Meanwhile, Albinder Singh Dhindsa, currently CEO of Blinkit, will take over as the company’s new Chief Executive Officer.Goyal said he is attracted to a range of new ideas that involve research and experimentation with significantly higher risks. “These types of ideas are better pursued outside of a publicly traded company like Eternal.”
As Group CEO, Dhindsa will be responsible for day-to-day execution, operational priorities and business decisions, while Goyal’s involvement in long-term strategy, culture, leadership development, ethics and governance will continue.
Sales growth and EBITDA
Sales growth was primarily driven by an accounting shift to inventory ownership in high-speed trading, where sales now include the full value of goods sold, rather than just the market commission. Eternal said like-for-like sales growth during the quarter was 64% year-over-year.
Consolidated EBITDA rose 28% YoY to Rs 364 crore, while rising 63% QoQ.
Food delivery company
For the food delivery sector, adjusted revenue rose 26% year-on-year to Rs 2,413 crore. Net order value (NOV) increased 17% year-on-year, an acceleration from 13.8% growth in the previous quarter. This was the second consecutive quarter of growth acceleration in November, following a low of 13.1% in Q1FY26. Gross order value growth (GOV) for the third quarter was 21% year-on-year.
In terms of margins, the segment’s adjusted EBITDA margin (as a percentage of NOV) reached an all-time high of 5.4%. The company reported an absolute adjusted EBITDA of Rs 531 crore for the quarter, up 26% year-on-year and 6% quarter-on-quarter.
Fast Trading (Blinkit)
In the fast trade segment, NOV growth remained robust at 121% year-on-year, despite changes in VAT and seasonality. Like-for-like NOV growth was even higher, at 130% year-on-year. There were 211 net new stores added during the quarter, bringing the total number of stores to 2,027 at the end of the period – approximately 70 stores short of the company’s target of 2,100.
Adjusted EBITDA margin (as a percentage of NOV) turned positive for the first time on a quarterly basis, with an adjusted EBITDA profit of Rs 4 crore, compared to a loss of Rs 156 crore in the previous quarter.
On the competition front, Dhindsa said the company remains vigilant and the recent increase in competitive intensity has not had any noticeable impact on business quality, customers or NOV market share so far.
However, Eternal acknowledged that if competitive intensity increases further, the company may have to respond, which could weigh on margins.
In the entertainment sector, NOV grew 20% YoY, while adjusted EBITDA margin declined to -4.7%, resulting in an adjusted EBITDA loss of Rs 121 crore for the quarter, driven by continued investments in category creation.
Meanwhile, restaurant supplies supplier Hyperpure continued to grow steadily, with sales up 33% year-over-year and 7% quarter-over-quarter. The segment’s total adjusted EBITDA margin turned positive for the first time, delivering an adjusted EBITDA profit of Rs 1 crore, compared to a loss of Rs 5 crore in the previous quarter.
Overall, Eternal’s cash balance fell to Rs 17,820 crore, largely due to planned capex investments in high-speed trading.
On Wednesday, Eternal shares closed almost 5% higher at Rs 282.8 on the NSE.
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