Hike to Aid Profitability

This improvement is likely to be supported in part by a late-quarter increase in platform fees, which could boost overall unit economics.

Blinkit Performance Likely Stable as Pricing Pressure Offsets Operating Leverage

At the same time, Blinkit's performance is expected to remain relatively stable on a sequential basis. Analysts note that while older stores are beginning to benefit from operating leverage, this advantage may be offset by pricing pressures amid rising competition in the quick commerce space.

Additionally, the shift to a first-party (1P) inventory model from Q1FY26 is expected to distort year-on-year revenue comparisons, making headline growth figures less directly comparable.

In terms of scale, Blinkit continues to expand aggressively. Kotak estimates that the platform's net merchandise value (NMV) could grow nearly 99% year-on-year, driven largely by rapid store additions. The total dark store count is expected to reach around 2,200 by the end of the quarter, implying the addition of over 170 new stores during the period.

This expansion is seen as a key driver of future growth, even as near-term profitability remains under pressure.

The core food delivery business is also projected to maintain healthy momentum, with gross merchandise value (GMV) growth estimated at around 20% year-on-year. This reflects sustained demand and improved monetisation strategies, despite a competitive market environment.

Overall, while the March quarter is likely to showcase strong top-line expansion for Eternal, investors will closely track margin trends, Blinkit's execution amid intensifying competition, and the impact of the upcoming business model shift on future financial performance.

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