Delivery platform stocks: Eternal, Swiggy surge up to 6% on huge volumes

However, in the past six months, Swiggy (down 13 per cent) and Eternal (down 1 per cent) have underperformed the Sensex (up 5 per cent), amid concerns regarding increased competition

Eternal, Swiggy share price today

Shares of delivery platform companies, Eternal and Swiggy, have moved higher by up to 6 per cent on the BSE in Tuesday’s intra-day trade, extending their Monday’s gain, amid heavy volumes.

 

Among the individual stocks, Eternal, parent company of Zomato, rallied 6 per cent to ₹306.45 in intra-day trade, surging 8 per cent in the past two trading days. The average trading volumes on the counter jumped 1.5 times, with a combined 64.77 million equity shares changing hands on the National Stock Exchange (NSE) and BSE. The stock had hit a 52-week high of ₹368.4 on October 16, 2025.

 

 

Eternal is a market leader in food delivery (FD) and quick commerce (QC), two large and high-growth consumer services in India. Eternal has expanded its business rapidly through a combination of organic growth and well-aligned inorganic opportunities.

 

Shares of Swiggy soared 5 per cent to ₹351.15 in an intra-day deal. In the past two trading days, the stock price of the fintech company has soared 10 per cent. The trading volumes on the counter nearly doubled, with a combined 19.35 million shares changing hands on the NSE and BSE. The stock had touched a 52-week high of ₹473 on September 19, 2025.

 

Swiggy is a new-age player with an extensive footprint in food delivery. Instamart its quick commerce platform.  READ STOCK MARKET UPDATES TODAY LIVE

Brokerages' view on Eternal, Swiggy Stocks

In the past six months, Swiggy (down 13 per cent) and Eternal (down 1 per cent) have underperformed the market amid concerns regarding increased competition. In comparison, the BSE Sensex has rallied nearly 5 per cent during the same period.

 

Eternal is a market leader in FD and QC, two large and high-growth consumer services in India. Eternal has expanded its business rapidly through a combination of organic growth and well-aligned inorganic opportunities. 

 

Post its listing, Eternal has also shown a strong focus on profitability. FD is now a profitable duopoly, while Eternal has cracked the QC distribution code to the $1 trillion retail opportunity in India and is currently in a land-grab mode with Eternal leading the pack on scale and profitability, according to analysts at BNP Paribas India.

 

The brokerage firm finds the recent consolidation in the stock price due to heavy QC investments as a buying opportunity. Within consumer coverage (staples and discretionary), analysts see the highest upside potential for Eternal and hence rate it as an Outperform with a target price of ₹420 per share.

 

While FD growth is recovering, the pace of normalization remains gradual, and analysts at Motilal Oswal Financial Services expect the Earnings before interest, tax, depreciation and amortisation (Ebitda) respite in Blinkit to be short-lived as competitive intensity in QC re-accelerates. The brokerage firm reiterates a ‘Buy’ rating with a target of ₹360, supported by Eternal’s market leadership in both QC and FD and the long-term optionality in Blinkit as a generational opportunity in grocery and retail disruption. However, potentially elevated discounting/investments in both QC and the going-out business are anticipated to constrain profitability in the short term.  ALSO READ | Lenskart Solutions shares rise 2% in trade; JM Financial initiates 'Buy' 

Motilal Oswal also reiterates a ‘Buy’ rating on Swiggy with a target of ₹440, as despite the ongoing competitive intensity, the brokerage firm believes the company’s valuation offers relative comfort. The brokerage firm in the December 2025 quarter (Q3) result update said that they believe near-term growth in quick commerce could be lower for Instamart due to aggressive competition, but improving unit economics through higher average order values (AOVs), better store utilisation, and controlled reinvestment provides visibility on gradual margin improvement.

 

Meanwhile, post Q3 result, analysts at Elara Capital upgrade Swiggy to ‘Buy’ from ‘Accumulate’ with a target of ₹425 per share, as at the market price of ₹328. SoTP implies that Instamart is discounted by the market. The brokerage firm sees Instamart among its top three plays in QC, even as market share remains stable, warranting a reasonable valuation ($2 billion at base case).

 

Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.