Blinkit Push Drives Headcount Boom, But Profits Dip

is in a hypergrowth phase, more than doubling its workforce in FY25, driven by expansion in Blinkit (quick commerce) and District (dining/going-out). This aggressive hiring — mostly junior, last-mile, and ops staff — led to a 54% jump in employee costs (₹2,558 crore), but also a 27–32% drop in average salaries. While Blinkit now operates 1,007 dark stores, Eternal has used only ₹181 crore of its ₹2,137 crore dark store allocation — the rest is parked in deposits. Blinkit contributed nearly ₹10,000 crore to Eternal’s ₹20,183 crore net order value in Q1FY26, nearly matching core food delivery. But profits took a hit: PAT plunged 90% YoY to ₹25 crore in Q1FY26, due to heavy investments in Blinkit and Bistro. Still, FY25 revenue rose 67% to ₹20,243 crore and EBITDA improved to ₹637 crore. Analysts warn that this high-burn hiring model may backfire if new customer cohorts don’t scale in profitability soon. Eternal’s strategy banks on future returns from ads, private labels, and take-rate improvements. Meanwhile, board compensation soared 317%, and the gender pay gap (9–10%) remained unchanged for the third year. Median salaries: ₹7 lakh (men) vs ₹6.3 lakh (women). Bottom line: Eternal is betting big on scale — but rising costs, margin pressure, and execution risks loom large.