Quick commerce and food delivery company Eternal is expected to report steady food delivery growth when it announces its September-quarter results on Wednesday, while Swiggy, which reports on Thursday, is also expected to post healthy growth in the segment, according to reports from brokerage.
Quick commerce is likely to expand faster than food delivery for both companies, though profitability trends are expected to diverge, with Blinkit sustaining profits even as Swiggy’s Instamart continues to incur losses amid investments in growth.
Kotak Securities expects Eternal’s food delivery net order value (NOV) to grow 20 per cent year-on-year (YoY) in the second quarter of FY27. Blinkit’s NOV is projected to rise 75 per cent, supported by the addition of new dark stores and improved throughput at existing outlets. The brokerage expects Blinkit to add 250 dark stores during the quarter and report segment-adjusted EBITDA of ₹190 crore.
“Food delivery remains a steady profit pool for both players, while QC profitability diverges,” Kotak Securities said in its result preview.
Anand Rathi estimates Eternal’s food delivery NOV will grow around 20 per cent YoY, while Blinkit’s sequential growth is projected at about 20 per cent. It expects Blinkit’s EBITDA margin to be 0.8–1 per cent of NOV, indicating its ability to sustain profitability despite intensifying competition.
For Swiggy, Kotak Securities expects food delivery gross order value (GOV) to grow 19 per cent YoY, while Instamart’s NOV is projected to increase 37 per cent. Food delivery margins are expected to improve, with adjusted EBITDA margin rising 40 basis points sequentially to 3.5 per cent of gross merchandise value (GMV).
Instamart’s profitability, however, is likely to remain under pressure. Kotak Securities expects its adjusted EBITDA loss to widen to ₹840 crore in the September quarter from ₹780 crore in the preceding quarter, owing to weaker contribution margins and higher fixed costs.
Anand Rathi expects Swiggy to add around 75 Instamart dark stores during the quarter, supporting sequential NOV growth of 13–15 per cent. After achieving contribution-margin breakeven in the June quarter, Swiggy is prioritising growth, with margins expected to remain between zero and minus 1 per cent over the next few quarters.
Elara Securities also highlighted Blinkit’s dark-store expansion and increasing category penetration as key growth drivers.
Published on October 21, 2026
