Swiggy’s Instamart loss and Eternal’s quick-commerce results set the two Indian delivery companies apart after Q2 FY27 results, as reports said Jefferies changed its price targets for both.
For the quarter ended Sept. 30, 2026, Swiggy reported food-delivery gross order value of ₹10,054 crore, up 17.7% year over year. Adjusted EBITDA for the segment was ₹341 crore, ₹101 crore higher than a year earlier, and equaled 3.4% of gross order value.
Instamart, Swiggy’s quick-commerce operation, posted an adjusted EBITDA loss of ₹895 crore. Its margin on that measure was negative 9.7%, compared with negative 9.8% in Q1 FY27. Swiggy’s results release also put Instamart’s contribution margin at negative 1.0% of gross order value.
Eternal reported consolidated adjusted revenue of ₹24,621 crore, up 76%, and adjusted EBITDA of ₹666 crore, up 197%. Quick-commerce net order value rose 79.3% to ₹20,940 crore. That business generated adjusted EBITDA of ₹184 crore, after a ₹156 crore loss in Q2 FY26. Eternal’s food-delivery segment contributed ₹627 crore in adjusted EBITDA, compared with ₹503 crore a year earlier.
Jefferies’ views came through media reports; its original research notes were not publicly available. NDTV Profit and Moneycontrol reported that Jefferies kept a Buy rating on Swiggy while cutting its target to ₹330 from ₹435. NDTV Profit said the brokerage viewed reducing quick-commerce losses as key to unlocking value at Swiggy. ET Markets reported that Jefferies raised its Eternal target from ₹415 to ₹430, citing Blinkit’s expansion pace, improving per-order economics, food-delivery gains and increased confidence in District. ET Now also reported Jefferies’ Buy rating on Eternal.
Eternal’s shareholder letter gives Blinkit a goal of passing 3,500 stores by March 2027. It describes a longer-range plan to reach about 5,000 stores by March 2028.
