Eternal Q4FY26: Strong Adjusted Revenue Growth; Targets $20B NOV by FY28
Eternal Ltd (formerly Zomato Limited) has filed its Shareholders’ Letter and Q4FY26 Results. The company reported a sharp increase in YoY Adjusted Revenue growth for Q4FY26, primarily attributed to a strategic shift to a 1P model in quick commerce (Blinkit) from Q1FY26. For the full FY26, 109 million Indians completed transactions exceeding $10 billion across Zomato, Blinkit, and District platforms. The founder projects a significant acceleration, aiming to double the annual Net Order Value (NOV) to $20 billion within the next two years. Furthermore, Eternal expects to achieve $1 billion in Adjusted EBITDA by FY29, building on its Adjusted EBITDA profitability reached in FY24. The company emphasizes its 'physical moat' derived from complex real-world logistics and supply chain management.
Key Highlights
- Q4FY26 saw sharp YoY Adjusted Revenue growth, driven by quick commerce 1P model shift.
- FY26 transactions exceeded $10 billion NOV across Zomato, Blinkit, and District.
- Company targets $20 billion annual NOV within two years and $1 billion Adjusted EBITDA by FY29.
- Founder highlights the long-term compounding effect of established operational foundations.
- Business model's 'physical moat' involves complex real-world logistics and supply chain.