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Swiggy Platforms Ltd. on Thursday reported a sharp uptick in losses for the April-June quarter of FY26, posting a consolidated net loss of Rs 1,197 crore, nearly double the Rs 611 crore loss recorded a year ago. Its shares slumped nearly 4 per cent the next day (Friday) and continued to trade about 36 per cent below their 52-week high, reflecting investor disappointment amid intensifying competition in the food delivery and quick commerce space.
In contrast, Eternal’s parent company, the owner of Zomato and quick commerce brand Blinkit, delivered comparatively better results.
Eternal reported a positive net profit of Rs 25 crore, despite a 42 per cent year-on-year drop in adjusted EBITDA to Rs 172 crore. This demonstrated greater operational resilience and efficiency relative to Swiggy.
Topline Growth
Both companies witnessed a significant growth in demand. Swiggy’s gross order value in its B2C business climbed 45 per cent YoY to Rs 14,797 crore, and total revenue surged 54 per cent YoY to Rs 4,961 crore. Meanwhile, Eternal’s B2C net order value rose 55 per cent to Rs 20,183 crore, driving a 70 per cent jump in consolidated revenue to Rs 7,167 crore.
Quick Commerce
Blinkit recorded a net order value increase of 127 per cent YoY to Rs 9,203 crore, surpassing Swiggy’s quick commerce arm, Instamart, which saw 108 per cent YoY growth to Rs 5,655 crore. Blinkit added 243 new dark stores, totaling 1,544, compared to Instamart’s 45 additions, bringing its count to 1,062. This dominance in rapid delivery infrastructure reinforces Eternal’s edge in quick commerce.
Profitability Canvas
Despite shrinking EBITDA, Eternal posted a net profit, while Swiggy’s losses increased. Swiggy posted an operating loss of Rs 813 crore, compared to Rs 348 crore a year ago, a consequence of steep investment in Instamart and logistics.
Eternal further signalled its confidence by targeting 2,000 Blinkit dark stores by December 2025, expecting expenses to rationalise over time.
By contrast, Swiggy remains vulnerable to rising losses as quick commerce investments continue.
Investor Takeaway
While Swiggy continues to invest heavily in quick commerce expansion, pressure on margins and mounting losses have weighed on its stock. Eternal (Zomato + Blinkit), though challenged, retains better operational control and is making strategic progress on infrastructure.
Investors tracking the space should watch key levers going forward: order value growth, dark store additions, and EBITDA recovery trajectory. Earnings commentary, cost rationalisation measures, and competitive positioning in quick commerce remain pivotal for both firms.
English (US) ·