, the parent company of Indian food-delivery platform Zomato and quick-commerce business Blinkit, is scheduled to announce its financial results for the September quarter on Wednesday, October 21, with domestic brokerage firms expecting improved margins, market share gains, and rapid store additions.
Domestic brokerage firm Motilal Oswal expects net order value (NOV) for Eternal’s food delivery (FD) and quick-commerce (QC) businesses to grow 21.7% and 80% year-on-year (YoY), respectively. It expects Zomato’s food delivery take rate to stand at 21.5% and Blinkit’s gross profit margin to reach 27%.
Blinkit’s NOV is likely to rise 22.7% quarter-on-quarter (QoQ) and 80% year-on-year (YoY). The brokerage expects the food delivery business’s adjusted EBITDA margin as a percentage of NOV to improve by 30 basis points (bps) QoQ to 5.9%. Blinkit is likely to report a contribution margin of 5.2% and an adjusted EBITDA margin of 1.1% of NOV in the second quarter.
Motilal Oswal also highlighted the outlook on competitive intensity, NOV growth across both businesses and margin trajectories as key factors to watch.
The brokerage expects Eternal to report sales growth of 66.1% YoY and 11.7% QoQ to ₹22,575.1 crore. EBITDA is expected to rise 254.3% YoY and 42.5% QoQ to ₹846.7 crore.
On the bottom line, Motilal Oswal expects net profit to reach ₹392.8 crore, marking a 504.3% YoY and 326% QoQ increase.
HDFC Securities expects Eternal to continue gaining market share across its food delivery and quick-commerce businesses, with Zomato’s adjusted revenue projected at ₹3,490 crore, up 22% YoY. For Blinkit, the brokerage expects NOV and adjusted revenue to grow 17.1% and 17.8%, respectively.
Another brokerage firm, Kotak Institutional Equities, expects Eternal’s revenue to rise 17.4% QoQ to ₹23,729.3 crore in Q2 FY27. EBITDA is projected to surge 257.4% YoY to ₹854.2 crore, while the EBITDA margin is expected to expand to 3.6%, up 184 bps YoY and 66 basis points sequentially.
Adjusted profit after tax (PAT) is estimated to jump 351.1% YoY to ₹293.2 crore, supported by improved operating performance.
Eternal share price journey
Despite broader market weakness, Eternal shares have continued to trade higher, posting modest gains in October after hitting a one-year high last month. Between April and August, the stock enjoyed a sustained rally, delivering returns of 44%.
After delivering multibagger returns for two consecutive years, the stock lost momentum in 2025 but regained ground in 2026, rising 15% so far this year.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.