Eternal Q2 Results: Profit Nearly Doubles to Rs 125 Crore, but Bistro and Nugget Lose Rs 91 Crore

Eternal Q2 Results Show Strong Revenue Growth but Disappoint on Profit

Eternal Ltd, the parent company of Zomato and Blinkit, reported strong year-on-year growth in revenue and net profit for the September quarter. However, its net profit fell short of market expectations, triggering a negative reaction from investors.

The Eternal Q2 results, announced on October 21, 2026, showed net profit rising 92% year-on-year to Rs 125 crore, compared with Rs 65 crore in the same quarter last year. Despite the sharp increase, CNBC-TV18 had pegged the company’s net profit at Rs 250 crore.

Eternal shares closed 3.5% lower at Rs 308.80 apiece on October 21, reflecting investor concerns over the earnings miss despite strong headline growth.

Track Live : NSE Option Chain — Live | BSE Option Chain — Live Sensex & Bankex Options Data Today

Eternal Q2 Results Revenue Jumps 78% to Rs 24,138 Crore in Q2

Eternal’s revenue from operations increased 78% year-on-year to Rs 24,138 crore in Q2 FY27, compared with Rs 13,590 crore in the corresponding quarter last year. Revenue was also higher than the Rs 20,211 crore reported in the previous quarter.

However, the company clarified that revenue growth on a like-for-like basis was 58% year-on-year. This adjustment accounts for Blinkit’s shift to an inventory-ownership model last year, which affects comparisons with earlier periods.

For investors, the distinction matters because reported revenue growth does not necessarily represent an equivalent increase in underlying business activity. Assessing the company’s performance requires looking beyond headline numbers to profitability and operating efficiency.

Eternal Q2 Results: Every Important Point for Investors

Eternal Ltd reported strong year-on-year growth in revenue and net profit for Q2 FY27, but its profit fell significantly short of market expectations. Shares declined 3.5% to ₹308.80 on October 21, 2026, as investors assessed the gap between business growth and profitability.

Key financial highlights

Eternal Adjusted EBITDA Rises 197% as Profitability Improves

Eternal’s consolidated adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed 197% year-on-year and 20% quarter-on-quarter to Rs 666 crore.

The improvement points to stronger operating performance across the company’s businesses. However, adjusted EBITDA is an operating performance measure and does not directly translate into net profit.

Net profit came in at Rs 125 crore, significantly below the Rs 250 crore estimate cited by CNBC-TV18. This gap between operating earnings and reported profit is an important factor investors may examine when assessing the Eternal Q2 results.

Adjusted EBITDA rises 197% to ₹666 crore

• Consolidated adjusted EBITDA increased 197% year-on-year.

• It rose 20% quarter-on-quarter.

• EBITDA measures operating performance before interest, taxes, depreciation and amortisation.

• The improvement suggests better operating earnings at the adjusted level, even though net profit missed expectations.

Net profit rises 92%, but misses estimates

• Net profit increased to ₹125 crore from ₹65 crore in the same quarter last year.

• Profit was also higher than the ₹92 crore reported in the previous quarter.

• However, CNBC-TV18 had estimated net profit at ₹250 crore, twice the reported figure.

• Reuters reported that the average analyst estimate was ₹271 crore, highlighting a substantial earnings shortfall.

Revenue jumps 78% to ₹24,138 crore

• Revenue increased from ₹13,590 crore in Q2 FY26 to ₹24,138 crore in Q2 FY27.

• Revenue was also up from ₹20,211 crore in the previous quarter.

• On a like-for-like basis, revenue growth was 58% year-on-year, according to the company’s explanation of Blinkit’s shift to inventory ownership.

• The headline growth rate should therefore be interpreted alongside changes in business accounting and operating models.

Track Live : Nifty Levels Today | Sensex Levels Today

Rising Expenses Remain an Important Factor for Eternal

Eternal’s total expenses increased 75% year-on-year to Rs 24,166 crore in the September quarter, compared with Rs 13,813 crore a year earlier. Expenses were also higher than the Rs 20,314 crore recorded in the previous quarter.

Although revenue grew faster than total expenses on a year-on-year basis, the absolute level of spending remains important when evaluating the company’s profitability.

Investors will likely watch whether Eternal can sustain revenue growth while controlling expenses and converting operating improvements into stronger net earnings.

Expenses climb 75% to ₹24,166 crore

• Total expenses increased from ₹13,813 crore a year ago.

• Expenses were also higher than the ₹20,314 crore recorded in the previous quarter.

• Total expenses exceeded reported revenue from operations by ₹28 crore, illustrating how thin the gap between these two figures was.

   

Blinkit’s expansion and costs remain important

Reuters reported that Blinkit added 308 stores during the quarter, taking its network to 2,751 stores. Its net order value grew 79.3% year-on-year to ₹20,940 crore. Adjusted EBITDA also improved significantly from the previous quarter.

• Quick-commerce expansion can increase infrastructure, delivery, employee and depreciation costs.

• A larger store network can support future growth, but profitability depends on utilisation, order economics and cost control.

• Investors should monitor whether Blinkit’s expansion generates sustainable earnings rather than focusing solely on store additions.

Zomato’s food delivery business shows continued growth

• Eternal’s food delivery business recorded 21.5% year-on-year growth in net order value.

• Adjusted EBITDA increased 25% year-on-year to ₹627 crore, according to Reuters.

• These figures indicate that the food delivery business continued to grow while improving adjusted operating earnings.

Read More : Rupee Makes a Surprise Comeback to 6-Week High, but $110 Oil Could Change Everything

Bistro and Nugget Businesses Show Improvement in Losses

Eternal’s other businesses, including Bistro and Nugget, reported adjusted revenue of Rs 132 crore, up from Rs 95 crore in the previous quarter.

Adjusted EBITDA losses for this segment narrowed to Rs 91 crore from Rs 94 crore in Q1 FY27. The improvement indicates some progress in reducing operating losses, although the segment remains loss-making.

Investors will monitor whether these businesses can continue improving revenue and reducing losses in subsequent quarters.

Bistro and Nugget businesses improve, but remain loss-making

• Adjusted revenue from these other businesses rose to ₹132 crore from ₹95 crore in the previous quarter.

• Adjusted EBITDA losses narrowed to ₹91 crore from ₹94 crore in Q1 FY27.

• The improvement is encouraging, but these businesses continue to contribute operating losses.

Eternal shares fall 3.5% after results

• Shares closed at ₹308.80 on October 21, according to the supplied report.

• The decline followed results that showed strong growth but missed profit expectations.

• Higher expenses and the cost of quick-commerce expansion are important factors for investors to assess.

• The share-price move reflects market sentiment on the day; it does not, by itself, establish the stock’s longer-term direction.

Here’s What Happened Today and Why Traders Reacted

The main takeaway from the Eternal Q2 results is the contrast between strong business growth and a disappointing profit figure.

Revenue increased 78%, net profit rose 92% and adjusted EBITDA climbed 197%. Yet net profit of Rs 125 crore missed the Rs 250 crore estimate cited by CNBC-TV18, while Eternal shares declined 3.5% to Rs 308.80.

The market reaction suggests that investors were looking beyond year-on-year growth and focusing on the gap between expected and reported earnings. Expectations can play a major role in determining how a stock responds to quarterly results.

What Eternal Q2 Results Mean for Investors and Traders

The immediate focus for Eternal shareholders is whether the company’s strong revenue and adjusted EBITDA growth can translate into better net profitability.

Short-term traders may watch the share price reaction, trading volumes and subsequent analyst assessments following the earnings announcement. Long-term investors may focus on revenue quality, expense management and the sustainability of Blinkit’s growth.

The latest results offer both positive operating signals and reasons for caution. Eternal has delivered substantial growth, but its earnings miss shows why investors should assess profitability alongside revenue before drawing conclusions about the stock’s outlook.