In an April 2024 sum-of-the-parts analysis, Goldman Sachs assigned Blinkit, Zomato’s quick-commerce arm, a higher implied value than Zomato’s food-delivery business. That was a 2024 estimate, not a ranking that holds today, and the parent company now reports as Eternal Limited. The audited FY26 figures show why the answer depends on which measure you use.
What Goldman Sachs actually valued
Goldman Sachs values listed companies by adding up their parts, a method called sum-of-the-parts (SOTP). Each business gets its own value, and those values add up to the company’s total. Reporting on the note, published April 25, 2024, said Goldman put Blinkit at an implied ₹119 per share, roughly US$13 billion, against ₹98 per share for food delivery.
Those two numbers are slices of one share price. They say how an analyst divided the company’s value between two segments. They do not say that Blinkit sells more, earns more, or is a bigger operation than food delivery. The full Goldman note and its model assumptions have not been published in the coverage available, so what is known comes from news reports that described it.
The same reporting carried several forward-looking figures from the note. Goldman forecast a 53% compound annual growth rate in Blinkit’s gross order value (GOV) for FY2024 to FY2027, compared with 38% projected for the overall online grocery market over the same period. It also estimated a US$150 billion addressable quick-commerce market across the top 50 Indian cities as of calendar 2023. These are projections and a dated market estimate. They were never realized results, and no later Goldman revision to them has been found.
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How to read the per-share numbers
A per-share value is only meaningful relative to the whole. Because the ₹119 and ₹98 figures come from one analyst’s allocation, a different assumption about growth, margins or the cost of capital would move them. Treat them as a snapshot of one model at one moment, the way you would treat any single analyst’s target.
The 2024 valuation also reflected expectations, not reported results. By the time of the audited FY26 accounts, the business had changed in ways that the valuation could only anticipate.
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What the audited FY26 accounts show
Eternal’s annual report for the year ended March 31, 2026 gives the first audited comparison of the two businesses on revenue and segment results. The table below sets the 2024 valuation beside those later figures. Each row uses a different measure, so the rows should not be added together or read as a single ranking.
| Measure | Quick commerce (Blinkit) | Food delivery (India) | Period and source |
|---|---|---|---|
| Implied SOTP value per share | ₹119 (about US$13 billion) | ₹98 | Goldman Sachs note, April 2024, as reported by news coverage; an estimate, not a market value |
| External revenue | ₹37,779 crore | ₹10,159 crore | FY26 (year ended March 31, 2026), Eternal Limited audited accounts |
| Segment results | ₹430 crore | ₹2,079 crore | FY26, Eternal Limited audited accounts |
| Forecast GOV growth, FY2024 to FY2027 | 53% compound annual growth (forecast) | not stated | Goldman Sachs projection, April 2024, as reported by news coverage |
On the audited revenue line, quick commerce reported about 3.7 times the external revenue of food delivery. On segment results, the order reverses: food delivery reported about ₹2,079 crore against ₹430 crore for quick commerce. A reader who wants to know which business is “bigger” has to decide whether they mean scale of sales or profit contribution, because on FY26 numbers the two answers differ.
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Why revenue and profit point in different directions
The gap between the revenue and segment results has a structural cause. Quick commerce moved substantially toward owning its inventory during FY26. The annual report says about 90% of quick-commerce NOV (net order value) was on company-owned inventory by March 2026, and Blinkit added 942 net new stores during the year, bringing warehousing space to 8.5 million square feet at that date.
Owning inventory changes how revenue is recorded. When group subsidiaries own the goods, the revenue figure includes the value of the goods sold. A food-delivery platform that earns a commission on a restaurant order records far less revenue for the same transaction. So the revenue comparison is not like-for-like. Quick commerce’s revenue is larger partly because of how the goods are sold, not only because it attracts more customer spending per rupee of commission.
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Segment results are where the cost of that model shows. Warehousing, delivery fleets, and inventory risk all weigh on margins, which is why the same business can post the largest revenue line and a much smaller segment result than food delivery.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Two businesses with different economics
Food delivery
Food delivery connects customers with restaurant partners and independent delivery partners. The platform earns from these transactions and does not hold the food as inventory. Its revenue is a share of each order’s value, which keeps reported revenue lower but makes the segment’s profit easier to compare with its sales.
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Quick commerce (Blinkit)
Blinkit lists goods for delivery to the doorstep, typically within minutes. Its quick-commerce segment includes the platform, goods sold directly or through third-party sellers, advertising, warehousing, and ancillary services. Since FY26, a growing share of those goods is company-owned, which lifts revenue and adds inventory and warehousing costs.
Reading “more valuable” today
The April 2024 headline answers one narrow question: how one analyst split a share price between two segments at that time. To judge the businesses now, use the measures in the table and check each against a dated source.
- Confirm the date of any valuation figure. The Goldman comparison dates from April 2024.
- Check whether a figure is an estimate, a forecast, or an audited result.
- Compare revenue only with revenue, and segment results only with segment results. The audited FY26 revenue treatment for quick commerce differs from food delivery’s commission model.
- Look for the current market value of Eternal Limited and its segment disclosures in its latest filings, rather than relying on a 2024 SOTP.
The audited FY26 filing supports the later operating figures. It does not retroactively confirm Goldman’s 2024 valuation, which remains a single analyst’s estimate at that date.
What the company’s management has said
Deepinder Goyal, in Eternal’s Q3 FY26 shareholder letter, said on food-delivery outlook: “We’re not expecting sudden acceleration – there’s no specific tailwind out there that would drive windfall growth.” In the same discussion of GOV and NOV, he wrote that “GOV ends up presenting an inflated picture of growth while NOV is a truer measure of actual customer demand (net of subsidies).” That distinction matters for the comparison: GOV counts gross order value, while NOV nets out subsidies, so the two can point in different directions for quick commerce.
The company’s Zomato Gold membership stood at 24.2 million active members as of March 2026, according to the FY26 annual report. That figure measures the subscription base in food delivery, not the value of either segment.
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