Zepto has disclosed its most detailed financial performance data yet, and the numbers make a compelling case for why the company is pressing ahead with a July listing. Revenues jumped 75% year-on-year to ₹7,498 crore in Q4 FY26, while the quarterly net loss fell to ₹1,539 crore from ₹1,832 crore in the prior-year quarter. These numbers disclosed as part of the updated Draft Red Herring Prospectus that Zepto filed with SEBI this week give institutional investors their first clean look at the company’s trajectory as it enters the public market process.
The financials arrived alongside a significant disclosure that the company would rather have kept out of the headlines: Zepto’s co-founders Aadit Palicha and Kaivalya Vohra were issued notices by the Enforcement Directorate earlier this year under the Foreign Exchange Management Act. This was disclosed in Zepto’s revised DRHP, which categorised it as a risk factor to be studied before any investor applies for its public issue. The ED notices, which came weeks before the updated DRHP was filed, will inevitably feature prominently in investor due diligence conversations during the roadshow process.
“Zepto’s Q4 revenue jumps 75% YoY to Rs 7,498 crore; adjusted EBITDA loss narrows sharply ahead of IPO. Net loss falls to Rs 1,539 crore from Rs 1,832 crore in Q4 FY25. Founders face ED notices under FEMA, disclosed as risk factor in updated DRHP.”~Moneycontrol
Order Volumes, Dark Store Density, And Per-Order Efficiency:
The operational data in the updated DRHP is equally striking. Zepto handled 210 million orders from January to March 2026, with over 2.3 million orders delivered each day through its network of 1,139 dark stores. Orders per store per day also jumped to 2,140, up from 1,425 in the previous year.
That improvement in orders per store per day, a 50% jump is one of the most important metrics in the quick commerce model. It means existing dark stores are handling significantly more volume without proportional increases in fixed costs, which drives the unit economics that underpin the path to profitability. More orders through the same infrastructure means lower cost per order, better contribution margins, and a faster route to store-level breakeven.
The full-year revenue picture supports the Q4 momentum. Zepto’s revenue increased 149% to ₹11,110 crore in FY25, from ₹4,454 crore in FY24. The Q4 FY26 revenue of ₹7,498 crore estimates a full-year revenue of between ₹25,000 crore and ₹28,000 crore. This is consistent with the company’s own statement of roughly ₹26,000 crore in gross yearly sales as of early 2026.
“The adjusted EBITDA loss per order was almost halved in FY26. Cost per order and free cash flow losses fell materially as we delivered scale efficiencies. The business is fundamentally improving — and this is just the beginning.”~Aadit Palicha
EBITDA Trajectory: The Metric That Matters Most To IPO Investors
The company also announced a substantial enhancement in profitability metrics. The adjusted EBITDA loss per order was almost halved in FY26, and cost per order and free cash flow losses fell materially as the company delivered scale efficiencies.
Reducing the adjusted EBITDA loss per order in a single year is a headline figure that investment bankers will rely heavily on during institutional roadshows. It illustrates that Zepto’s ongoing losses are not structural; rather, they are a consequence of size and investment levels, which are already compressing as volumes increase. The consequence is clear: given the present rate of order growth, achieving adjusted EBITDA breakeven is a matter of when, not if.
The company’s advertising revenue growth also provides a profitability boost. Zepto’s yearly ad revenue exceeds ₹1,000 crore, with businesses paying for app visibility, in-store displays, and sponsored product placements. As that revenue pool develops in proportion to total platform GMV, consolidated margins improve fundamentally without requiring additional operating expenditure.
“Zepto Q4 FY26: Revenue up 75% YoY to Rs 7,498 Cr. Net loss narrows to Rs 1,539 Cr from Rs 1,832 Cr. 2.3 million daily orders across 1,139 dark stores. Adjusted EBITDA loss per order nearly halved. Founders Aadit Palicha and Kaivalya Vohra issued ED notices under FEMA — disclosed in updated DRHP.”~Inc42 (@Inc42)
ED Notices, CCI Probe, And The Risk Landscape Investors Must Deal With:
The financial story is strong but Zepto’s updated DRHP also lays out a more complex risk landscape than most pre-IPO companies would prefer to present. Beyond the ED notices served to both founders under FEMA, the company is also dealing with a Competition Commission of India antitrust probe into allegations of predatory pricing and anti-competitive discounting practices in the quick commerce sector. Both disclosures will be carefully examined by institutional investors and their legal teams during the book-building process.
The ED notices are especially sensitive in the context of a public problem because they raise concerns about foreign exchange compliance, which is an area where corporations with complicated multi-jurisdictional ownership structures, such as Zepto’s former Singapore domicile, might attract scrutiny. The corporation has said clearly that the notices do not reflect any conclusive findings of misconduct and that the issues are being addressed through appropriate legal processes. However, because the disclosures are being made just weeks before the new DRHP filing, they will play an important role in any investor due diligence process.
However, the CCI probe is not Zepto-specific, but rather a sector-wide problem. Concerns regarding how extreme discounting in rapid commerce impacts conventional kirana stores and mid-market grocery chains have led to regulatory examination of Blinkit and Swiggy Instamart’s pricing strategies. Investors are concerned about whether Zepto’s expansion strategy would be constrained by operational constraints as a result of any future CCI ruling. This is a true risk, but it is not immediately material given the current position of the inquiry.
“Zepto files updated DRHP with SEBI disclosing Q4 FY26 revenue of Rs 7,498 crore — up 75% YoY. Net loss narrows. Co-founders issued ED notices under FEMA weeks before filing. Company targeting July 31 listing date.”~PTI News
