Quick commerce results: Blinkit, Instamart and Zepto by quarter
Updated October 2026
Blinkit leads the latest quick commerce results and is the only one of the three making an adjusted EBITDA profit. In Jul–Sep 2026 it made ₹184 crore on ₹20,940 crore of net order value from 2,751 stores.
Instamart and Zepto are still losing money. Instamart’s contribution margin broke even in May 2026 but was −1.0% of GOV in Jul–Sep 2026.
Instamart’s gross order value in Jul–Sep 2026 was ₹9,230 crore from 1,240 stores, with a ₹895 crore adjusted EBITDA loss. Zepto, still unlisted, last shared figures for Jan–Mar 2026: ₹7,498 crore revenue and a ₹1,248 crore adjusted EBITDA loss.
Blinkit and Instamart publish numbers every quarter because they sit inside listed companies. Blinkit is part of Eternal (formerly Zomato) and Instamart is part of Swiggy. Zepto is private and has shared figures only in its IPO papers.
Blinkit vs Instamart vs Zepto: latest quarterly results
Terms used: NOV is net order value, the value of orders after discounts (Blinkit). GOV is gross order value, before discounts (Instamart). NRV is net receivables value, Zepto’s own measure. Adjusted EBITDA is operating profit or loss before interest, tax, depreciation and some one-off items. All figures are in ₹ crore.
| Company | Latest quarter | Order value (₹ cr) | Revenue (₹ cr) | Adjusted EBITDA (₹ cr) | Dark stores |
|---|---|---|---|---|---|
| Blinkit (Eternal) | Q2 FY27 (Jul–Sep 2026) | 20,940 (NOV) | 19,152 | +184 | 2,751 |
| Instamart (Swiggy) | Q2 FY27 (Jul–Sep 2026) | 9,230 (GOV) | 1,306 | −895 | 1,240 |
| Zepto | Q4 FY26 (Jan–Mar 2026) | NRV 8,134 | 7,498 | −1,248 | 1,139 |
The three latest quarters are not the same period, and the order-value measures differ: Blinkit uses NOV (after discounts), Instamart GOV and Zepto NRV.
How to compare the three fairly
- For size, use orders and stores. Both mean the same thing at every company. Order value and revenue do not.
- For profit, use adjusted EBITDA as a share of order value. Blinkit’s was 0.9% of NOV in Jul–Sep 2026. Instamart’s was −9.7% of GOV in Jul–Sep 2026.
- Ignore revenue across companies. Blinkit and Zepto book the full value of goods sold from their own stock. Instamart still books mainly commissions and fees.
- Match the quarter. January–March 2026 is the latest quarter with figures for all three. Zepto’s results page lines all three up for that quarter.
Blinkit, Zepto and Instamart FY26 results (April 2025 to March 2026)
| Company | Revenue (₹ cr) | Adjusted EBITDA (₹ cr) | Orders | Stores, 31 Mar 2026 |
|---|---|---|---|---|
| Blinkit | 37,779 | −277 | 916.6 million | 2,243 |
| Zepto | 22,624 | −5,042 (EBITDA in its restated statements: −4,746) | 640.2 million | 1,139 |
| Instamart | 3,859 | −3,511 | 412.2 million | 1,143 |
Blinkit’s FY26 revenue is high partly because it began selling from its own stock in July–September 2025. Instamart was still a marketplace for the whole year.
Results calendar: when each company reports next
| Company | Latest figures | Next figures |
|---|---|---|
| Eternal (Blinkit) | Jul–Sep 2026, published 21 Oct 2026 | October–December 2026, due by 14 February 2027 |
| Swiggy (Instamart) | Jul–Sep 2026, published 22 Oct 2026 | October–December 2026, due by 14 February 2027 |
| Zepto | Jan–Mar 2026, in its IPO papers | Only when it restarts its IPO, now aimed at February–May 2027 |
What changed in quick commerce results over the past year
- Blinkit added 308 stores in July–September 2026, its biggest quarterly rise in the table, taking it to 2,751.
- Eternal stopped publishing Blinkit’s GOV from April–June 2025 and now gives only NOV. It said rising discounts made GOV overstate growth. The last Blinkit GOV figure was ₹9,421 crore for January–March 2025.
- Blinkit’s revenue rose from ₹2,400 crore to ₹9,891 crore between the June and September 2025 quarters, because it started selling from its own inventory.
- Blinkit’s adjusted EBITDA turned positive in October–December 2025 and has risen every quarter since.
- Instamart slowed its store openings to cut losses. It added only 28 stores in April–June 2026, then 69 in July–September.
- Zepto put its IPO on hold on 31 July 2026, so no newer figures are public.
Only these three share detailed figures, while quick commerce market size estimates also count the apps that do not. Between results, store openings show up in the regular dark store reports.
Figures summarise public company results for general information and are not investment advice.
Frequently asked questions about quick commerce results
Which is bigger: Blinkit, Zepto or Instamart?
Blinkit, on every measure. In FY26 it handled 916.6 million orders, against 640.2 million for Zepto and 412.2 million for Instamart. It also had the most dark stores at 31 March 2026: 2,243, against 1,139 for Zepto and 1,143 for Instamart. By 30 September 2026 Blinkit had 2,751 and Instamart 1,240; Zepto has given no newer figure.
Sources
- Business Standard, 21 Oct 2026: Eternal Q2 FY27 (Blinkit NOV ₹20,940 crore, revenue ₹19,152 crore, adjusted EBITDA ₹184 crore)
- Kotak Neo, 21 Oct 2026: Eternal Q2 FY27 (Blinkit 2,751 stores, 308 added)
- ScanX, 21 Oct 2026: Eternal Q2 FY27 (Blinkit adjusted EBITDA 0.9% of NOV, 308 net new stores)
- NSE filing, 7 Oct 2026: Swiggy Q2 FY27 earnings call on 22 Oct 2026
- Inc42, 22 Oct 2026: Swiggy Q2 FY27 (net loss ₹922 crore; Instamart GOV ₹9,230 crore, revenue ₹1,306 crore, adjusted EBITDA −₹895 crore, CM −1%, 1,240 stores, 133 cities, 130.3 million orders)
- Kotak Neo, 23 Oct 2026: Swiggy Q2 FY27 (Instamart GOV ₹9,230 crore, adjusted EBITDA −₹895 crore, 69 net new stores to 1,240)
- Chittorgarh: Zepto IPO and restated financials (from the DRHP/UDRHP)
- Outlook Business, 10 Jun 2026: what Zepto’s IPO filing reveals