Eternal’s quick commerce arm reports sequential profitability gains in Q4, with strong growth in order value and store expansion
Eternal’s quick commerce arm, Blinkit, reported a marked improvement in profitability in the March quarter, with adjusted Ebitda rising more than ninefold quarter-on-quarter to Rs 37 crore from Rs 4 crore in Q3 FY26.
In the corresponding period last year, Blinkit had posted an adjusted Ebitda loss of Rs 178 crore.
The improvement in profitability comes amid continued scale-up of operations. Net order value (NOV) grew 95.4 per cent year-on-year to Rs 14,386 crore during the quarter, compared with Rs 7,362 crore a year earlier. On a sequential basis, NOV increased 8.2 per cent from Rs 13,300 crore.
Adjusted Ebitda stood at 0.3 per cent of NOV for the quarter. The company added 216 net new stores, taking the total store count to 2,243.
Blinkit said that some of its mature markets, including Delhi NCR, are approaching its steady-state adjusted Ebitda margin guidance of 5–6 per cent. It added that margin expansion may not be linear due to competitive intensity and continued investments in store density, assortment, and geographic expansion.
The March quarter is typically the weakest for quick commerce, owing to fewer days and a decline in high-value orders after the festive season. The company, however, indicated that early demand signals point to a stronger recovery in Q1 FY27.
At the consolidated level, Eternal reported strong growth in Q4 FY26, supported by the quick commerce segment and an accounting shift following its transition to an inventory-led model.
Adjusted revenue rose 186 per cent year-on-year and 6 per cent quarter-on-quarter to Rs 17,680 crore, while like-for-like growth stood at 64 per cent year-on-year. Net profit increased 4.5 times to Rs 174 crore from Rs 39 crore in Q4 FY25, and rose 71 per cent sequentially from Rs 102 crore.
