Archive · 31 Jul 2026
Eternal Leads, Swiggy Narrows Gap in Q1 FY27
Swiggy and Eternal are two big food‑delivery companies in India.
In the first quarter of the 2027 financial year, Eternal sold more food and made more profit than Swiggy.
Eternal’s quick‑commerce arm, Blinkit, also does very well, while Swiggy’s Instamart is still growing.
Analysts from Jefferies think both companies are good to buy, but Eternal is seen as safer and Swiggy could grow faster if it improves its quick‑commerce business.
Some analysts are more cautious about Swiggy because it is spending a lot to grow, but others see a chance for big gains if it gets better at making money from Instamart.
Eternal leads India’s food‑delivery market with >58% share and higher EBITDA, while Swiggy narrows the profitability gap.
Blinkit dominates quick commerce with ~75% share; Swiggy’s Instamart lags behind.
Swiggy’s food‑delivery GOV rose 17.4% YoY to Rs 9,490 crore, with Adjusted EBITDA margin at 3.1%.
Jefferies rates both stocks as “Buy” with target price Rs 415, citing a 33–40% upside potential.
JM Financial and Bernstein offer mixed views: JM downgrades Swiggy to “Sell” citing growth‑over‑profitability, while Bernstein sees upside if Instamart improves execution.
- Who
- Swiggy and Eternal, India’s leading food‑delivery companies
- What
- Q1 FY27 financial results and brokerage analysis of market leadership and profitability
- When
- June quarter of FY27
- Where
- India
- Why
- To evaluate execution, profitability, and investment outlook for the two firms
- Swiggy Q1 FY27 GOV
- Rs 9,490 crore
- Eternal Q1 FY27 GOV
- Rs 10,770 crore
- Swiggy Q1 FY27 Adjusted EBITDA
- Rs 292 crore
- Eternal Q1 FY27 Adjusted EBITDA
- Rs 606 crore
- Jefferies Target Price
- Rs 415
- JM Financial Target Price Swiggy
- Rs 250
- JM Financial Target Price Eternal
- Rs 400