Swiggy vs Eternal: Analysts predict that new-age technology firms will likely report a mixed bag of earnings for Q4FY26, influenced by rising macroeconomic uncertainties and increasing competition. Brokerage house, Nuvama Institutional Equities anticipates that companies such as , , and will drive revenue growth during this quarter, while and IndiaMART InterMESH are expected to deliver comparatively modest performance. On the other hand, Nuvama believes that the staffing firms may continue to experience challenges in general staffing, although demand for IT subcontracting is expected to remain strong.
In the Elara Capital Internet ecosystem, food delivery services are anticipated to achieve solid Gross Order Value (GOV) growth, with Swiggy and Eternal Ltd projected to see approximately 19–20% year-on-year increases. This stability persists despite disruptions related to LPG, bolstered by a shift in demand toward QSRs and non-LPG venues.
According to Elara, contribution margins are expected to see a slight improvement of 10–20 basis points sequentially, which will support adjusted EBITDA margins. Nevertheless, the growth rate of quick commerce GMV may slow down as companies prioritize profitability, while store growth remains vigorous for Blinkit, which plans to add 180 stores, in contrast to Instamart’s more cautious expansion of 40 stores.
Q4 results Preview – Swiggy vs Eternal
According to preview estimates by Nuvama Institutional Equities, Eternal Ltd and Swiggy are expected to deliver strong growth in Q4FY26, with improving operating metrics.
Eternal is likely to report revenue of around ₹17,600 crore, up 7.9% QoQ and a sharp 201.7% YoY. EBITDA is estimated at ₹478 crore, reflecting a strong 30% sequential growth and a multi-fold jump YoY, while EBITDA margins are expected to expand to 2.7%. Adjusted PAT is projected at ₹124.9 crore, rising 22.4% QoQ and over 220% YoY. Nuvama expects food delivery NOV to decline marginally by 1.5% QoQ, while adjusted EBITDA margins may dip slightly, though consolidated margins are likely to expand by 40 basis points.
Swiggy, meanwhile, according to Nuvama is expected to post revenue of about ₹6,555 crore, up 6.6% QoQ and 48.6% YoY. EBITDA losses are likely to narrow to around ₹(675.6) crore from ₹(782) crore in the previous quarter, with EBITDA margins improving to -10.3% from -12.7%. Adjusted losses are estimated at ₹(814.8) crore. The brokerage expects food delivery GOV growth of 21.6% YoY, while Instamart NOV could grow 3.3% QoQ and 59.8% YoY. Overall, Swiggy is seen progressing toward profitability with improving margins.
According to preview estimates by Elara Securities, both Eternal Ltd and Swiggy are expected to report strong year-on-year growth in Q4FY26, albeit with differing margin trajectories.
Eternal is likely to post revenue of around ₹17,598 crore, reflecting a robust 203.4% YoY growth, while EBITDA is estimated at ₹474 crore, up sharply from ₹72 crore a year ago. EBITDA margins are expected to improve to 2.7%, with recurring PAT projected at ₹124.9 crore, marking a significant jump of over 438% YoY, indicating strong operating leverage.
Swiggy, on the other hand, is expected to report revenue of about ₹6,421 crore, up 45.6% YoY. However, profitability remains under pressure, with EBITDA losses estimated at ₹(758) crore, though narrowing on a sequential basis. EBITDA margins are likely to improve to -11.8%, while recurring losses are expected at ₹(814.8) crore, showing a modest improvement year-on-year. Overall, while both companies are seeing strong growth, Eternal appears ahead on profitability metrics, while Swiggy continues its path toward margin recovery, according to the brokerage.
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