Zomato’s Blinkit is expected to report an adjusted EBITDA of ₹190 crore, while Swiggy’s Instamart faces a projected loss of ₹840 crore. Investors are tracking how these companies balance the high cost of rapid expansion with steady cash flows from food delivery.
The upcoming September-quarter earnings for Zomato and Swiggy will highlight the differing stages of profitability within their quick commerce businesses. While both platforms are expanding their grocery delivery networks, their financial priorities for these segments are moving in opposite directions.
Zomato’s quick commerce arm, Blinkit, is showing signs of stability. Brokerage estimates suggest the business may post an adjusted EBITDA of ₹190 crore for the quarter. This performance is supported by high order volumes and the efficient addition of dark stores. Zomato has plans to add 250 dark stores to its network, which helps the company spread its fixed costs more effectively. Analysts project that Blinkit’s EBITDA margin could land between 0.8% and 1% of the net order value, suggesting the model is beginning to generate profit at scale.
Swiggy, however, is currently prioritizing market share over immediate profit for its Instamart division. Estimates indicate that the adjusted EBITDA loss for Instamart could widen to ₹840 crore, rising from ₹780 crore in the previous quarter. The company is spending heavily on infrastructure and added roughly 75 dark stores during the period to strengthen its position in the competitive grocery market. While the food delivery segment for Swiggy is expected to see profit margins improve by 40 basis points to 3.5% of the gross merchandise value, these gains are being reinvested to fuel the rapid expansion of the quick commerce business.
For investors, the business model remains a balancing act. Both companies use the steady cash flow generated by their food delivery platforms to fund the heavy spending required for quick commerce. The food delivery business is expected to grow by 20% compared to last year across the sector, providing the necessary cushion for the ongoing competition in urban grocery delivery.
The key difference for investors to monitor is how each company balances aggressive expansion with operational costs. Swiggy is currently focused on deep investment to secure its place in the market, which means its quick commerce profitability may remain under pressure in the short term. Zomato, having started its aggressive store rollout earlier, is now shifting focus toward improving margins while maintaining growth. As the battle for dominance in grocery delivery intensifies, the ability to control costs while adding new capacity will remain the primary metric for evaluating the financial health of both companies.