Bernstein believes Blinkit will stay ahead of rivals like Swiggy and Zepto in 2026, and the brokerage sees a 31% upside for the stock.
Why Bernstein Prefers Blinkit
Bloomberg’s research team says Blinkit has better operating numbers, burns less cash, and already shows a positive contribution margin. Because of these strengths, they set a target price of ₹370, which is about 31% higher than the current market price.
Swiggy’s Position
Swiggy is also expected to grow. Bernstein gave it an “Outperform” rating and a target price of ₹500, suggesting a potential 42% upside. The firm plans to use its cash reserves to expand its dark‑store network and improve unit economics.
Quick‑Commerce Market Outlook for 2026
- The sector is projected to grow around 80% in 2026.
- Leaders will keep adding dark‑stores, offering deeper discounts, and expanding product categories.
- Competition will intensify, with aggressive discounting expected in the first half of 2026.
Margin Outlook
Predicting profit margins is tough. With strong cash positions and fierce rivalry, companies may sacrifice margins to win market share. Bernstein warns that clear margin guidance may only be visible for the next one or two quarters.
How Investors Can Approach 2026
Bernstein suggests a long‑term view for the quick‑commerce space. The market size remains large, and the performance of each store matters more than overall size. Key things to watch include:
- Zepto’s potential IPO and its progress.
- Growth moves by JioMart, BigBasket, Flipkart, and Amazon.
- Instamart’s expansion after its recent funding round.
Overall, the sector is seen as a new retail format, and the health of unit economics will drive valuations.
Disclaimer
Remember, this is just an analysis, not a prediction. Do your own research and consider your risk tolerance before making any investment decisions.