At a consolidated level, like-for-like revenue growth was 64% YoY (the difference reflects the accounting shift to inventory ownership in quick commerce, where revenue now includes the full value of goods sold rather than just marketplace.
Adjusted EBITDA increased 160% YoY to Rs 429 crore while increasing 18% QoQ. B2C (business-to-consumer) net order value grew 54% YoY (4% QoQ) to Rs 26,880 crore in the reporting March quarter.
Zomato Q4 Numbers
Segment wise, food delivery (Zomato) net order value continues to improve for the third quarter in a row, inching closer to our long-term expectation of 20%+ YoY, the company said. The NOV for the segment recorded a net growth of 19% YoY, but fell 0.9% QoQ.
GOV (gross order value) growth was at 22.5% YoY. On the margin front, Adjusted EBITDA margin (as a % of NOV) improved to 5.5% this quarter with the business delivering an absolute adjusted EBITDA of Rs 532 crore, a YoY growth of 24%.
The food delivery revenue (adjusted) rose 30% YoY to Rs 3,125 crore.
Blinkit Q4 Numbers
Quick commerce (Blinkit) NOV growth stood at 95% YoY and 8% sequentially. 216 net new stores were added in the quarter taking the total store count to 2,243 stores as at the end of the quarter. Adjusted EBITDA improved to Rs 37 crore (which is 0.3% of NOV) as against Rs 4 crore in the previous quarter. Blinkit revenues surged by a massive 674% YoY to Rs 13,232 crore.
On competition, Eternal said high competition can have adverse impact in certain periods of time, like the one they are going through now, where aggressive discounting is leading to poor-quality growth centred around select low-margin SKUs.
“But more broadly and longer term, good competition will aid our growth as well as the growth of the market over the next few years. That is because when multiple players simultaneously invest in infrastructure, acquire customers, and build awareness for the category, the overall market expands faster than any single player could achieve alone,” it added.
Eternal further said that it has seen the same play out even over the last three years and that in a mature, saturated market, competition is zero-sum.
Between FY23 and FY26, Eternal reported that Blinkit’s NOV grew at 104% CAGR, but acknowledged growth rates are now naturally moderating off a much larger base.
Over the next three years, the company guided for an NOV growth CAGR to be north of 60%. That translates to the business growing to 4x its current scale in three years.
“Quick commerce today is still concentrated in the top 15-20 cities and in a relatively narrow set of categories. The headroom for growth on geography, assortment, and frequency is substantial,” it said.
Going-out (District) and Hyperpure
Going-out (District) NOV growth accelerated to 46% YoY (5.8% QoQ) during the quarter, while Adjusted EBITDA losses reduced to Rs 81 crore compared with Rs 121 crore loss in the preceding quarter.
As a result, Adjusted EBITDA margin (as a % of NOV) improved to -3% from -4.7% in December quarter.
Hyperpure’s restaurant supply revenue growth improved to 37% YoY, with overall Adjusted EBITDA margin improving to 0.5% resulting in absolute Adjusted EBITDA profit of Rs 5 crore (as compared to Rs 1 crore in Q3).
On the geopolitical impact due to West Asia crsis, Eternal said it has not yet seen meaningful impact. “When localised supply disruptions happen — whether from LPG shortages, weather, or anything else — we typically see demand redistribute across the platform rather than it going away. Some restaurants in affected pockets did see temporary disruption, but platform-level throughput wasn’t impacted.”
