Food delivery GOV grew 22.6% YoY to Rs 9,005 cr with Adj EBITDA margin at 3.3%, but order frequency slipped to 4.01/user/month. Instamart GOV jumped 68.8% to Rs 7,881 cr across 1,143 darkstores in 129 cities, contribution margin improved to -1.8%. Losses narrowed to Rs 800 cr; cash pile at Rs 15,053 cr after Rs 10,000 cr QIP.

MediaNama · 5/13/2026, 10:41:14 PM

Q4 FY26 net loss widened 26% YoY to ₹800 Cr even as revenue jumped 44.7% to ₹6,383 Cr and B2C GOV rose 40.7% to ₹18,131 Cr. FY26 losses ballooned 33% to ₹4,154 Cr as Instamart burns cash against Blinkit and Zepto. MTUs up 27% but frequency slipped 5%. Brokerages split: Nomura, Citi, Kotak Buy (TP ₹370-473); MS Equal-Weight ₹322.

Inc42 · 5/13/2026, 9:52:06 PM

Food Delivery adj EBITDA grew 40% YoY to ₹297 Cr on 23% revenue growth. Instamart GOV surged 69% to ₹7,881 Cr across 1,143 dark stores in 129 cities, but EBITDA losses widened to ₹858 Cr. FY26 loss widened 33% to ₹4,154 Cr even as revenue rose 51% to ₹23,053 Cr.

Inc42 · 5/13/2026, 8:36:02 PM