Eternal’s Triple Bet Faces Profitability Test

by · Inc42

SUMMARY

  • Eternal today is not one business. It is three very different bets, each at a different stage of maturity, each with its own economic realities.
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Deepinder Goyal stepped down as group CEO of Eternal, effective February 1, 2026, handing over the reins to Albinder Dhindsa. Over 18 years, Goyal built the company from scratch into a platform that processed over $10 Bn in transactions in FY26. With Dhindsa taking charge a few months ago, all eyes naturally were on the company’s Q4 FY26 results.

Eternal’s consolidated net profit surged 4.5X YoY to ₹174 Cr in Q4 FY26, up from ₹39 Cr a year ago. On a sequential basis, profit rose 71% from ₹102 Cr. Operating revenue jumped 196% YoY and 6% QoQ to ₹17,292 Cr. Including other income of ₹342 Cr, the total income stood at ₹17,634 Cr for the quarter.

The numbers in Dhindsa’s first results as CEO were strong, at least on the surface. Excluding other income, the company would have reported a loss for the quarter, highlighting the gap between headline growth and underlying profitability. Total expenses climbed a massive 185% YoY to ₹17,406 Cr.

Eternal’s Q4 FY26 numbers signal momentum, but also expose a structural tension at the heart of the business. While headline growth remains strong, profitability is increasingly dependent on non-operating income, even as costs surge alongside expansion.

Under Dhindsa, the company is balancing three distinct verticals, each at a different stage of maturity. While quick commerce is driving scale without meaningful margins, food delivery is steady but not a cash engine, and going-out remains an early, loss-making bet. For Dhindsa, it is going to be about translating scale into margins.

Blinkit’s Sprint Slows Down

Blinkit remains the core of Eternal’s growth story. In Q4 FY26, it reported a net order value of ₹14,386 Cr, nearly doubling year-on-year. Monthly transacting users rose to 27.2 Mn, while its network of dark stores crossed 2,200.

At first glance, this looks like market leadership. But there are a few pressure points masked by the growth. For instance, despite its scale, Blinkit reported an adjusted EBITDA of just ₹37 Cr, with a margin of around 0.3%.