Eternal vs Swiggy: A Quick Comparison of Q1 FY26 Performance

India’s leading players in food delivery and quick commerce, Eternal Ltd (formerly known as Zomato) and Swiggy, have posted their financials for Q1 FY26. While both companies reported strong revenue growth, profitability remains under pressure, especially in their quick commerce arms, Blinkit and Instamart.

Eternal vs Swiggy: Quick Comparison Table

Eternal Ltd (Zomato) Q1FY26 Results

Eternal Ltd reported a 90% year-on-year drop in consolidated net profit to ₹25 crore in Q1 FY26, down from ₹253 crore in Q1 FY25. Sequentially, profit also declined 36% from ₹39 crore in Q4 FY25.

However, the company posted strong top-line growth:

• Revenue from operations: ₹7,167 crore (up 70.4% YoY)
• Quarter-on-quarter growth: 22.9%
• Adjusted EBITDA: ₹172 crore (down 42% YoY)

This performance was supported by solid growth in both the food delivery and quick commerce businesses.

Blinkit (Quick Commerce Arm of Eternal

Blinkit, Eternal’s quick commerce vertical, continued its high-growth momentum:

• Revenue: ₹2,400 crore (up 155% YoY and 40% QoQ)
• Gross Order Value (GOV): ₹11,821 crore (up from ₹4,923 crore YoY)
• EBITDA loss: ₹162 crore (vs ₹3 crore loss in Q1 FY25, but improved from ₹178 crore in Q4 FY25)
• Average Order Value (AOV): ₹669 (up from ₹665 QoQ and ₹625 YoY)

Despite wider YoY losses due to dark store expansion, sequential improvement hints at early operational efficiency gains.

Zomato Food Delivery

Eternal’s core food delivery business showed healthy and consistent performance:

• Revenue: ₹2,657 crore (up 17.7% YoY and 10% QoQ)
• GOV: ₹10,769 crore (up 16.2% YoY, 10% QoQ)
• Monthly Transacting Customers (MTCs): 22.9 million (vs 20.3 million YoY, 20.9 million QoQ)

The platform continues to benefit from strong consumer engagement and higher order volumes.

Swiggy: Strong Revenue, But Losses Expand

Swiggy posted a widened consolidated net loss of ₹1,197 crore in Q1 FY26, up from ₹611 crore in Q1 FY25.

On the revenue side:

• Total revenue: ₹4,961 crore (up 54% YoY)
• Adjusted EBITDA loss: ₹813 crore (vs ₹465 crore YoY and ₹732 crore QoQ)

Swiggy’s focus on scaling both food delivery and Instamart continues to drive revenue but weighs heavily on margins.

Swiggy Instamart (Quick Commerce Arm of Swiggy)

Swiggy’s quick commerce vertical Instamart reported exceptional growth:

• GOV: ₹5,655 crore (up 108% YoY, 21.1% QoQ)
• Dark stores: 1,062 across 127 cities
• Average Order Value (AOV): ₹612 (up 25.6% YoY, 16% QoQ)
• Quick Commerce Loss (including Instamart): ₹896 crore
• Adjusted EBITDA margin: Improved to -15.8% from -18.0% in Q4

Instamart’s basket-building strategies and wider product mix helped improve contribution margin to -4.6%, even as the segment remains loss-making.

Also Read: Swiggy Q1 FY26 Losses Deepen Despite Robust Revenue Growth Across Segments

Conclusion

Both Eternal and Swiggy continue to double down on their quick commerce bets, with Blinkit and Instamart leading top-line acceleration. Eternal managed to remain profitable at a consolidated level, albeit barely, while Swiggy's deepening losses reflect its aggressive expansion.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.