Resurfacing Eternal’s January 2026 report: quick-commerce business hit breakeven as Q3 revenue tripled
Revisiting Eternal's (formerly Zomato) Q3 FY26 results reported in January 2026: revenue of Rs 16,315 crore, up 201.9% year on year, with more than 200 net quick-commerce stores added. Contribution margin improved about 90 basis points sequentially and EBITDA margin rose about 130 basis points, though competition may pressure margins near term.
Eternal’s Q3 FY26 growth was led by food delivery and quick commerce, which reached breakeven as it added over 200 stores. The company expects competition-led margin pressure near term but sees scale-driven profitability, amid India’s expanding retail-tech market.
Why this matters
The report follows recent signals on Eternal’s 202% Q3 FY26 revenue jump and its gains alongside Nykaa and Delhivery, showing quick commerce is becoming a larger driver of retail-tech earnings.
Retail-company signals are accelerating, up +205414% QoQ.