Food delivery growth cushions Blinkit losses for Eternal in Q2

Eternal Ltd (formerly known as Zomato) posted amixed bag performance in the September quarter (Q2FY26).

- Manish Joshi

Year-on-year growth in food-delivery net order value (NOV) recovered to 13.8% from 13.1% in QIFY26—although it was higher at 21.4% in Q2FY25.

This improvement in the second quarter, albeit marginal, was achieved despite goods and services tax (GST) being levied on food delivery fees, which may have dampened the demand prospects of the food delivery business to some extent.

Secondly, the take rate (commissions earned from restaurants and platform fees from customers, etc.) increased sequentially and on-year by 75 basis points (bps) and 212bps, respectively, to 30.4% in the quarter.

It is worth noting that there has been noise about Rapido entering into food-delivery service through the Ownly app, which focuses on azero- commission model for restaurants and a flat-fee pricing structure for customers to offer lower overall costs.