Eternal Ltd. Q3 FY26 Earnings Update: Strategic Leadership Transition & Operational Break-Even in Key Verticals

Executive Summary Eternal Ltd. has reported a robust set of numbers for the quarter ending December 2025, characterized by significant operational milestones and a major restructuring of top-tier management. The company surpassed street estimates on revenue and EBITDA, driven primarily by the explosive growth and turnaround in its Quick Commerce division. Strategic Leadership Announcement In a pivotal transition subject to shareholder approval, Mr. Deepinder Goyal has stepped down as Managing Director & CEO to assume the role of Vice Chairman and Director. Mr. Albinder Dhindsa, CEO of Blinkit, has been proposed as the new Managing Director & CEO of Eternal Ltd., signaling a sharpened focus on the convergence of food delivery and quick commerce. Key Financial Highlights (Q3 FY26) Revenue: Reported at ₹16,315 crore (+20% YoY), beating the CNBC-TV18 estimate of ₹15,500 crore. Net Profit: Stood at ₹102 crore (+57% YoY), meeting market consensus. EBITDA: Reported at ₹368 crore (+54% YoY), surpassing estimates of ₹300 crore. Margins: EBITDA margin expanded by 50 basis points YoY to 2.3%. Operational Performance by Segment Quick Commerce (Blinkit): A standout performer, turning Adjusted EBITDA profitable at ₹4 crore (vs. a loss of ₹156 crore in the previous quarter). Net Order Value (NOV) surged 121% YoY. The store count expanded to 2,027, slightly below the guidance of 2,100. Food Delivery: Demonstrated steady growth with NOV increasing by 16.6% YoY. Hyperpure: Achieved Adjusted EBITDA profitability during the quarter. District: Losses widened due to sustained capex in category creation, with management guiding for breakeven within the next 4–6 quarters.