Zomato Share Price in Focus: Key Updates Investors Should Take Note Of

Zomato reported robust growth in its Q2FY26 financial results, marked by a substantial increase in adjusted revenue to ₹13,968 crore, primarily due to expansion in the quick commerce segment. The company’s food delivery net order value (NOV) grew 14% year on year, recovering after earlier declines, while quick commerce NOV surged 137% supported by a rapidly growing store network. 

Strong Growth in Quick Commerce and Food Delivery Drives Revenue

Zomato’s consolidated adjusted revenue for Q2FY26 reached ₹13,968 crore, reflecting the impact of its shift to inventory ownership in quick commerce. The food delivery business recorded a 14% year-on-year growth in NOV, showing signs of recovery. 

Meanwhile, quick commerce demonstrated a remarkable 137% year-on-year growth in NOV, expanding its store count to 1,816 with plans to reach 2,100 stores by December 2025 and 3,000 by March 2027. This expansion increased net working capital by approximately ₹2,000 crore but is expected to improve margins over time.

The going-out business posted 32% year-on-year NOV growth but faced profitability challenges due to ongoing investments. Hyperpure’s core restaurant supplies grew 42% year on year, with improving profitability, despite an overall revenue decline due to the inventory accounting shift.

Financial Performance Highlights

Zomato’s adjusted EBITDA stood at ₹224 crore for Q2FY26, down 32% year on year but up 30% quarter on quarter. Profit before tax was ₹129 crore, and profit after tax was ₹65 crore. The food delivery segment reported an adjusted EBITDA margin of 5.3% for NOV. 

Consolidated revenue from operations was ₹13,590 crore for the quarter, with half-year revenue reaching ₹20,757 crore.

Read More:Festive Cheer Boosts Food Delivery Orders on ETERNAL (Formerly Zomato) and Swiggy Despite Fee Hike!

Balance Sheet and GST Implications

As of September 30, 2025, Zomato’s consolidated total assets were ₹38,115 crore, with total equity of ₹30,815 crore and liabilities of ₹7,300 crore. The standalone entity reported total assets of ₹37,853 crore and equity of ₹35,820 crore. The company highlighted the impact of GST rate cuts and tax treatment on delivery charges, which have influenced demand and operational costs.

Eternal Receives GST Demand Order of ₹64.17 Crore

Eternal Limited (previously known as Zomato Limited) has received an adjudication order dated October 18, 2025, from the Deputy Commissioner, State Tax, Lucknow, Uttar Pradesh. The order relates to the financial year April 2023 to March 2024 and demands ₹64,17,43,503 in Goods and Services Tax (GST) along with interest and an equal penalty amount of ₹64,17,43,503.

The order was issued under Section 74 of the Central Goods and Services Tax Act, 2017, and the Uttar Pradesh Goods and Services Tax Act, 2017. The demand arises from alleged short payment of output tax and excess utilisation of input tax credit during the specified period. 

Eternal Share Price Performance

On October 23, 2025, Eternal share price opened at ₹343.00 on NSE, above the previous close of ₹338.10. During the day, it surged to ₹343.00 and dipped to ₹334.50. The stock is trading at ₹335.00 as of 11:01 AM. The stock registered a moderate decline of 0.92%.

Over the past week, it has declined by 3.69%, over the past month, it has declined by 0.99%, and over the past 3 months, it has moved up by 10.91%.

Conclusion

Zomato’s Q2FY26 results showcase a strong revenue trajectory driven by quick commerce expansion and steady growth in food delivery. Despite short-term margin pressures from strategic investments and increased working capital, the company’s diversified business lines and improving profitability position it well for future growth.

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