Blinkit’s mature markets are benefiting from stronger store economics, while Instamart is still absorbing underused network capacity.
Adjusted EBITDA₹ crore · March quarter
| Business | Q4 FY25 | Q4 FY26 |
|---|---|---|
| Blinkit | −178 | +37 |
| Instamart | −840 | −858 |
Swiggy reports that Instamart’s contribution margin improved from −5.6% to −1.8%, even with roughly 40% store-capacity utilisation.

