ETERNAL

(ex‑Zomato) heads into Q1 FY26 results (July 21), riding healthy growth but profit caution on Blinkit investments.

's Revenue is expected to jump 56-60% year-on-year to ₹6,700-7,100 crores, driven by 15-17% food delivery growth and blistering Blinkit GTV growth of 120-140%. Adjusted EBITDA will likely be modest at ₹200-460 crores with 3-4% margins as Blinkit losses persist but narrow. PAT will remain thin with broker projections ranging ₹28-53 crores, up quarter-on-quarter but down year-on-year. Key things to watch include take-rate trends across food, Blinkit, and Hyperpure, margin leverage as the capex cycle eases and GMV scales, plus commentary on user acquisition and monetization roadmap. Growth is clearly intact, but profitability remains the real headline. A tight margin beat could spark upside, otherwise dialed-in execution will be key for any valuation reprieve. The market wants to see Blinkit's path to profitability getting clearer while food delivery maintains its momentum.