Last checked • 5 dated sources • 5 min read
Blinkit grew net order value 79.3% to Rs 20,940 crore and made Rs 184 crore of adjusted EBITDA in Q2 FY27 (Inc42). Pee Safe now earns 40% of domestic revenue from quick commerce at double-digit contribution margins (Inc42). The common thread is stock: platforms are moving to owning inventory, and brands that win keep products on the shelf in every dark store.
Eternal, Zomato's parent, reported its quarter to 30 September on 21 October. Blinkit, its quick commerce arm, grew net order value 79.3% year on year and 22.2% on the previous quarter to Rs 20,940 crore. Operating revenue rose 94% to Rs 19,152 crore.
Blinkit made an adjusted EBITDA profit of Rs 184 crore, against a loss of Rs 156 crore a year earlier. That is 0.9% of net order value and the sixth quarter in a row of improvement. It added 308 net new stores to reach 2,751. Eternal's consolidated net profit was Rs 125 crore, up 92% from Rs 65 crore.
For scale, Swiggy's Instamart ran 1,240 dark stores in the same quarter, grew net order value 13.4% on the quarter to Rs 6,594 crore and lost Rs 895 crore at the adjusted EBITDA level. The whole quick commerce market was about Rs 1.15 lakh crore in FY26, per Google and Redseer.
| Measure, Q2 FY27 | Blinkit | Instamart |
|---|---|---|
| Net order value | Rs 20,940 crore | Rs 6,594 crore |
| Growth on previous quarter | 22.2% | 13.4% |
| Adjusted EBITDA | Profit of Rs 184 crore | Loss of Rs 895 crore |
| Dark stores | 2,751 | 1,240 |
Blinkit's operating revenue grew 94% while its like-for-like revenue grew 84%. Eternal puts the gap down to Blinkit’s shift towards an inventory-led model. When Blinkit owns the stock, revenue counts the full value of goods sold, not only the commission on a third-party seller's sale.
Swiggy is now making the same move. Instamart will start owning its inventory from mid-Q3 FY27, and Swiggy expects the switch to take two to three quarters. For a brand, both large platforms will increasingly act as buyers. That means purchase orders, fill-rate targets and payment terms, not only a seller listing and an ad budget.
Pee Safe, a personal hygiene brand, gets 40% of its domestic revenue from quick commerce. D2C and ecommerce bring 35% and offline retail 25%. The company says quick commerce earns double-digit contribution margins, against single-digit margins on traditional ecommerce. About half of its quick commerce sales come from Tier II cities and smaller markets, not only the metros.
It took time. Pee Safe struggled to keep products in stock on quick commerce platforms for nearly two years. The fix was a change in supply, not in marketing:
Quick commerce is not cheap to sell on. Pee Safe's founder estimated that advertising in some categories costs Rs 8,000-10,000 per thousand impressions, and that discounts of 10-15% cut what the brand keeps per sale. Platforms typically settle payments in about 30 days, so the brand funds stock until then.
The company is still small: revenue was Rs 82.5 crore in FY25, up from Rs 57.3 crore, with a net loss of around Rs 4 crore. Its quick commerce result is a case study, not a benchmark for the about 9,000 D2C brands Redseer counted in June 2023.
Blinkit's results describe the platform, not the brands on it; Eternal does not publish brand-level margins. Pee Safe's contribution margins are given as single-digit and double-digit bands, not exact figures, and its FY26 accounts were still being audited. Ad and discount costs vary by category. Use these figures to decide what to measure, then measure your own.
Net order value rose 79.3% year on year to Rs 20,940 crore, and operating revenue rose 94% to Rs 19,152 crore. Adjusted EBITDA was a profit of Rs 184 crore.
Blinkit has shifted towards owning inventory, so its revenue now includes the full value of goods it sells rather than only commissions. Like-for-like revenue grew 84%.
Pee Safe says it does: quick commerce is 40% of its domestic revenue at double-digit contribution margins. It took nearly two years of fixing stock availability, and ads and discounts still take a share of each sale.
Sourced numbers for Indian product builders, nine stories every morning at 09:15 IST.
Get the brief free →