Eternal's Q2 FY27 financial results highlight a substantial 92% year-on-year rise in net profit, propelled by rapid scaling in its quick commerce vertical Blinkit and renewed momentum in food delivery via Zomato. Concurrently, Jio Platforms' ₹30,213 crore IPO hit 3.15 times subscription on its first day, signaling strong investor appetite for India's digital economy leaders.
- Eternal’s net profit up 92% YoY to ₹125 crore in Q2 FY27
- Blinkit expands to 2,751 stores, targeting over 5,000 by March 2028
- Jio Platforms IPO oversubscribed 3.15X on day one with QIBs leading
What happened
Eternal posted strong financial results in Q2 FY27, with net profit nearly doubling to ₹125 crore year-on-year. Operating revenue grew 78% to ₹24,138 crore, and adjusted EBITDA more than tripled to ₹666 crore. This performance was largely driven by Blinkit, the company’s quick commerce arm, which expanded its dark store network aggressively by adding 308 net new stores during the quarter, reaching a total of 2,751 stores. The management expects Blinkit to exceed 3,500 stores by March 2027 and approach 5,000 stores by March 2028.
In addition, Zomato, Eternal’s food delivery business, regained growth momentum with a stable increase in user base and order frequency, particularly in Tier II+ cities. The District, Eternal’s going-out vertical, moved closer to breakeven with narrowing losses, while B2B supplier Hyperpure turned EBITDA positive, benefiting from faster two-hour deliveries and increased adoption of its organized procurement solutions. The company also expanded its AI ambitions by unveiling Dark, a privacy-focused platform using fine-tuned open-weight AI models, planned for global launch within 2026.
Why it matters
Eternal’s triple-digit profit growth and rapid store expansion of Blinkit demonstrate the company’s scaling strength and its ability to convert growth into profitability. These results reassure investors of Eternal’s capacity to maintain competitive leadership in India’s growing quick commerce and food delivery market segments, while also navigating challenges in other verticals.
The success of Jio Platforms' IPO, oversubscribed more than threefold on day one with strong institutional investor participation, reflects robust market confidence in India’s digital services sector. At its upper price band, the IPO values Jio Platforms at around ₹10.3 lakh crore, highlighting the valuation premium assigned to India’s expanding technology-driven consumer economy.
What to watch next
Market participants will closely monitor Eternal’s execution of its aggressive Blinkit expansion plan and the profitability trajectory of other units like District and Hyperpure. Will continued margin improvements and AI-driven product innovation translate into sustained growth remains a key question for investor confidence.
Meanwhile, the post-IPO performance of Jio Platforms and its ability to leverage the capital raised for digital infrastructure expansion will be a critical gauge for investor sentiment toward India’s broader tech ecosystem. Additionally, the company’s navigation of regulatory and competitive dynamics in the rapidly evolving digital services domain will be pivotal in shaping future growth.