India Internet: Lots Continue to Happen in Q/C & Food Delivery

Research evidence excerpt

India Internet: Lots Continue to Happen in Q/C & Food Delivery

India | Internet EquityJulyResearch13, 2026

India Internet: Lots Continue to Happen in Q/C Our detailed IPO note on Zepto: Zepto

— Pure-Play Quick Commerce Eyeing& Food Delivery Listing

Share price strength in Eternal & Swiggy reflects favourable liquidity. Our recent note on Q/C: India Quick

1QFY27 is expected to be strong, driven by momentum in food and a Commerce - Rapid Developments in a

QoQ improvement in Q/C. However, Q/C competition persists, with high- High-Stakes Game

decibel noise around the Zepto IPO and a ramp-up by Amazon & Flipkart.

Rapido’s media comments on food delivery are interesting, but success

is not guaranteed. Eternal remains a must-own for LT investors, but be

prepared to stomach volatility along the way.

Technical factors for share prices: The share prices of Eternal & Swiggy are up 12-20% over

1M, in line with broader interest in Indian equities. Multiple sectors, incl. internet (and real

estate, NBFCs, travel, etc.), have seen similar momentum, suggesting a liquidity-driven re-

rating. Incremental support for Eternal has also come from MSCI-related inflow expectations.

Ownership: Eternal’s Jun-26 shareholding indicates notable churn in the investor base. FPI

holding declined by c3.5ppt QoQ to c29.1%—the lowest level—while DII ownership increased

by c3.3ppt QoQ to a peak of c39.2%. July should have seen some change here. Founder

stake (Deepinder Goyal) remained stable at c4.4%. Interestingly, Swiggy also notified that

aggregate foreign ownership is now <50%, which may be a precursor to another attempt at

IOCC conversion.

1QJEFe: We expect both to deliver healthy food-delivery growth, likely at c19% (GOV), despite

transient LPG-related disruptions.