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Blinkit turns Ebitda positive in Q3FY26
For the first time, quick commerce platform Blinkit was adjusted Ebitda (earnings before interest, taxes, depreciation) positive in Q3 FY26.
In the December 2026 quarter, Blinkit reported an adjusted Ebitda profit of Rs 4 crore, compared with a loss of Rs 103 crore in Q3FY25.
“The shift to our own inventory continues to be margin accretive. So far, we have banked more than half the 1% point margin accretion that we expect as a result of this change,” said Akshant Goyal, CFO of Eternal, in the shareholders' letter.
Blinkit's net order value (NOV) grew 121% year-on-year (YoY) despite changes in the good and services tax (GST) and seasonality. On a like-for-like basis — excluding accounting changes — NOV growth stood even higher, at 130% YoY.
Blinkit's revenues grew 776% to Rs 12,256 crore in the December quarter from Rs 1,399 crore a year ago. Meanwhile, its gross profit rose to Rs 3,539 crore YoY, or 26.6% of its NOV.
“Margin improvement came from several factors: supply chain cost efficiencies, a favourable shift towards long-tail categories, and operating leverage. This is the natural progression of a strong and maturing quick commerce business,” said Albinder Dhindsa, chief executive, Blinkit, in the letter.
“What may be surprising is that we achieved it despite elevated competitive intensity over the past few months,” Dhindsa added.
In a conversation with ET in December 2025, Dhindsa had said that the public market's appetite for funding quick commerce expansion through balance-sheet capital is limited and the sector will soon have to confront questions around sustainable growth.
His comments came as Blinkit's rivals prepared to tap public investors to shore up capital in what has become an intensely competitive, high cash-burn market. ET reported on December 27 that Zepto had filed confidential draft papers with the Securities and Exchange Board of India for a $1.3 billion (about Rs 11,000-12,000 crore) initial public offering.
Meanwhile, in a major leadership reshuffle at Eternal, Deepinder Goyal announced on Wednesday that he was stepping down as the group CEO and transitioning to the role of vice chairman on the board of directors, subject to shareholder approval. Dhindsa has been named the new group CEO.
Source: EconomicTimes
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