Q2FY27 letter: NOV up 54%, Blinkit NOV up 79%, dark.ai launch planned and views on AI shopping agents
Q2FY27 shareholders' letter: B2C NOV up 54% YoY to INR 35,644 crore, Adjusted EBITDA INR 666 crore (up 197%).
By ScoutQuest · · 3 min read
- B2C NOV
- INR 35,644 crore, up 54% YoY
- Adjusted EBITDA
- INR 666 crore (up 197%)
- Blinkit NOV
- INR 20,940 crore with 2,751 stores
Headline numbers for the quarter ended September 30, 2026
The figures below are the company's own adjusted and operating metrics, defined in the update.
- Consolidated B2C NOV: INR 35,644 crore, up 54% year-on-year
- Adjusted Revenue: INR 24,621 crore, up 76% YoY; like-for-like growth 58%
- Consolidated Adjusted EBITDA: INR 666 crore, up 197% YoY
- Closing cash balance: INR 16,475 crore, down INR 1,813 crore quarter-on-quarter
The company explains that the difference between the 76% reported and 58% like-for-like adjusted revenue growth comes from a shift to an inventory-ownership (1P) model in quick commerce, where revenue now includes the full value of goods sold rather than largely marketplace commission.
How each business did
- Food delivery (Zomato): NOV INR 11,445 crore, up 21.5% YoY; Adjusted EBITDA INR 627 crore, a margin of 5.5% of NOV, with profit up 25% YoY
- Quick commerce (Blinkit): NOV INR 20,940 crore, up 79.3% YoY; 308 net new stores added, total 2,751; Adjusted EBITDA INR 184 crore (0.9% of NOV) against a loss of INR 156 crore a year earlier
- Going-out (District): NOV INR 3,259 crore, up 58.0% YoY; Adjusted EBITDA loss INR 64 crore, or -2.0% of NOV
- B2B supplies (Hyperpure): Adjusted Revenue INR 1,154 crore, up 22.7% like-for-like; Adjusted EBITDA INR 10 crore against a loss of INR 5 crore a year earlier
- Others (Bistro, Nugget): Adjusted Revenue INR 132 crore; Adjusted EBITDA loss INR 91 crore
Average monthly transacting customers in food delivery grew 16% YoY to 28.0 million. The company says food delivery NOV growth has now accelerated for five consecutive quarters and that its long-term expectation for the business remains 20%+ annual growth.
dark.ai, a new AI product
The letter explains a product called Dark, which uses fine-tuned open-weight models running on the company's own infrastructure, with end-to-end encryption. The company says conversations cannot be read by it even if it is forced to, and that the product is aimed at founders, researchers, scientists, enterprises and governments. It states Dark will launch globally, hopefully within 2026. Management adds that benchmark results are to be revealed.
The company's view on AI shopping agents
A large part of the letter argues that AI agents which shop for consumers are a smaller threat to food delivery and quick commerce than to other kinds of commerce.
- Blinkit and Zomato are placed in the low-risk zone; the going-out business District is placed in the medium-to-high risk zone
- The argument is that food delivery and quick commerce own real-time fulfilment across restaurant, kitchen, delivery partner, routing and payment, so an agent can place an order but cannot own the outcome
- Consumer surveys cited show over 65% of Zomato app opens are exploratory, with users browsing an average of 12 menus before ordering
- Repeat ordering is the part most open to agents, but reordered carts are described as being in low single digits on both Zomato and Blinkit
- In categories where supply overlaps, agents could push the market toward the execution leader
- Management states it does not expect agents to compress margins, because value sits with whoever runs the fulfilment infrastructure
The letter also notes that as incumbents the company may be predisposed to see resilience where others see vulnerability.
What investors can watch
- Blinkit's store additions (2,751 total) and whether quick commerce margins keep improving from 0.9% of NOV
- Food delivery margin, which eased to 5.5% of NOV, and the 20%+ growth expectation management repeats
- The District segment, which still runs an Adjusted EBITDA loss of INR 64 crore
- Assortment expansion: in Delhi NCR, SKUs grew from about 80,000 in Q4FY26 to about 100,000
- The stated plan to launch Dark globally within 2026, and management's view that it will not pursue private labels for Blinkit
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More numbers
- Consolidated B2C NOVINR 35,644 crore
- Consolidated Adjusted RevenueINR 24,621 crore
- Consolidated Adjusted EBITDAINR 666 crore
- Quick commerce NOVINR 20,940 crore
- Food delivery NOVINR 11,445 crore
- Closing cash balanceINR 16,475 crore
- Blinkit total store count2,751
- Food delivery average monthly transacting customers28.0 million
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