Backing its claim of market leadership, Eternal’s FY26 operating data showed Blinkit processed 916.6 million orders during the financial year, compared with 640.2 million for Zepto and 412.2 million for Swiggy Instamart, bringing its order volumes almost equal to those of the two rivals combined.
Blinkit also generated ₹37,779 crore in FY26 revenue, while Zepto generated ₹22,624 crore and Swiggy Instamart made ₹3,859 crore. Blinkit ended the year with 2,243 dark stores, nearly double Zepto’s 1,139 stores and ahead of Instamart’s 1,143.
The company also contrasted the profitability profiles of the three players. Blinkit reported an adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) profit of ₹37 crore in the March quarter (Q4FY26), while Zepto recorded an adjusted EBITDA loss of ₹1,247.5 crore and Swiggy Instamart posted a loss of ₹1,009 crore.
Blinkit’s Q4 net order value stood at ₹14,386 crore, compared with ₹8,134 crore for Zepto and ₹5,675 crore for Instamart.
Along with the Q1 results announcement on Wednesday, July 22, Eternal said Blinkit’s adjusted EBITDA of ₹102 crore in the June quarter exceeded the ₹97 crore consensus estimate, while net order value (NOV) of ₹17,132 crore also topped the Street estimate of ₹16,796 crore.
At the group level, adjusted revenue came in at ₹20,648 crore, slightly ahead of estimates of ₹20,414 crore, while adjusted EBITDA of ₹555 crore was marginally below the ₹579 crore consensus.
The food delivery business also outperformed on NOV, reporting ₹10,769 crore against estimates of ₹10,554 crore, although adjusted EBITDA of ₹606 crore was broadly in line with expectations.
Eternal said 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, compared with a loss of ₹162 crore a year ago.
The business added 200 net new stores during the quarter, taking its network to 2,443 stores, while adjusted EBITDA margin improved to 0.6% of NOV, marking the fifth consecutive quarter of improvement.
Management said its strategy remains centred on expanding assortment, entering new geographies and investing in supply chain infrastructure rather than competing primarily on price.
The company said Blinkit now operates over 19 million square feet of store and warehousing space across more than 300 cities and will continue investing in the business as long as expected returns on capital remain attractive.
Brokerages on Eternal
Eternal’s June-quarter performance also drew positive commentary from brokerages. CLSA, which sees a 75% upside on the stock with a target price of ₹506. It said Blinkit’s accelerating growth, improving profitability and stronger cash generation reinforced its positive view on Eternal.
JPMorgan said competitive intensity in quick commerce appears to have peaked and become more predictable, while Jefferies said the company continues to prioritise profitable growth over market share.
Nomura highlighted Blinkit’s higher long-term profitability target and improving operational efficiencies, while HSBC said the strong performance across food delivery and quick commerce reinforced confidence in the company’s FY27 outlook.
Shares of the company were trading 3% higher on Thursday, July 23, at ₹292.95. The stock has gained more than 13% in the last six months.
