Results · Commerce & Consumer Brands

Blinkit reports Q1 results with inventory loss

By Startup Enthusiast · 22 July 2026

What they do

Blinkit delivers groceries in 10 minutes through a network of dark stores

Q1 FY26 adjusted EBITDA was Rs 102 crore, after a Rs 308 crore inventory loss

Inventory loss of 1.8% of net order value is mostly from fruit and vegetable spoilage

Blinkit reported its Q1 FY26 financial results.
Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation, adjusted for one-time items) was Rs 102 crore.
The company recorded an inventory loss of Rs 308 crore, which is 1.8% of net order value (NOV).
Net order value for the quarter was Rs 17,132 crore.
Revenue grew 18.4% sequentially.
Blinkit shifted from a marketplace model to an inventory-led model, where it buys goods itself and sells directly.
Revenue grew 553% year-over-year because the inventory-led model counts the full goods price as revenue.
The 1.8% inventory loss figure came from a shareholder letter, not audited financials, and no prior quarter comparison is available.

Inventory loss is mostly from spoilage of fruits and vegetables.
Revenue grew 18.4% sequentially.
The company added 200 new stores in the quarter, one of its slowest expansion periods.
The inventory loss rate cannot be compared to previous quarters because it was not disclosed before.

Blinkit is a quick commerce company that delivers groceries and daily essentials.
It operates through a network of dark stores (small warehouses for fast delivery).
Customers order via a mobile app and receive items in 10 minutes.
The company shifted from a marketplace model to an inventory-led model, buying goods itself and selling directly.
Revenue growth is driven by the inventory-led model, which counts the full goods price as revenue.
Inventory loss mainly comes from spoilage of fruits and vegetables.