Quick Commerce Margins Begin to Build

CA Aaditya Jain

Oct 21

4 min read

Updated: 13 minutes ago

Cover image of the Katrela Ventures Daily Update for 21 October 2026: Quick Commerce Margins Begin to Build

Katrela Ventures Daily Update · Investment, M&A and Business Innovation Digest · 21 October 2026

Key takeaways

Eternal's Q2 FY27 revenue rose 77.6% to ₹24,138 crore and net profit 92% to ₹125 crore.
Blinkit's net order value reached ₹20,940 crore with adjusted EBITDA of ₹184 crore across 2,751 stores.
Cemindia Projects raised ₹1,400 crore via QIP; Mygate and Adonmo will merge, with Eternal holding about 4.4%.
Funding: Even Healthcare raised $50 million, AuxoAI $20.7 million and Onto $1 million.

Stay ahead with the latest funding rounds, strategic acquisitions, and groundbreaking innovations shaping the business world!

📩 #Read the full update below.

01. TOP STORIES

Cemindia Projects Completes ₹1,400 Crore QIP: Cemindia Projects, formerly ITD Cementation, has raised ₹1,400 crore through a qualified institutions placement, allotting 1,26,35,379 shares at ₹1,108 each, a 4.37% discount to the floor price of ₹1,158.58. Motilal Oswal Mutual Fund took 46.43% of the issue, which ran from 14 to 19 October.

Mygate and Adonmo to Merge, With Eternal Holding About 4.4%: Eternal will swap its entire stake in Adonmo, an advertising platform that runs screens in residential communities, for Mygate shares valued at about ₹156 crore, giving it an estimated 4.4% of the combined company on a fully diluted basis, according to its 21 October filing. Mygate's FY26 turnover rose 34% to ₹229 crore, and the deal remains subject to definitive agreements.

Dhampur Bio Organics Licenses Swiss Mycoprotein Technology: Dhampur Bio Organics signed a 10-year technology licensing agreement with Switzerland's Planetary SA on 19 October, securing rights for the exclusive production of mycoprotein in India against a royalty of 10% of after-tax revenue, paid quarterly. Planetary will act as technology provider and offtaker, while commercialisation and joint venture agreements are yet to be signed.

02. QUICK TAKES

Quick Commerce Margins Begin to Build

Eternal reported its results for the July–September 2026 quarter (Q2 FY27) on 21 October, and the numbers show quick commerce now carrying the group. Revenue rose 77.6% year-on-year to ₹24,138 crore, and net profit rose 92% to ₹125 crore from ₹65 crore. Business-to-consumer net order value (NOV) across its businesses reached ₹35,644 crore, up 54%.

Blinkit drove most of that growth. Its NOV rose 79.3% to ₹20,940 crore and its revenue rose 93.6% to ₹19,152 crore, making it the largest part of the group by both measures. More significant is the margin: Blinkit reported adjusted EBITDA of ₹184 crore, or 0.9% of NOV, against a loss of ₹156 crore a year earlier, and its adjusted EBITDA has improved for six consecutive quarters.

The network is still expanding quickly. Blinkit added 308 stores in the quarter to reach 2,751, and the company expects to cross 3,500 stores by March 2027 and to reach about 5,000 by March 2028. At group level, adjusted EBITDA rose 197% to ₹666 crore. Food delivery remains steady, with NOV up 21.5% to ₹11,445 crore.

For the wider market, the quarter offers a data point that quick commerce can produce operating profit at scale while still opening stores. That matters for brands, dark-store landlords, logistics providers and suppliers whose plans depend on the channel continuing to grow, and for investors weighing how much capital rival platforms will need.

The limits are just as visible. A 0.9% margin on NOV leaves little room if competition intensifies or discounting returns. Net profit of ₹125 crore was below the analyst estimate of ₹250 crore cited by YourStory, and Eternal's cash balance declined to ₹16,475 crore from ₹18,288 crore in the previous quarter, which the company attributes to a seasonal increase in working capital ahead of the festive season. Opening more than 700 stores in the next two quarters will also test whether new locations reach the profitability of mature ones.

Katrela's Take

➢The quarter suggests quick commerce is moving from a growth-at-any-cost phase to one where margins are measured and reported alongside expansion. For founders selling through the channel, investors in consumer brands and MSME suppliers, a profitable platform can mean steadier demand, but also firmer terms on margins and payment cycles. The opportunity is a larger, more durable distribution channel; the constraint is a margin of under 1% of NOV that leaves the model sensitive to competition and store-level execution. Adjusted EBITDA as a share of NOV, throughput at newly opened stores, working-capital movements and the pace of rival funding will decide the outcome.

Is a sub-1% margin on order value enough to call quick commerce a sustainable channel for brands?

03. FUNDING BRIEF

Even Healthcare-a Bengaluru-based managed care company expanding its own hospital network-has raised $50 million (₹473.8 crore approx.) in a Series B round led by existing investor Khosla Ventures, with participation from Alpha Wave.

AuxoAI-a San Francisco-headquartered enterprise AI company with engineering hubs in Mumbai, Bengaluru and Hyderabad-has raised $20.7 million (₹196.2 crore approx.) in a Series A round led by NTTVC, with participation from industry executives as strategic investors.

Onto-a Bengaluru-based travel platform that refunds travellers when an eligible hotel booking's price drops-has raised $1 million (₹9.5 crore approx.) in a pre-seed round led by Stargazer Fund, with participation from Singapore-based White Venture Capital.

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Frequently asked questions

How did Eternal perform in Q2 FY27?

Revenue rose 77.6% year on year to ₹24,138 crore and net profit rose 92% to ₹125 crore. B2C net order value across its businesses reached ₹35,644 crore, up 54%.

Is Blinkit profitable?

Blinkit reported adjusted EBITDA of ₹184 crore in Q2 FY27 on net order value of ₹20,940 crore, a margin of under 1% of NOV.

What does quick-commerce profitability mean for consumer brands?

A profitable platform can mean steadier demand but also firmer terms on margins and payment cycles. Katrela Ventures suggests tracking adjusted EBITDA as a share of NOV, new-store throughput and working capital.

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