Zomato business model: how Eternal makes money (2026)

Zomato Limited renamed itself Eternal Limited in 2025. The Zomato app kept its name, and the listed parent took a new one to reflect that food delivery was no longer its only large business.

For the year ended 31 March 2026, Eternal reported revenue of ₹54,364 crore, up from ₹20,243 crore the year before, and a net profit of ₹366 crore, down from ₹527 crore. Most of the jump in revenue comes from a change in how Blinkit operates, explained below, and not from a matching jump in business.

How Eternal (Zomato) makes money

Food delivery: a share of every order

Zomato does not cook food. It connects customers with restaurants and delivers the order, and it keeps part of what the customer pays.

In the first three months of 2026, customers placed orders with a net value of ₹9,757 crore through Zomato, 18.8% more than a year earlier. Eternal's adjusted revenue from those orders was ₹3,125 crore, or 32% of the order value. A broker note on the results attributes a rise in that share to higher platform fees. About 25.4 million customers ordered at least once a month.

This is the profitable part of the company. Food delivery earned adjusted EBITDA of ₹532 crore in the quarter, 5.5% of order value.

Blinkit: a shop, not a marketplace

Blinkit delivers groceries and household goods from small warehouses, often called dark stores, placed close to customers. It had 2,243 of them at the end of March 2026 after adding 216 in the quarter, and the company has guided to 3,000 by March 2027.

During FY2025-26 Blinkit changed how it operates. It used to act as a marketplace, earning a commission on goods that other sellers sold through its app. It now owns the goods it sells. That matters for the accounts: a marketplace records only its commission as revenue, while a retailer records the full price of everything sold. Blinkit's adjusted revenue is now 92% of its order value.

That one change explains why Eternal's reported revenue almost tripled in a year. Order value at Blinkit did grow fast, up 95.4% to ₹14,386 crore in the quarter, but revenue grew several times faster than the business behind it.

Blinkit handled about 274 million orders in the quarter with an average net value of ₹525. It made adjusted EBITDA of ₹37 crore, which is 0.3% of order value. It is large and growing, and it is only just profitable.

Hyperpure: supplying restaurants

Hyperpure sells ingredients and kitchen supplies to restaurants. It is a wholesale business with a gross margin of about 10%.

Its reported revenue fell 47% to ₹978 crore in the quarter. That is another effect of the Blinkit change: sales that used to be counted under Hyperpure are now counted under quick commerce. On a like-for-like basis, supply to restaurants grew 37%.

District: going out

District is Eternal's app for dining out, films and live events. Customers spent ₹2,736 crore through it in the quarter, up 46.5%, and Eternal kept about 10% of that as revenue. The business lost ₹81 crore at the adjusted EBITDA level.

What the numbers add up to

Put together, the four businesses earned adjusted EBITDA of ₹429 crore in the quarter. Food delivery contributed ₹532 crore. Blinkit and Hyperpure added ₹42 crore between them, and District and other activities lost ₹145 crore.

So the model today is this: a mature, profitable food delivery business pays for a much larger grocery business that is still building its network, and for a newer going-out business that is still losing money.

The stock market has become more cautious. Eternal's average market value fell from ₹2.97 lakh crore in the second half of 2025 to ₹2.47 lakh crore in the first half of 2026, a drop of 16.7%, and it moved from 26th to 37th among all listed companies in India.

Eternal (Zomato): company facts

Frequently asked questions

How does Zomato make money?

On each food order, Zomato keeps part of what the customer pays. In early 2026 its adjusted revenue was about 32% of the net value of orders. Its parent, Eternal, also earns money from Blinkit, Hyperpure and District.

Is Zomato profitable?

Eternal reported a net profit of ₹366 crore for FY2025-26. The food delivery business on its own earned adjusted EBITDA of ₹532 crore in the January to March 2026 quarter.

Is Blinkit owned by Zomato?

Yes. Zomato acquired Blinkit, formerly Grofers, in June 2022. Both are now part of Eternal Limited.

Why did Eternal's revenue jump so much in FY2025-26?

Mainly because Blinkit began owning the goods it sells. A retailer records the full sale price as revenue, where a marketplace records only its commission, so reported revenue rose much faster than the underlying business.

Why is Zomato called Eternal?

The listed parent company changed its name from Zomato Limited to Eternal Limited in 2025. The Zomato app and brand kept their name.

Sources

1. Eternal Q4 FY26 results note, 29 April 2026, HDFC Securities. static.hdfcsky.com. Accessed 11 October 2026. Segment revenue, order value, margins, users and store counts. Broker summary of the company's results.
2. Eternal Limited (Zomato parent) Q4 FY26 results analysis, Sahi. sahi.com. Accessed 11 October 2026. Full-year revenue and profit, and the change in how Blinkit records revenue. Secondary source.
3. Eternal Limited, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company history, the Blinkit acquisition and the renaming. Secondary source.
4. Average market capitalisation of listed companies during the six months ended 30 June 2026, Association of Mutual Funds in India (AMFI). portal.amfiindia.com. Accessed 11 October 2026. Source of every market capitalisation figure and rank in this article.
5. Average market capitalisation of listed companies during the six months ended 31 December 2025, Association of Mutual Funds in India (AMFI). amfiindia.com. Accessed 11 October 2026. Used for the comparison with the previous six months.