Blinkit Q2 FY26: Adjusted EBITDA Loss Declines 4% QoQ To INR 156 Cr

Eternal’s quick commerce arm Blinkit saw its adjusted EBITDA loss decline 3.7% to INR 156 Cr in the second quarter of FY26 (Q2 FY26) from a loss of INR 162 Cr in the preceding September quarter. Adjusted EBITDA margin loss improved to 1.3% in the September quarter from 1.8% in the previous quarter.

On a YoY basis, adjusted EBITDA loss surged 19X from a loss of INR 8 Cr due to rapid store expansion. The segment reported a profit of INR 5 Cr, down 90% YoY.

Meanwhile, its adjusted revenue zoomed 756% to INR 9,891 Cr in Q2 FY26 from INR 1,156 Cr in the same period last year, driven by the transition to an inventory-led model where sales now include the full value of goods sold rather than just marketplace commissions. Adjusted revenue rose 312% QoQ from INR 2,400 Cr.

During Eternal’s Q2 earnings call, Blinkit CEO Albinder Dhindsa said the sharp revenue growth in the quarter was partly driven by a structural shift to an own-inventory model, with about 80% of sales now coming from inventory held by the company.

He noted that this change created a one-time uplift in reported revenue, which will normalise going forward as future growth reflects underlying business momentum rather than accounting shifts.

On the growth outlook, Dhindsa said that short-term performance will be influenced partly by macroeconomic factors, with quick commerce potentially drawing some consumer spend away from food delivery in the near term.

However, he maintained that Blinkit remains well positioned for sustained expansion, targeting over 20% growth in the long run, even as overall growth in FY26 is expected to moderate to around 15% year-on-year.

While Blinkit’s absolute loss decreased in the quarter, the reduction was below expectations, Dhindsa noted. The quick commerce entity failed to capitalise on the revenue surge in the quarter due to investments it made to further expand its network.

Blinkit added 272 net new stores in Q2, taking its total count to 1,816 at the end of September 2025. The company noted that its network expansion in the quarter was the highest in the previous ten quarters.

Moving forward, Dhindsa expects to increase the company’s store count to 2,100 by the end of December 2025 as against the earlier projection of 2,000. By March 2027, Blinkit is expected to command a dark store network of 3,000.

Further, increased marketing spending (4X YoY and 1.4X QoQ higher during the quarter) to acquire new customers, investments in warehousing and supply chain during the quarter

Notably, over 90% of Eternal’s total capex in the quarter went toward Blinkit, with capex per store remaining around INR 1 Cr, including warehousing costs.

Meanwhile, Eternal reported a 63% decline in its consolidated net profit to INR 65 Cr in Q2 from INR 176 Cr in the year-ago quarter. On a sequential basis, the company’s profit rose 160% from INR 25 Cr.

Shares of Eternal ended today’s trading session 1.73% lower at INR 348.40 on the BSE.

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