Overview
- Bernstein initiated coverage with Outperform ratings, setting targets at Rs 390 for Eternal and Rs 570 for Swiggy, and flagged Instamart’s superior risk–reward profile.
- Motilal Oswal reiterated Buy calls with targets of Rs 410 for Eternal and Rs 550 for Swiggy, preferring Swiggy on relative valuation as its FY27 EV/GMV multiple trails Eternal’s by about 60%.
- Analysts project India’s quick-commerce market to reach about $35 billion by FY2030, with an $80 billion affluent consumer opportunity, while warning GLP-1 genericisation in mid-2026 could briefly curb demand.
- Food delivery remains the cash engine in a stable duopoly, with growth slowing below 20% even as brokers model 20–22% GOV expansion for FY26–27.
- Reports cite lower burn and faster margin normalization as dark-store throughput improves, with Swiggy cooling new store additions to lift productivity.