Blinkit grows bigger and more profitable
What's the story
Eternal's latest shareholder letter reveals that Blinkit has grown nearly as big as Zepto and Swiggy Instamart combined. The company also remained profitable during this period. In FY26, Blinkit processed 916.6 million orders, almost equal to the combined order volumes of its competitors Zepto (640.2 million) and Swiggy Instamart (412.2 million).
Financial performance
Blinkit's revenue far exceeds that of rivals
In FY26, Blinkit reported a revenue of ₹37,779 crore, far exceeding Zepto's ₹22,624 crore and Swiggy Instamart's ₹3,859 crore.
The company also outperformed its rivals in terms of dark stores with 2,243 at the end of the year.
This is nearly double Zepto's 1,139 stores and significantly ahead of Instamart's 1,143.
Profit margins
Blinkit also outperformed in adjusted EBITDA profit (Q4FY26)
Blinkit also outperformed its competitors in terms of adjusted EBITDA profit for the March quarter (Q4FY26).
The company reported a profit of ₹37 crore, while Zepto and Swiggy Instamart posted losses of ₹1,247.5 crore and ₹1,009 crore, respectively.
Blinkit's net order value for Q4 stood at ₹14,386 crore compared to Zepto's ₹8,134 crore and Instamart's ₹5,675 crore.
Market dominance
Blinkit's Q1FY27 results surpass expectations
In its Q1 results, Eternal revealed that Blinkit's adjusted EBITDA of ₹102 crore for the June quarter exceeded the consensus estimate of ₹97 crore.
The company's net order value (NOV) also surpassed expectations at ₹17,132 crore against a Street estimate of ₹16,796 crore.
Eternal noted that Blinkit continued to strengthen its position in Q1FY27 with NOV rising 86% year-on-year to ₹17,132 crore and adjusted EBITDA improving to a profit of ₹102 crore.
Growth plans
Blinkit added 200 net new stores in last quarter
Blinkit added 200 net new stores in the last quarter, taking its network to 2,443 stores.
The company's adjusted EBITDA margin also improved to 0.6% of NOV, marking the fifth consecutive quarter of improvement.
Eternal said its strategy focuses on expanding assortment, entering new geographies, and investing in supply chain infrastructure rather than competing primarily on price.