At the topline level, Eternal's consolidated revenue grew almost 76% year-on-year to 24,621 crore rupees for the quarter ended September 2026, compared to 13,968 crore rupees in the year-ago period. The large part of this surge was primarily driven by a 93% year-on-year jump in the quick commerce segment revenue during the quarter. Similarly, other segments like food delivery and going out also delivered a 35% and 60% year-on-year rise in revenue, further augmenting the overall growth. On the other hand, Swiggy's total consolidated revenue jumped 33% year-on-year to 7,909 crore rupees as the total gross order value for the platform jumped 24.6% year-on-year to 20,793 crore rupees. Food delivery business continues to drive majority of the revenue for the company which grew 18% year-on-year. The quick commerce segment delivered more than 30% year-on-year growth in revenue, contributing 16.4% of the total revenue.

At the operational level, the real divergence in the performance for both the company emerges. At the consolidated level, Eternal continues to remain EBITDA positive at 666 crore rupees, up 442% year-on-year. Food delivery business continued to remain major EBITDA contributor, despite substantially less revenue as compared to the quick commerce segment. On the other hand, Swiggy's EBITDA loss widened from 695 crore rupees in Q2FY26 to 760 crore rupees in the September quarter of FY27. The quick commerce business continued to weigh pressure on the overall operational performance as the Instamart's EBITDA loss widened from 849 crore rupees in the Q2FY26 to 895 crore rupees in the Q2FY27. Whereas, the food delivery business' EBITDA margin expanded from 2.8% in Q2FY26 to 3.4% in Q2FY27, benefiting overall performance.

The quick commerce platforms of both the companies delivered overall steady growth in the business. Blinkit continues to dominate the space with wider reach, strong product profile, and one of the highest average order values in the segment. Blinkit delivered 398.9 million orders in Q2FY27 versus 130 million orders by Swiggy Instamart. Blinkit has twice as many dark stores as Swiggy instamart as of quarter gone by. Blinkit total dark stores increased from 1816 in Q2FY26 to 2751 in Q2FY27. Whereas, Instamart continues to service through 1240 dark stores as of Q2FY27 versus 1025 stores in the same period last year. Interestingly, Instamart's average order value per order is significantly higher at 708 rupees as compared to Blinkit's at 525 rupees. However, Blinkit continues to remain EBITDA positive despite lower order value as compared to Instamart. The customer acquisition costs and faster return of capital invested at the dark store level for Blinkit, continues to remain a key catalyst to the growth.

Lastly, owing to positive operating performance and low base, the Eternal's profitability growth superceded that of Swiggy. At the consolidated level, Eternal's net profit for the quarter nearly doubled to 125 crore rupees for Q2FY27 as compared to 65 crore rupees in the same period last year. For Swiggy, the net loss narrowed from 1,092 crore rupees in Q2FY26 to 922 crore rupees for the quarter ended September 2026. Operational efficiency remains a major difference in both the two companies, driving the majority of the performance. For Q2FY27, Swiggy spent 199 crore rupees as the total capital expenditure, as compared to 941 crore rupees by Eternal. Eternal also spent significant amount in servicing working capital requirements at 1,463 crore rupees, mainly spent on inventory buildup ahead of festive season.

Quick commerce business remains major capex account for both the companies as growing in new areas, initial dark store costs and discounts, are majority of the cash burning avenues for the quick commerce segment. Both companies remain committed to growing the business with lower acquisition and marketing costs in order to sustain it in the long term. For Q2FY27, Swiggy spent 199 crore rupees as the total capital expenditure, as compared to 941 crore rupees by Eternal. Eternal also spent significant amount in servicing working capital requirements at 1,463 crore rupees, mainly spent on inventory buildup ahead of festive season. Quick commerce, or overall food and grocery delivery, continues to remain a high capex business, demanding consistent cash burn to run and grow the business.

The Indian food delivery and quick commerce giants have announced their quarterly earnings report for September 2026. Both stocks have remained in focus after the earnings showed a visible divergence in performance for the quarter. Eternal's earnings remain resilient and consistent on the growth path, while Swiggy continues to remain in loss at the operating level. Disclaimer: This article is purely for informational purposes and should not be considered investment advice. Please consult with a financial advisor before making any investment decisions.