Hyperlocal commerce: 1QFY27 preview and QC checks

Research evidence excerpt

Hyperlocal commerce: 1QFY27 preview and QC checks

15 July 2026

Hyperlocal commerce EquitiesInternet Software & Services

1QFY27 preview and QC checks India

◆ Eternal may have extended its lead vs Swiggy in terms of both Yogesh Aggarwal*

scale and margins in its FD and QC businesses in 1QFY27 Head of Research, India HSBC Securities and Capital Markets (India) Private Limited

yogeshaggarwal@hsbc.co.in

◆ QC Checks: Pricing trend looks healthier across platforms; +91 22 2268 1246

Blinkit tops Swiggy across key metrics Prateek Maheshwari*, CFA

Analyst, India IT Services

HSBC Securities and Capital Markets (India) Private Limited

◆ Retain Eternal at Buy, Swiggy at Hold; raise Eternal TP to prateek.maheshwari@hsbc.co.in

INR340 (from INR300), retain Swiggy TP at INR300 +9198 1937 0718

Sagar Desai*

We expect Eternal to have further extended its lead in 1QFY27 in terms of both HSBC Securities and Capital Markets (India) Private Limited

sagar.desai@hsbc.co.in

scale and margins vs Swiggy: +91 83 6919 9927

Food delivery (FD): We expect growth to have accelerated at Zomato in 1QFY27,

with NOV growth of c20% y-o-y and CM margin to have largely been sustained at * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

around 4Q levels, with EBITDA margin 20bps q-o-q higher. We look for Swiggy to not registered/ qualified pursuant to FINRA regulations

have grown 1QFY27 GOV at c19% y-o-y, slower than in recent quarters, with CM

improving slightly q-o-q, but EBITDA margin declining q-o-q due to wage hikes.

Quick Commerce (QC): We expect Blinkit will have reached c19% q-o-q NOV

growth in 1QFY27 on the back of its store expansions, more working days in the

period, and improvement in AOV. We estimate contribution and EBITDA margin of

5.5% and 0.8%, respectively.