India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

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Thematic (Sector/Industry)

<ul>
<li>Blinkit’s Q1 FY27 NOV grew 86% YoY with 0.6% adjusted EBITDA margin, while Instamart contribution margin improved 440 bps YoY to -0.2% and Zepto’s orders/store/day surged 50% YoY. .</li>
<li>The operating debate is shifting from delivery speed and gross store additions to customer density, per-store throughput, advertising income, assortment depth and contribution per order.</li>
<li>Zepto has the strongest throughput momentum but the largest disclosed loss pool. Instamart is making credible margin progress, although recent volume and store-productivity growth is less aggressive.</li>
</ul>


Blinkit’s Q1 FY27 NOV grew 86% YoY with 0.6% adjusted EBITDA margin, while Instamart contribution margin improved 440 bps YoY to -0.2% and Zepto’s orders/store/day surged 50% YoY. .
The operating debate is shifting from delivery speed and gross store additions to customer density, per-store throughput, advertising income, assortment depth and contribution per order.
Zepto has the strongest throughput momentum but the largest disclosed loss pool. Instamart is making credible margin progress, although recent volume and store-productivity growth is less aggressive.


Quick Commerce in India: The Shift Towards Sustainable Growth

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>The five largest players added 900 dark stores between April-July 2026, but unique pin codes served rose just 152, the expansion is now about density and overlap, not new geography</li>
<li>Blinkit turned adjusted EBITDA positive in Q1 FY27 (INR 1,020 million) while Swiggy Instamart's contribution margin reached near breakeven at -0.2% of GOV; profitability is finally converging with scale.</li>
<li>Zepto deferred its IPO by two quarters on valuation pushback and is raising INR 1,000cr pre-IPO at a US$4.5 billion mark, below its US$5bn last round.</li>
</ul>


The five largest players added 900 dark stores between April-July 2026, but unique pin codes served rose just 152, the expansion is now about density and overlap, not new geography
Blinkit turned adjusted EBITDA positive in Q1 FY27 (INR 1,020 million) while Swiggy Instamart's contribution margin reached near breakeven at -0.2% of GOV; profitability is finally converging with scale.
Zepto deferred its IPO by two quarters on valuation pushback and is raising INR 1,000cr pre-IPO at a US$4.5 billion mark, below its US$5bn last round.


India Quick Commerce Monthly - Economics Takes Center Stage

Equity Bottom-Up

<ul>
<li>Eternal Ltd’s Q2FY26 revenue surged 183% YoY to INR 135B, driven by Blinkit’s shift to an owned-inventory quick commerce model, a major operational transformation.</li>
<li>The new model boosts revenue and gross margins but pressures profits amid higher marketing costs, dark store expansion, and increased working capital needs.</li>
<li>Eternal is prioritizing scale over near-term profits, investing heavily to strengthen its long-term leadership in Q-commerce and digital retail.</li>
</ul>


Eternal Ltd’s Q2FY26 revenue surged 183% YoY to INR 135B, driven by Blinkit’s shift to an owned-inventory quick commerce model, a major operational transformation.
The new model boosts revenue and gross margins but pressures profits amid higher marketing costs, dark store expansion, and increased working capital needs.
Eternal is prioritizing scale over near-term profits, investing heavily to strengthen its long-term leadership in Q-commerce and digital retail.


Eternal: Blinkit Leads Scale-Up as Inventory Model Lifts Margins

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>NOV Growth: Zomato’s B2C operations delivered a strong 57% YoY rise in Net Order Value (NOV) to Rs 23,164 Cr, underscoring broad-based demand momentum.</li><li>Consolidated revenue soared 183% YoY and 90% QoQ to Rs 13,590 Cr in Q2FY26, with LFL growth of 65%, primarily propelled by exceptional performance in the Quick Commerce segment, which recorded its highest-ever NOV growth of 137% YoY (27% QoQ) in the past 10 quarters.</li><li>The steep topline jump was largely driven by a shift towards inventory-led operations within the quick commerce vertical.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NOV Growth: Zomato’s B2C operations delivered a strong 57% YoY rise in Net Order Value (NOV) to Rs 23,164 Cr, underscoring broad-based demand momentum.Consolidated revenue soared 183% YoY and 90% QoQ to Rs 13,590 Cr in Q2FY26, with LFL growth of 65%, primarily propelled by exceptional performance in the Quick Commerce segment, which recorded its highest-ever NOV growth of 137% YoY (27% QoQ) in the past 10 quarters.The steep topline jump was largely driven by a shift towards inventory-led operations within the quick commerce vertical.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eternal Ltd (Zomato)  - Quick Commerce Led Growth; Competitive Intensity Remains

<ul>
<li>Blinkit turned adjusted EBITDA positive (INR370mn in Q4 FY26) while Instamart's FY26 loss widened to INR35,119mn, profitability divergence is now the sector's defining trade.</li>
<li>Zepto's SEBI-filed IPO (INR 8,010 crore) will provide public-market valuation benchmark for the sector's other unlisted players.</li>
<li>Amazon Now and Flipkart Minutes are scaling into incumbents' most profitable catchments. Per Bernstein, top-eight cities host 3,800+ dark stores, ~3,600 with profitability potential.</li>
</ul>


Blinkit turned adjusted EBITDA positive (INR370mn in Q4 FY26) while Instamart's FY26 loss widened to INR35,119mn, profitability divergence is now the sector's defining trade.
Zepto's SEBI-filed IPO (INR 8,010 crore) will provide public-market valuation benchmark for the sector's other unlisted players.
Amazon Now and Flipkart Minutes are scaling into incumbents' most profitable catchments. Per Bernstein, top-eight cities host 3,800+ dark stores, ~3,600 with profitability potential.


India Quick Commerce: Sector Enters the Monetization Phase; Profitability Divergence Now Measurable

India

Eternal is an Indian multinational technology and consumer-services holding company, operating various digital platforms. Its core businesses include Zomato for food delivery and dining, Blinkit for quick-commerce grocery delivery, Hyperpure for business-to-business food supply, and District for live events and online ticketing. The company was founded on January 18, 2010, as DC Foodiebay Online Services and is headquartered in Gurugram, Haryana, India.

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Eternal (ETERNAL IN)

Quick Commerce in India: The Shift Towards Sustainable Growth

Blinkit's Q1 FY27 NOV shows strong growth, with focus shifting to customer density. Zepto leads in throughput but faces largest loss pool, while...

Sudarshan Bhandari

India Quick Commerce Monthly - Economics Takes Center Stage

Major players in the dark store industry are focusing on increasing density and overlap rather than expanding into new geographical areas. Blinkit...

GSBR Research

Eternal: Blinkit Leads Scale-Up as Inventory Model Lifts Margins

Eternal Ltd's revenue soars 183% YoY to INR 135B in Q2FY26 due to Blinkit's shift to owned-inventory quick commerce model, prioritizing scale over...

Sudarshan Bhandari

Eternal Ltd (Zomato) - Quick Commerce Led Growth; Competitive Intensity Remains

NOV Growth: Zomato’s B2C operations delivered a strong 57% YoY rise in Net Order Value (NOV) to Rs 23,164 Cr, underscoring broad-based demand...

Axis Direct

India Quick Commerce: Sector Enters the Monetization Phase; Profitability Divergence Now Measurable

Blinkit posts positive EBITDA, Instamart's losses widen; Zepto's IPO to set benchmark; Amazon and Flipkart scaling in top cities with dark stores.

GSBR Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quick Commerce in India: The Shift Towards Sustainable Growth

​Blinkit's Q1 FY27 NOV shows strong growth, with focus shifting to customer density. Zepto leads in throughput but faces largest loss pool, while...

Sudarshan Bhandari

India Quick Commerce Monthly - Economics Takes Center Stage

​Major players in the dark store industry are focusing on increasing density and overlap rather than expanding into new geographical areas. Blinkit...

GSBR Research

Eternal: Blinkit Leads Scale-Up as Inventory Model Lifts Margins

​Eternal Ltd's revenue soars 183% YoY to INR 135B in Q2FY26 due to Blinkit's shift to owned-inventory quick commerce model, prioritizing scale over...

Sudarshan Bhandari

Eternal Ltd (Zomato) - Quick Commerce Led Growth; Competitive Intensity Remains

NOV Growth: Zomato’s B2C operations delivered a strong 57% YoY rise in Net Order Value (NOV) to Rs 23,164 Cr, underscoring broad-based demand...

Axis Direct

India Quick Commerce: Sector Enters the Monetization Phase; Profitability Divergence Now Measurable

​Blinkit posts positive EBITDA, Instamart's losses widen; Zepto's IPO to set benchmark; Amazon and Flipkart scaling in top cities with dark stores.

GSBR Research

Blinkit's Q1 FY27 NOV shows strong growth, with focus shifting to customer density. Zepto leads in throughput but faces largest loss pool, while...

Major players in the dark store industry are focusing on increasing density and overlap rather than expanding into new geographical areas. Blinkit...

Eternal Ltd's revenue soars 183% YoY to INR 135B in Q2FY26 due to Blinkit's shift to owned-inventory quick commerce model, prioritizing scale over...

Blinkit posts positive EBITDA, Instamart's losses widen; Zepto's IPO to set benchmark; Amazon and Flipkart scaling in top cities with dark stores.