Internet - India: 4Q report card: Eternal vs Swiggy: Analyzing KPIs & business drivers

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Internet - India: 4Q report card: Eternal vs Swiggy: Analyzing KPIs & business drivers

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Internet - India

4Q report card: Eternal vs Swiggy:

Analyzing KPIs & business drivers

Industry Overview

Blinkit’s execution stands out; Swiggy’s metrics improving 11 May 2026

4Q reinforces the continued divergence in the quick commerce segment, while food Equity

delivery remains relatively steady. In QC, Blinkit’s NOV was +95% YoY/+8% QoQ vs India

Instamart seeing 60% YoY/4% QoQ. From an NOV scale perspective, Blinkit is now at Internet

~2.5x vs Instamart. Blinkit continued adding stores, with 216 dark stores added QoQ vs 7 Sachin Salgaonkar >>

for Instamart. MTUs increased 15% QoQ for Blinkit vs 4% for Swiggy, with Blinkit Research Analyst

continuing to press its expansion-led growth. Going ahead, Eternal management guided BofAS+91 22India6632 8667

Blinkit’s 60%+ NOV CAGR over next 3 years, despite competitive intensity being high; the sachin.salgaonkar@bofa.com

company’s $1bn overall adj EBITDA target by FY29 implies 3-3.5% EBITDA margins. Pankaj Mehendiratta >>

Research Analyst

Swiggy meanwhile has a medium-term target of Rs 1 trn NOV within 3.5-5 years at c.35- BofAS India

50% CAGR. We maintain our Buy ratings on both names given favorable risk/reward. +91 22 6632 8684

pankaj.mehendiratta@bofa.com

QC: Blinkit proving scale + profits; Instamart improving KaushikResearch Gurumurthy,Analyst CFA >>

Blinkit’s 95% YoY NOV growth was driven by a combination of MTU growth, order growth, BofAS India +91 22 6632 8357

and continued dark store expansion. Blinkit added 216 dark stores QoQ to end FY26 with kaushik.gurumurthy@bofa.com

2,243 stores, while Instamart added 7 stores to reach 1,143 stores. Blinkit’s MTUs/orders