Everlasting Restricted, the father or mother firm of Zomato, Blinkit, District and Hyperpure, reported a greater than fourfold leap in its consolidated revenue after tax for the March quarter, helped by robust development in fast commerce and improved working efficiency throughout most of its companies.

The Gurugram-based firm posted a consolidated internet revenue of Rs 174 crore for the quarter ended March 31, 2026, in contrast with Rs 39 crore in the identical quarter final 12 months. Sequentially, revenue rose from Rs 102 crore within the December quarter.

Income from operations elevated sharply to Rs 17,292 crore in Q4FY26 from Rs 5,833 crore a year earlier. On a quarter-on-quarter foundation, income rose from Rs 16,315 crore in Q3FY26.

The corporate mentioned the steep rise in income was primarily due to the shift in Blinkit’s fast commerce enterprise to a first-party, or inventory-led, mannequin from Q1FY26 onwards.

Underneath this mannequin, income contains the complete financial worth of products bought, and never solely market fee. This makes reported income development look a lot larger than the like-for-like development within the enterprise.

Blinkit turns into the principle development engine

Blinkit as regular remained the most important driver of Everlasting’s development through the quarter. The short commerce enterprise reported internet order worth, or NOV, of Rs 14,386 crore in Q4FY26, up 95.4% year-on-year and eight.2% sequentially.

Blinkit’s income rose to Rs 13,232 crore from Rs 1,709 crore a 12 months earlier. Nonetheless, this sharp improve was largely due to the accounting affect of the inventory-led mannequin. On a like-for-like foundation, fast commerce income grew 126% year-on-year and 9% quarter-on-quarter.

The enterprise additionally turned worthwhile on the adjusted EBITDA degree. Blinkit reported adjusted EBITDA of Rs 37 crore in Q4FY26, in contrast with a lack of Rs 178 crore within the year-ago quarter and a revenue of Rs 4 crore within the earlier quarter. Its adjusted EBITDA margin stood at 0.3% of NOV.

Blinkit added 216 internet new shops through the quarter, taking its complete retailer depend to 2,243 on the finish of March 2026. Orders rose to 273.9 million, whereas common month-to-month transacting prospects elevated to 27.2 million. Common month-to-month energetic supply companions in fast commerce rose to 409,000.

Everlasting mentioned fast commerce development is now naturally moderating due to a bigger base, but it surely nonetheless expects Blinkit’s NOV to develop at greater than 60% CAGR over the subsequent three years. It mentioned development will come from assortment growth, geographic rollout and better demand density.

Zomato meals supply development improves

Everlasting’s meals supply enterprise Zomato continued to indicate regular development and robust profitability. Meals supply NOV stood at Rs 9,757 crore in Q4FY26, up 18.8% year-on-year, although barely decrease than the earlier quarter.

Adjusted income from meals supply rose 29.7% year-on-year to Rs 3,125 crore.

The enterprise reported adjusted EBITDA of Rs 532 crore, up from Rs 428 crore a 12 months earlier. Adjusted EBITDA margin improved to five.5 % of NOV.

The corporate mentioned meals supply development has been bettering for 3 straight quarters and is transferring nearer to its long-term expectation of over 20 % annual NOV development.

Co-founder Deepinder Goyal, who recently stepped down from the CEO role, mentioned the development has been pushed by steps taken to achieve extra price-sensitive prospects.

From Q2FY26, Zomato lowered the minimal order worth totally free supply for Gold members to Rs 99 from Rs 199, pushed focused activation for budget-conscious customers, and curated reasonably priced choices equivalent to meals underneath Rs 250.

He mentioned a decrease internet common order worth was anticipated underneath this technique.

“If we will make restaurant meals reasonably priced for a a lot bigger base of Indians, the addressable market expands considerably,” Goyal mentioned within the shareholder letter.

The corporate mentioned income per order and working value efficiencies have stored tempo, serving to margins keep steady.

District grows however stays loss-making

Everlasting’s going-out enterprise, District, reported NOV of Rs 2,736 crore in Q4FY26, up 46.5% year-on-year and 5.8% sequentially.

Income from the phase rose 21% year-on-year to Rs 277 crore, however declined from Rs 300 crore within the earlier quarter.

The enterprise continued to stay loss-making, although losses narrowed sequentially.

District reported an adjusted EBITDA lack of Rs 81 crore, in contrast with a lack of Rs 121 crore in Q3FY26.

The corporate mentioned District is an inherently lumpy enterprise as a result of its efficiency is dependent upon occasions, IPL, film releases and different seasonal elements. It mentioned FY26 needs to be seen as a extra significant baseline 12 months as a result of it was the primary full 12 months with the District app in its present type.

District presently permits customers to e-book eating places, purchase film and occasion tickets, reserve enjoying arenas and uncover native retail shops.

Hyperpure income falls, however enterprise turns worthwhile

Hyperpure, Everlasting’s B2B provides platform, reported income of Rs 978 crore in Q4FY26, down 46.8% from Rs 1,840 crore a 12 months earlier. The decline was linked to the change in Blinkit’s enterprise mannequin, as a part of the inventory-led fast commerce income is now mirrored inside Blinkit somewhat than Hyperpure.

Regardless of the decline in reported income, Hyperpure turned worthwhile on the adjusted EBITDA degree. It reported adjusted EBITDA of Rs 5 crore in Q4FY26, in contrast with a lack of Rs 22 crore within the year-ago interval.

The corporate mentioned Hyperpure’s restaurant provide income grew 37% year-on-year, bettering from 33% development within the earlier quarter. Adjusted EBITDA margin for Hyperpure improved to 0.5% of income.

Bills rise sharply with fast commerce scale-up

Everlasting’s complete bills rose to Rs 17,406 crore in Q4FY26 from Rs 6,104 crore a 12 months earlier. The most important expense merchandise was purchases of stock-in-trade, which rose to Rs 10,687 crore from Rs 1,658 crore. This improve displays the shift to stock possession in fast commerce.

Supply and associated expenses rose to Rs 2,607 crore from Rs 1,552 crore. Worker profit bills elevated to Rs 927 crore from Rs 750 crore. Commercial and gross sales promotion bills rose to Rs 936 crore from Rs 634 crore. Depreciation and amortisation additionally elevated to Rs 468 crore from Rs 287 crore.

For the complete monetary 12 months FY26, Everlasting reported income from operations of Rs 54,364 crore, in contrast with Rs 20,243 crore in FY25. Nonetheless, annual revenue declined to Rs 366 crore from Rs 527 crore within the earlier 12 months.

Money stability stays robust

Everlasting ended Q4FY26 with a money stability of Rs 17,972 crore, in contrast with Rs 17,820 crore on the finish of Q3FY26.

The corporate mentioned the sequential improve was helped by a lower in internet working capital, primarily as a result of settlements with sellers after the transition to the first-party fast commerce mannequin.

It additionally mentioned some unfavorable motion got here from mark-to-market adjustments in debt securities due to decrease bond costs. The corporate clarified that these weren’t realised losses and wouldn’t have an effect on treasury returns as a result of it intends to carry the bonds to maturity.

Within the shareholder letter, Deepinder Goyal mentioned Everlasting has taken 18 years to achieve $10 billion in annual NOV throughout Zomato, Blinkit and District. He mentioned the subsequent doubling might occur a lot sooner.

“Our first annual $10 billion in NOV took 18 years. This doubling to $20 billion annual NOV will take lower than two years from right here,” he mentioned.

He additionally mentioned the corporate reached adjusted EBITDA profitability in FY24 after 16 years and now hopes to achieve $1 billion of adjusted EBITDA by FY29.

Goyal mentioned Everlasting’s energy lies in working within the bodily world, the place execution is troublesome to repeat. He pointed to Zomato’s restaurant community, Blinkit’s provide chain and District’s occasion operations as examples of companies that require real-world coordination, not simply expertise.

“Our MOAT is bodily,” he mentioned, including that the corporate now operates with 17 million sq. toes of warehousing and darkish retailer area and helps over 1 million supply companions, greater than 400,000 eating places, over 100,000 provide chain employees and 1000’s of manufacturers.

Goyal’s tackle AI

Goyal mentioned AI chat interfaces are unlikely to instantly disrupt high-frequency commerce habits equivalent to ordering meals or groceries.

“When somebody is hungry, they assume Zomato. Once they want groceries inside minutes, they assume Blinkit. Once they wish to exit, they assume District,” he mentioned.

On the similar time, he mentioned Everlasting is already utilizing AI throughout demand prediction, route optimisation, supply-chain administration, buyer expertise, fraud detection, catalogue high quality and accomplice assist.

The corporate mentioned AI will assist broaden the market by making its platforms simpler to make use of for purchasers, supply companions, eating places, sellers and small companies, particularly in smaller cities and amongst customers who might battle with app flows or language limitations.