Companies With Powerful Business Models Investors Love

How the Business Model Works

Eternal runs four segments: food delivery, quick commerce (Blinkit), dining and events (District), and B2B supplies (Hyperpure). It earns revenue through restaurant commissions, delivery fees, brand ads, and direct sales to businesses.

What makes the model strong is its network effect. More users attract more restaurants and delivery partners, which improves service and attracts even more users.

At the same time, its supply chain arm (Hyperpure) supports restaurants directly, strengthening its overall ecosystem.

Revenue Contribution (Q3 FY26)

Quick Commerce is now the biggest part of the business, contributing 73.4% of total revenue.

This is mainly because the company changed its model to an inventory-led approach, where it now records the full value of goods sold instead of just commissions.

Recent Financial Performance Snapshot

In Q3 FY26, the company reported strong growth. Revenue increased 202% year-on-year, while profit grew 73%.

This increase was mainly due to Blinkit shifting to an inventory-led model, which boosted reported revenue. At the same time, both quick commerce and Hyperpure achieved adjusted EBITDA profitability for the first time.

Between FY23 and FY25, Eternal's revenue has grown at a CAGR of about 69%. The company has also moved from losses to profitability during this period, indicating a clear shift in its financial position.

#2 Computer Age Management Services Ltd

Computer Age Management Services (CAMS) operates quietly behind the scenes but plays a critical role in India's mutual fund ecosystem.

As the largest Registrar and Transfer Agent (RTA), it handles investor records and transactions for most major fund houses. This makes it less visible to consumers but is highly important for the industry.

How the Business Model Works

CAMS manages the full lifecycle of mutual fund investments. From onboarding and KYC to processing purchases, redemptions, and statements. Almost every backend activity flows through its systems.

The company earns revenue in two main ways. First, it charges asset-based fees, which are linked to the total assets managed by its clients.

Second, it earns transaction-based fees for services like account changes or additional requests.

What gives CAMS an edge is the difficulty of replacing it. Fund houses rely heavily on their systems, and switching providers is not easy.

Over time, it has also expanded into areas like insurance repositories, payment services, and data analytics, adding new revenue streams.

Revenue Contribution (Q3 FY26)

The mutual fund segment still drives the majority of revenue. The contribution of non-MF businesses to total revenue increased to 14.5% in the latest quarter, compared to approximately 13% in the previous full financial year.

Recent Financial Performance

In Q3 FY26, CAMS reported its highest ever revenue. Revenue grew by 5.5% year-on-year, while profit remained almost flat.

Growth was supported by strong equity inflows and a sharp rise in non-mutual fund revenue. However, profit growth was impacted by a one-time pricing change and higher employee-related costs.

Between FY22 and FY25, CAMS delivered steady growth. Revenue grew at a CAGR of 16%, while profit increased at a CAGR of 15%.

#3 Info Edge (India) Ltd

Info Edge (India) Limited is one of India's early internet companies that built strong platforms across jobs, real estate, matchmaking, and education.

Over the years, it has created category leaders like Naukri, 99acres, and Jeevansathi. Its strength lies in building platforms that benefit from continuous user participation.

How the Business Works

Info Edge operates digital marketplaces where users and businesses interact. For example, job seekers upload resumes on Naukri, while recruiters pay to access this database. Similarly, property developers and brokers pay to list projects on 99acres.

The company earns most of its revenue from recruitment services, followed by real estate listings and other smaller segments, such as matchmaking and education. What makes the model strong is its data advantage. With over 100 million resumes, Naukri has built a large talent pool.

This attracts recruiters, which then brings in more job seekers. Over time, this loop strengthens the platform and makes it harder for competitors to replicate.

Revenue Contribution (Q3 FY26)

Recruitment remains the main driver, contributing nearly three-fourths of total revenue.

Recent Financial Performance

In Q3 FY26, the company reported steady growth. Revenue increased by 13.9% year-on-year, while Net Profit grew by 10%.

This performance came despite a mixed hiring environment. The recruitment business remained stable, while platforms like 99acres and Jeevansathi improved margins and market positioning.

Between FY22 and FY25, Info Edge delivered a sales CAGR of 21%.

#4 Multi-Commodity Exchange of India Ltd

Multi-Commodity Exchange of India (MCX) is the country's largest platform for trading commodity derivatives like gold, crude oil, and metals.

It acts as a marketplace where buyers and sellers trade futures and options contracts. With a dominant market share, MCX plays a key role in price discovery and risk management.

How the Business Works

MCX provides a digital platform where traders, businesses, and institutions can trade commodity contracts. These include bullion, energy products, industrial metals, and agricultural commodities.

The company earns most of its revenue through transaction fees. Every trade executed on the platform generates a fee based on contract value. Apart from this, it also earns revenue from data services, memberships, and investment income.

The strength of this model lies in liquidity. More participants lead to higher trading volumes, which attract even more users. Since the platform is digital, higher volumes do not significantly increase costs, allowing margins to expand over time.

If we see the revenue contribution, the bullion (Gold and Silver) and energy remain the primary drivers of trading activity, with Bullion Futures ADT alone growing by 297% YoY during the quarter.

Recent Financial Performance

In Q3 FY26, MCX reported strong growth with revenue rising 121% year-on-year, and Net Profit increased even faster, up 151%.

This was largely because of a sharp increase in trading volumes, especially in options. Improved system stability after platform upgrades also supported smoother operations.

If we see the FY23 to FY25 growth trend, the company generated sales growth of 45% and profit growth of 52%.

Conclusion

All these companies share one thing: strong business models that become better as they grow.

Some benefit from daily usage, others from deep integration or network effects. This makes their revenue more stable and harder to disrupt over time. For investors, understanding how a company makes money is just as important as its growth numbers.

In the long run, the strength of the business model decides how sustainable that growth really is.

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