Eternal Q3 Profit Largely Driven by Treasury Income, Core Operations Still Building Scale
Mumbai: Eternal Group, formerly known as Zomato Ltd, continues to command attention in India’s consumer tech space, balancing rapid expansion with regulatory scrutiny and a leadership transition. From founder Deepinder Goyal’s public visibility to recent government attention on quick-commerce delivery timelines, the company remains firmly in focus. However, a closer reading of the Q3 FY26 financial statements reveals a quieter but crucial reality: Eternal’s recent profitability is being supported significantly by its treasury income, not just core operations.
For the quarter ended December 2025, Eternal reported revenue from operations of ₹16,315 crore, reflecting a sharp year-on-year jump driven largely by the inventory-led accounting model of Blinkit. Consolidated net profit stood at ₹102 crore. In contrast, other income during the quarter amounted to ₹348 crore, generated mainly from interest on fixed deposits, bonds, government securities and mutual fund investments. The scale of this treasury income continues to exceed operating profit, underscoring its role in shaping reported earnings.
Eternal is currently sitting on cash and cash equivalents of ₹17,820 crore, accumulated through earlier fundraises and disciplined capital management. Over the last two fiscal years (FY24 and FY25), this cash pile generated nearly ₹1,800 crore in cumulative other income. During the same period, operating performance across food delivery, quick commerce and newer verticals improved gradually but remained uneven.
This strong balance sheet has enabled Eternal to fund aggressive expansion internally. In Q3 FY26, Blinkit added 211 new stores, taking its total network beyond 2,000 locations. At the same time, the company absorbed losses in its going-out and events vertical, which reported an adjusted EBITDA loss of ₹121 crore for the quarter. Crucially, this expansion has been funded without returning to equity markets for dilutive capital raising.
The results arrive amid a leadership reset. Deepinder Goyal will step down as Group CEO on February 1, 2026, with Albinder Dhindsa, the head of Blinkit, set to take charge. This transition coincides with increased regulatory focus on the “10-minute delivery” narrative and gig-worker safety. While Eternal has clarified that its business model remains unchanged, future growth is expected to hinge more on operational efficiency and unit economics than marketing speed alone.
For investors, the distinction between operating earnings and treasury-supported profitability remains critical. Eternal reported adjusted EBITDA of ₹364 crore in Q3 FY26, but net profit continues to rely heavily on other income. This reflects financial strength rather than weakness, yet it highlights where earnings stability currently originates.
As Eternal enters the Albinder Dhindsa leadership phase, markets will closely track the point at which core operating EBITDA consistently outpaces treasury income. Until then, Eternal stands out as a rare case in India’s tech landscape: a high-growth consumer platform wrapped inside a powerful treasury-driven balance sheet.
