Blinkit Widens Q-Commerce Lead, Matches Rivals Zepto and Instamart Combined in Scale

Eternal highlighted Blinkit's profitability against its competitors. Blinkit posted an adjusted EBITDA profit of ₹37 crore in the March quarter, while Zepto reported an adjusted EBITDA loss of ₹1,247.5 crore and Swiggy Instamart recorded a loss of ₹1,009 crore

Outlook Business Desk

Curated by: Ritesh

Published At: 23 July 2026 2:11 pm

Blinkit Matches Rivals Zepto and Instamart Combined in Scale Photo: AI generated representative image

Summary of this article

Eternal has said Blinkit is now nearly as large as Zepto and Swiggy Instamart combined in terms of scale
According to the company's shareholder letter, Blinkit also maintained profitability while rivals continued to report adjusted EBITDA losses
Eternal's June-quarter earnings showed Blinkit is improving profitability, operational efficiencies and sustained growth momentum

Quick commerce platform Blinkit has widened its lead over rivals, with parent company Eternal stating that the business is now nearly as large as Zepto and Swiggy Instamart combined while continuing to remain profitable. The company made the claim in its June-quarter shareholder letter.

Eternal's FY26 operating data showed Blinkit processed 916.6 million orders during the year, compared with 640.2 million orders for Zepto and 412.2 million for Swiggy Instamart, taking its order volumes to almost the combined level of its two key competitors, as per CNBC-TV18.

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The shareholder letter also showed Blinkit generated revenue of ₹37,779 crore in FY26, ahead of Zepto's ₹22,624 crore and Swiggy Instamart's ₹3,859 crore.

Blinkit operated 2,243 dark stores at the end of the financial year, nearly double Zepto's 1,139 stores and slightly ahead of Instamart's 1,143.

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Profitability Improves Further

Eternal highlighted Blinkit's profitability against its competitors. Blinkit posted an adjusted EBITDA profit of ₹37 crore in the March quarter (Q4FY26), while Zepto reported an adjusted EBITDA loss of ₹1,247.5 crore and Swiggy Instamart recorded a loss of ₹1,009 crore.

Blinkit's net order value (NOV) for the March quarter stood at ₹14,386 crore, compared with ₹8,134 crore for Zepto and ₹5,675 crore for Instamart.

Alongside its June-quarter earnings, Eternal said Blinkit's adjusted EBITDA rose to ₹102 crore in Q1FY27, exceeding the consensus estimate of ₹97 crore.

Net order value increased to ₹17,132 crore, also surpassing Street expectations of ₹16,796 crore.

The company said Blinkit added 200 net new stores during the quarter, taking its total network to 2,443 locations. Adjusted EBITDA margin improved to 0.6% of NOV, marking the fifth consecutive quarter of improvement, as per CNBC-TV18.

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Management said its strategy remains centred on expanding assortment, entering new geographies and investing in supply chain infrastructure rather than competing primarily on price.

At the group level, Eternal reported adjusted revenue of ₹20,648 crore, slightly ahead of analyst estimates, while adjusted EBITDA came in marginally below consensus, as per CNBC-TV18.

The food delivery business also exceeded expectations on net order value, although profitability remained broadly in line with forecasts.