Eternal Q4: Blinkit’s Adjusted EBITDA Jumps 9X QoQ To ₹37 Cr

Eternal’s quick commerce arm Blinkit reported a sharp sequential improvement in profitability in the March quarter, with its adjusted EBITDA surging over 9x QoQ to ₹37 Cr from ₹4 Cr in Q3 FY26.

Blinkit had reported an adjusted EBITDA loss of ₹178 Cr in the year-ago quarter. 

The improvement in adjusted EBITDA came as the business continues to scale aggressively. Blinkit’s net order value (NOV) grew 95.4% YoY to ₹14,386 Cr during the quarter under review from ₹7,362 Cr in the year-ago period. It rose 8.2% QoQ from ₹13,300 Cr. 

Its adjusted EBITDA stood at 0.3% of the NOV in the March quarter. The company added 216 net new stores during the quarter, taking its total store count to 2,243.

Blinkit said that some of its more mature markets, including Delhi NCR, are already approaching its steady-state adjusted EBITDA margin guidance of 5-6%. It also said that margin expansion may not be linear given continued competition and ongoing investments in store density, assortment, and geographic expansion.

Notably, Q4 is typically the weakest quarter for quick commerce due to fewer days and a post-festive drop in high-value orders. The company expects a stronger rebound in Q1 FY27 based on early demand signals.

Meanwhile, at the consolidated level, Eternal reported strong growth in Q4 FY26, driven largely by the quick commerce business and an accounting shift following the transition to an inventory-led model.

Adjusted revenue rose 186% YoY and 6% QoQ to ₹17,680 Cr, although like-for-like growth stood at 64% YoY. Meanwhile, its net profit increased 4.5X to ₹174 Cr from ₹39 Cr in Q4 FY25. On a sequential basis, profit rose 71% from ₹102 Cr.

(The story will be updated soon)

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