Executive Summary
Hyperpure is Eternal's B2B food-supply and supply-chain business. It sources food ingredients and other products from farmer producer organisations, traders and brands and supplies restaurants through an end-to-end supply chain.
The headline revenue number declined 13% in FY26, but this masks strong underlying growth in the core restaurant-supplies business, which grew 38%. The decline was largely caused by the scaling down of a non-restaurant business after Blinkit's shift toward inventory ownership.
FY26 Snapshot
Metric | FY26 / Finding |
Revenue | ₹5,366 crore; -13% YoY |
Core restaurant supplies | +38% YoY |
Unique outlets billed | 130,000+; +25% YoY |
Warehouses | 11 across 8 cities |
Adjusted EBITDA | -₹17 crore |
Adjusted EBITDA margin | -0.3% |
Quarterly profitability | Adjusted EBITDA break-even in Q3; profitable in Q4 |
How Hyperpure Works
Hyperpure operates a 1P model in which it owns inventory and sources directly from farmer producer organisations, traders and brands. It supplies restaurants through its own end-to-end supply chain.
The proposition is built around consistent quality, competitive pricing and reliable delivery, allowing restaurants to reduce procurement complexity and the need for extensive storage or dedicated procurement teams.
Why Revenue Declined Despite Core Growth
Hyperpure's total revenue declined 13% because its non-restaurant business, which included B2B sales to Blinkit marketplace sellers, scaled down as Blinkit moved to inventory ownership. The core restaurant-supplies business nevertheless grew 38%, primarily due to an increase in the number of restaurant outlets served.
Customer and Infrastructure Expansion
Hyperpure billed more than 130,000 unique outlets in FY26, up 25% year over year. It operated 11 warehouses across 8 cities. This network provides the infrastructure required to support restaurant procurement at scale.
New Growth Verticals
- Value-added food supplies through processing facilities for sauces, spreads, pre-cut and semi-finished perishables.
- 4PL warehousing and supply-chain management, covering procurement, warehousing and final supply.
- Continued expansion of the core restaurant-supplies business.
- Supply-chain support for Eternal's B2C businesses, including Blinkit's fresh and perishable assortment.
Strategic Role Within Eternal
Hyperpure is more strategically important than its standalone revenue suggests. It can strengthen relationships with restaurants while also supplying capabilities to Eternal's consumer businesses. For Blinkit, the sourcing and warehousing infrastructure can support consistent quality, healthy sourcing margins and lower wastage.
Profitability
Adjusted EBITDA improved from -₹84 crore in FY25 to -₹17 crore in FY26. Adjusted EBITDA margin improved from -1.4% to -0.3%. The business achieved quarterly Adjusted EBITDA break-even for the first time in Q3 FY26 and remained profitable in Q4.
Long-Term Outlook
Eternal believes Hyperpure could achieve approximately $1 billion in topline within the next three years with a 4–5% Adjusted EBITDA margin. Management expects the core restaurant business to continue growing at around 40% YoY over the next few years.
Key Findings
1. The 13% revenue decline should not be interpreted as contraction of the core business.
2. Core restaurant supplies grew 38% and unique outlets billed grew 25%.
3. Hyperpure is moving beyond distribution into processing and 4PL supply-chain services.
4. The business is becoming an important infrastructure layer for Eternal's wider ecosystem.
5. Quarterly profitability was achieved during FY26.
6. The key opportunity is to scale restaurant supplies while improving margins and increasing value-added services.
Conclusion
Hyperpure is evolving from a B2B procurement business into a broader restaurant supply-chain platform. Its combination of sourcing, warehousing, processing and logistics capabilities could become an important competitive advantage for Eternal as its consumer businesses continue to scale.
