Blinkit contributes 75% of Eternal’s Q3 FY26 revenue

Eternal Ltd’s quick commerce arm Blinkit accounted for about 75% of the company’s consolidated revenue in the third quarter of FY26, underlining its growing importance to the group’s overall business.

According to Eternal’s Q3 earnings statement, Blinkit reported revenue of Rs 12,256 crore during the October–December quarter, out of the company’s consolidated revenue of Rs 16,315 crore.

Blinkit’s net order value (NOV) more than doubled to Rs 13,300 crore in Q3 FY26, compared with Rs 6,020 crore in Q3 FY24. The business also reported a sharp turnaround in profitability, with adjusted EBITDA turning positive at Rs 4 crore, against a loss of Rs 103 crore in the year-ago quarter.

The company attributed the sharp growth in adjusted revenue largely to its shift to inventory ownership in quick commerce from Q1 FY26, under which reported revenue now includes the full value of goods sold rather than just commissions.

During the quarter, Eternal added 211 net new Blinkit dark stores, taking the total store count to 2,027 as of December 2025.

Commenting on Blinkit’s strategy, CEO Albinder Singh Dhindsa said the company does not believe in driving growth through aggressive discounting or free deliveries. “We don’t believe you can build a strong quick commerce business on the back of heavy discounting. The tougher answers to growth are the only ones that last,” he said.

Dhindsa added that Blinkit’s underlying unit economics are strong and continue to improve. “Our mature cities prove that the Blinkit model works at scale,” he said.

The company expects Blinkit’s margins to expand to 5–6% of NOV over time. Currently, Delhi-NCR contributes an adjusted EBITDA margin of around 3.5%, while Gurugram and Noida are already delivering margins of about 5%, he said.

Looking ahead, Dhindsa said Blinkit is targeting 3,000 stores by March 2027. “If competition moderates in the near term, we would like to aim for 3,500–4,000 stores by March 2027, which would keep NOV growth north of 100% year-on-year,” he added.