Eternal shares are buzzing in Wednesday's trade after company posted robust Q4FY26 earnings. The shares jumped nearly 5% on Wednesday to hit intraday high of ₹265 apiece.
The company's consolidated net profit for the quarter jumped 346% YoY to ₹174 crore. More than the strong bottomline performance, the buoyant outlook has cheered the street sentiment. Additionally, Blinkit's robust performance also boosted the overall earnings growth for the stock.
Here is how Blinkit fares against the closest competitor Zepto
Market dominance
Eternal's quick commerce platform, Blinkit has continued to maintain its market dominance with over 40% share as of Q4FY26, substantially higher than its closest competitor Zepto, which holds ~20% market share in the quick commerce space. The market share gains are largely driven by early mover advantage, strong dry powder to fund the expansion and optimised marketing costs.
Dark Store count
The market dominance of Blinkit is largely derived by its stong expansion of dark stores across various cities. As of Q4FY26, Blinkit holds 2,243 dark stores as compared to a over 1100 dark stores of Zepto according to leading market estimates. Blinkit has placed itself with an ambitious target of 3000 dark store before FY29. Through its 3000 dark stores, Blinkit catered to net order value worth ₹14,328 crore in Q4FY26. Zepto handled over 2.4 million orders per day as of January 2026 and Blinkit served over 273 million orders during the quarter.
Financials
At the financials level, Blinkit has led to superior performance with strong operating profitability growth. Blinkit Q4FY26 revenue stood at ₹13,232 as compared to ₹1,709 crore, largely due to shift to inventory model. However, the company swung into EBITDA positive level in Q3FY26 at ₹4 crore and steadily increased to ₹37 crore in Q4FY26. On the flipside, Zepto continues to remain an EBITDA negative level. According to ET's report Zepto incurred an EBITDA loss of ₹55 crore. The Eternal's management remains optimistic about achieving 5-6% from currently 0.3%.
Apart from Zepto, Swiggy's instamart continues run in losses at the EBITDA level with adjusted EBITDA margin of -11.4% as of Q3FY26. The race of profitability between the quick commerce players continues to get fierce as the players expand in tier 2 and 3 cities. T