Eternal earnings set to surge as Blinkit scales in FY 2027

Eternal Ltd. (NSE: ETERNAL), the parent of Indian food-delivery platform Zomato and quick-commerce business Blinkit, is expected to stage a sharp earnings recovery in fiscal 2027 after a year of heavy investment compressed profitability.

Visible Alpha consensus estimates show net income rising 321% year-on-year to ₹15.4 billion in FY27, following a 31% decline in FY26. Adjusted EBITDA is forecast to increase 167% to ₹31.7 billion, more than twice the expected 76% growth in revenue, pointing to the emergence of operating leverage as Eternal’s expanded quick-commerce network matures.

Blinkit is central to the turnaround. Quick-commerce revenue is projected to rise 103% to ₹765.8 billion in FY27, accounting for roughly 80% of Eternal’s revenue from operations, compared with 24% in FY25. Quick-commerce adjusted EBITDA is expected to swing to a ₹9.4 billion profit, from a ₹2.8 billion loss in FY26. The improvement comes as newer dark stores mature, sales density increases and fixed network costs are spread across a larger order base. The number of dark stores is expected to reach 3,039 in FY27 from 2,243 in FY26, while orders are projected at about 1.6 billion.

The more mature food-delivery business is expected to provide a steadier earnings base, with revenue forecast to grow 26% to ₹127.6 billion on approximately 1.2 billion orders, and an adjusted EBITDA of ₹26.3 billion, up 30%. Hyperpure, Eternal’s business-to-business supplies arm, remains weaker, with revenue expected to decline 11%, although adjusted EBITDA is forecast to turn positive at ₹410 million, from a ₹170 million loss in FY26.

The FY27 outlook suggests that Eternal is moving from a period of heavy investment to one focused on generating returns from its expanded quick-commerce network. As new dark stores mature and sales per store increase, the company expects to benefit from greater operating leverage.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.