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Zomato’s parent company Eternal’s consolidated adjusted revenue jumped 186% in Q4FY26. 

At first glance, the numbers look very strong.

The company reported a consolidated adjusted revenue of ₹17,680 crore in Q4, and EBITDA also rose by 160% to reach ₹429 crore.

However, it is important to understand one key point: this growth isn’t just from higher demand; it is also due to a change in Quick Commerce accounting. 

Eternal Ltd.ETERNAL₹249.87 +1.15%

The company now uses a 1P model, where the full value of the goods sold is included in the revenue, rather than just the commission earned.

If we look at “like-for-like” (LFL) growth—meaning a comparison on the same basis—the actual growth is around 64%, which is still quite strong.

Another important metric is Net Order Value (NOV), which is simply how much customers spent after discounts. Interestingly, the overall B2C NOV grew by 54%, proving that real demand is growing at a healthy pace.

Segment Breakdown

  • Blinkit: Remains the biggest growth driver with 95% YoY growth. They added 216 new stores, and EBITDA improved to ₹37 crore, which is a positive sign for profitability.
  • Food Delivery: Shows stable growth at 18.8% YoY, with margins improving to 5.5%.
  • New Strategy: The company introduced a ₹99 free delivery threshold to attract budget-conscious customers.

Overall, the company’s multiple businesses are scaling and improving simultaneously. However, competition is becoming aggressive, especially in the Quick Commerce space.

The big question now is: will this growth momentum continue, or will the competition slow it down?