Somewhere in Gurugram, Akshant Goyal probably has a “Keep Calm, It’s Just CAC” poster above his desk. Eternal (yes, the artist formerly known as Zomato) just had a quarter where Blinkit stole the spotlight while food delivery quietly sulked in the corner, eating leftovers. Growth’s up, losses are… stable-ish, and management insists profitability is “an outcome, not a goal.” Translation: it’ll come when it comes. 🫠
Blinkit’s store army now nears 1,800 and aiming for 3,000 — because apparently, every lane deserves a dark store now. But wait till you see what’s cooking in District and Bistro. Read on, it gets juicier.
2. At a Glance
Revenue up 37% – CFO swears it’s not spreadsheet sorcery, just quick commerce adrenaline.
Blinkit GOV up 137% – Albinder’s dopamine hits now come from same-day delivery charts.
Food Delivery growth 15% – Apparently, India’s eating out less and scrolling more.
Adjusted EBITDA still red – But hey, “profitability is not a goal,” remember?
Marketing spend up 40% QoQ – Customer acquisition cost = love language.
Stock flat post-call – Investors blinked, but didn’t bite.
3. Management’s Key Commentary
Albinder Singh Dhindsa: “We’ll keep spending as long as CAC stays healthy.” (Translation: we’ll burn cash responsibly until someone blinks.)
Akshant Goyal: “EBITDA break-even isn’t a milestone we chase.” (A fancy way of saying, “don’t hold your breath.”) 😏
Kunal Swarup: “The step change to 80% 1P model is done; rest will be incremental.” (Read: Don’t expect fireworks next quarter, just faint smoke.)
Akshant Goyal: “Food delivery growth will depend on macro recovery.” (So, blame inflation, cricket, and your mom’s home-cooked food.)
Albinder Singh Dhindsa: “We’re the customer’s best price and convenience platform.” (AKA we want to be both Walmart and Starbucks.)
Akshant Goyal: “Most new Blinkit customers are new to quick commerce.” (Good news: expanding the market. Bad news: more people discovering they don’t need a banana in 10 minutes.) 🍌
Akshant Goyal: “Bistro 10-minute meals are coming — more updates next quarter.” (Translation: Zomato wants to serve your biryani before you finish scrolling.)
4. Numbers Decoded
Metric
Q2FY26
YoY Change
One-Line Analysis
Blinkit NOV Growth
+137%
+100%+
Dark stores are multiplying faster than gym resolutions.
Food Delivery Growth
+15%
Flat-ish
Ordering mojo still on diet.
Gross Margin (Blinkit)
+300 bps
Improving
1P inventory model delivers… finally.
Marketing Expense
+40% QoQ
+4x YoY
Spending to win hearts (and wallets).
Blinkit Store Count
1,800
+1,200 YoY
Marching toward 3,000 — chaos incoming.
District Losses
₹60-70 Cr
Flat
“Range-bound losses” — CFO’s new comfort zone.
Food Delivery AOV
Stable
NA
No inflation in biryani yet.
Takeaway: Blinkit’s top line is doing the heavy lifting while Zomato’s food biz takes a power nap.
5. Analyst Questions
Kotak (Garima): “So marketing spends up again?” Albinder: “Yup, till CAC stays fit.” (Marketing gym subscription renewed.)
Enrollment is up in de-addiction centers aimed to reduce 10-min delivery S&M game with delivery folks. Could even be among the top 3 New year resolutions. All food apps drive up food inflation anywhere!!!
The way food and grocery delivery folks weave thru traffic from 6am-10pm is alarming. They drive like they are ambulance equivalent without the audio visual drama.All traffic rules cease to exist!! They not only put their lifes at risk, they pass on the risk to other road users as well.
Enrollment is up in de-addiction centers aimed to reduce 10-min delivery S&M game with delivery folks. Could even be among the top 3 New year resolutions. All food apps drive up food inflation anywhere!!!
The way food and grocery delivery folks weave thru traffic from 6am-10pm is alarming. They drive like they are ambulance equivalent without the audio visual drama.All traffic rules cease to exist!! They not only put their lifes at risk, they pass on the risk to other road users as well.