Amid the ongoing earnings season, both food delivery platforms — Eternal (Zomato) and Swiggy — have reported decent financial numbers for the fourth quarter of the financial year ended March 2026.
According to market experts, Q4 FY26 shows both players scaling, but with diverging margin trajectories and business mixes.
While Eternal posted sharp revenue and profit growth led by Blinkit, Swiggy reported steady expansion in food delivery and improving economics in Instamart, even as losses in the segment remained elevated.
Zomato vs Swiggy: Q4 results highlights
Zomato Q4 results 2026
‘s profit surged 346% year-on-year (YoY) to ₹174 crore from ₹39 crore in the same quarter last year.
Meanwhile, Eternal posted a 196% YoY jump in Q4FY26 revenue to ₹17,292 crore during the same period. Eternal’s strong topline expansion was largely driven by its quick commerce arm, Blinkit, which recently transitioned to an inventory-led model.
Blinkit posted a 95% YoY rise in net order value (NOV) to ₹14,386 crore across 2,243 stores, while turning EBITDA positive at ₹37 crore compared to ₹4 crore in the previous quarter.
B2C NOV rose 54% YoY to ₹26,880 crore and adjusted revenue surged 186% YoY to ₹17,680 crore, or 64% YoY on a like-for-like basis. Adjusted EBITDA jumped 160% YoY to ₹429 crore, while the company’s cash reserves stood at ₹17,972 crore.
The food delivery segment saw NOV grow 19% YoY to ₹9,757 crore, with EBITDA increasing 24% YoY to ₹532 crore and margins improving to 5.5% of NOV — 220 basis points higher than Swiggy.
Swiggy Q4 results 2026
reported its strongest food delivery performance in nearly four years, with GOV rising 22.6% YoY to ₹9,005 crore and adjusted EBITDA increasing 39.8% YoY to ₹297 crore. Annual food delivery adjusted EBITDA crossed ₹1,000 crore for the first time, with margins reaching a record 3.3% of GOV.
The platform’s monthly transacting users (MTUs) grew 27.2% YoY to 25.2 million, while food delivery MTUs climbed 21% YoY to 18.3 million, indicating strong customer retention. Its Out-of-Home business also turned profitable in FY26, driven by 43% YoY GOV growth and an EBITDA margin of 0.8%, emerging as a third profitable segment for the company.
Swiggy reported a 45% YoY rise in consolidated revenue for Q4FY26 at ₹6,383 crore, compared to ₹4,410 crore a year ago.
Instamart continued to remain in the investment phase, although performance improved significantly. GOV jumped 68.8% YoY to ₹7,881 crore, average order value (AOV) increased 32.8% YoY to ₹700, and contribution margin improved by 65 basis points sequentially to -1.8%, with the March exit margin narrowing further to -1.1%.
However, adjusted EBITDA loss stood at ₹858 crore, keeping consolidated losses elevated even as overall revenue grew 45% YoY to ₹6,383 crore and losses narrowed by ₹281 crore compared to last year.
On a consolidated basis, Eternal outpaced Swiggy as Blinkit continued to witness explosive growth across segments, while Swiggy’s Instamart recorded an adjusted revenue increase of just over 30%, significantly lower than Blinkit’s multifold growth.
Zomato vs Swiggy: Which stock to buy after Q4 results?
According to Seema Srivastava, Senior Research Analyst at SMC Global Securities, risk-tolerant investors may prefer Swiggy for higher food/QC growth and potential margin catch-up, but Eternal is the safer long-term compounder given scale, positive quick commerce unit economics, and superior capital efficiency today.
“For the long term, Eternal offers a clearer path to consolidated profitability with food delivery already at 5.5% EBITDA margins, Blinkit turning positive, and a ₹17,972 crore cash cushion to fund expansion. Swiggy has stronger food delivery GOV growth at 22.6% vs Zomato’s 19% and profitable OOH, but Instamart’s ₹858 crore EBITDA loss means group-level breakeven is further away. Swiggy’s 3.3% food margin vs Zomato’s 5.5% also shows an execution gap. A staggered entry on dips in either works, with overweight to Eternal for profitability visibility,” Srivastava said.
Sugandha Sachdeva, Founder of SS WealthStreet, while picking Zomato, said that the company reported a strong set of Q4 FY26 results, reflecting robust operational momentum; however, the stock continues to face technical resistance near the ₹265 zone.
“From a technical perspective, unless the stock sustains above the ₹265-270 zone on a weekly closing basis, a sharp upside move looks unlikely, and the stock may continue to witness consolidation or intermittent declines,” Sachdeva said.
She further recommended that investors adopt a more prudent approach, which would be to wait for dips towards the ₹215-216 zone for fresh accumulation, while keeping a close watch on the key support around ₹190, which remains a strong long-term base on the monthly chart. “Alternatively, a decisive breakout above ₹270 would signal renewed bullish momentum and open the door for further upside,” she said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.