Blinkit reported a 95% year-on-year increase in net order value for the fourth quarter of FY ’26, alongside its second consecutive quarter of adjusted EBITDA profitability. The company recorded an adjusted EBITDA of Rs. 37 crore (US $3.90 million), equivalent to 0.3% of net order value.
Sequential growth, however, moderated to 8% quarter-on-quarter, compared with 14% in the preceding quarter. This slowdown was attributed to seasonal factors and heightened competitive intensity. The company indicated that it expects a stronger performance in the first quarter of FY ’27.
The quick commerce segment continues to witness escalating competition, with seven active players and more than 6,000 dark stores currently in operation. Industry observers noted that aggressive pricing strategies, reduced minimum order values, and lower delivery charges have intensified efforts around customer acquisition and retention, exerting pressure on margins in the near term.
Despite these challenges, analysts suggested that long-term profitability in the sector is likely to be driven by scale, network density, and order throughput. Larger platforms are expected to benefit disproportionately from these structural advantages. Market projections indicated that Blinkit could capture more than 100% of the industry profit pool from FY ’27E over the next two to three years.
During the quarter, Blinkit added a net 216 stores, taking its total network to 2,243 locations. The company continues to target 3,000 stores by March 2027. In Delhi NCR, one of its more mature markets, adjusted EBITDA margins have reached between 5% and 6%.
The broader quick commerce landscape is also expanding rapidly. Flipkart has surpassed 800 stores and is aiming to scale up to approximately 1,600 by the end of 2026. Meanwhile, Amazon Now has established around 450 stores and is expected to expand its network to between 1,000 and 1,200 locations over the same period.
