Blinkit turns EBITDA-positive as Eternal dismisses budget-delivery rivals

Eternal reported Q1 FY27 revenue growth of 182% year on year as Blinkit posted ₹102 crore in adjusted EBITDA profit, added 200 net stores and reached 2,443 outlets. Founder Deepinder Goyal said low-cost delivery plays from Rapido and Swiggy are economically unsustainable, while Bistro targets ₹50–150 meals.

— Source publishedWed, 22 Jul, 2026, 16:47 IST·First seen Wed, 22 Jul, 2026, 17:16 IST·Source ET Small Business

What happened

Eternal reported strong Q1 FY27 growth, with Blinkit turning EBITDA-positive and expanding to 2,443 stores. Founder Deepinder Goyal dismissed Rapido and Swiggy

Key facts

  • Consolidated net profit: Rs 92 crore, up 268% YoY from Rs 25 crore
  • Revenue from operations: Rs 20,211 crore, up 182% YoY from Rs 7,167 crore
  • Adjusted EBITDA: Rs 555 crore, versus Rs 172 crore a year earlier
  • Sequential net profit: down 47% from Rs 174 crore in March quarter
  • Sequential revenue: up 17% from Rs 17,292 crore
  • Zomato food-delivery NOV: Rs 10,769 crore, up over 20% YoY
  • Blinkit NOV: Rs 17,132 crore, up 86% YoY and 19% sequentially
  • Blinkit added 200 net new stores, reaching 2,443 stores
  • Blinkit adjusted EBITDA: profit of Rs 102 crore versus Rs 162 crore loss a year earlier
  • District NOV: Rs 3,218 crore, up 60% YoY
  • Hyperpure revenue: Rs 1,034 crore, up 27% YoY
  • Hyperpure adjusted EBITDA: Rs 6 crore profit versus Rs 18 crore loss
  • Bistro targets food delivery at Rs 50-150 price points

Why this matters

Blinkit’s 2,443-store footprint and profitable model raise the strategic bar for acquisitions or partnerships in quick commerce, while Bistro’s ₹50–150 meal focus signals a potential adjacency in value food delivery.

What to watch

  • Adjusted EBITDA progression over the next two quarters, especially whether profitability persists after new-store ramp costs.
  • Net store additions, mature-store order density and sales contribution from newly opened dark stores.
  • Average order value, take rate, gross margin and delivery cost per order.
  • Frequency and depth of discounts or free-delivery offers from Swiggy, Rapido and other low-cost entrants.
  • Bistro's order volumes, repeat rates and contribution margin in the ₹50-150 meal segment.
  • Rider availability, incentive inflation and any labor, food-safety or dark-store regulatory actions.
  • Advertising and private-label revenue growth, which would make Blinkit's profit pool less dependent on delivery fees.
  • Accelerate dark-store openings in high-density catchments while using mature stores to subsidize newer clusters.
  • Prioritize higher-margin categories such as private labels, beauty, electronics, pharmacy-adjacent essentials and advertising over pure grocery discounting.
  • Use the EBITDA milestone to negotiate better brand-funded promotions, inventory terms and exclusive launches.
  • Expand Bistro selectively in office and urban meal occasions, using Blinkit's delivery network to improve asset utilization.
  • Defend core customers through loyalty benefits, delivery-pass bundles and targeted rather than broad-based discounts.
  • Emphasize unit economics publicly to shape investor expectations and make continued rival cash burn appear less credible.