New-age tech stocks have seen a volatile run in the Indian stock market, with food delivery (FD) and quick commerce (QC) facing multiple headwinds. Analysts now believe the cycle is turning, with FD growth expected to accelerate beyond 20% over the next 2–4 quarters, supported by festive demand and GST reforms.
In QC, competition is easing as new entrants struggle, dark store expansion slows, and discounting reduces. GST reforms are also seen boosting adoption in non-metro cities.
Food delivery and quick commerce giant Eternal is set to deliver its Q2 results on Thursday, October 16. While Eternal is expected to report a sequential improvement in NOV growth as well as margin across its Food Delivery and Quick Commerce businesses, its rival Swiggy is expected to see balance sheet challenges on account of minimal change in absolute QC losses.
Here’s what to expect from Eternal Q2 results 2025 and Swiggy Q2 results 2025:
Eternal Q2 Results Preview
Eternal’s consolidated EBITDA is projected to jump 120% QoQ to ₹252.5 crore, while net profit may rise to ₹78.4 crore from ₹25 crore, sequentially, according to JM Financial.
Food Delivery (Zomato): NOV growth of ~6% QoQ (+15% YoY), take-rates at 25.6%, and contribution margin at 10.1%. Adj. EBITDA margin is expected to stay flattish at ~5%.
Blinkit: NOV growth of ~28% QoQ (+139% YoY). Take-rates to surge to 56% (from 23.5% YoY), with contribution margin at 4.4% and adj. EBITDA margin improving to -0.8%.
Brokerage firm Motilal Oswal Financial Services GOV for FD and QC business to grow 19% and 142% YoY, with take rates of 21.5% and 18.7%, driving an overall revenue increase of 68% YoY.
Swiggy Q2 Results Preview
Swiggy is expected to narrow losses but remain in the red. EBITDA and PAT losses are projected at ₹840 crore and ₹1,094.9 crore versus ₹953.8 crore and ₹1,196.8 crore in Q1, as per JM Financial estimates.
Food Delivery: GOV growth ~6% QoQ (+19% YoY), take-rates at 22.4%, with adj. EBITDA margin at 2.8% versus 2.4% in Q1.
Instamart: GOV growth ~23% QoQ (+106% YoY), with contribution margin improving to -2.8% and adj. EBITDA margin to -11.8%.
MOFSL expects Swiggy’s GOV for FD and QC business to achieve 20% and 106% YoY growth, with take rates of 22.5% and 14.3% in 2QFY26.
Eternal Vs Swiggy: Which stock to buy ahead of Q2 results?
JM Financial has a ‘Buy’ rating on Eternal shares with a target price of ₹400 apiece for September 2026. It maintains ‘Reduce’ rating on Swiggy shares with an unchanged target price of ₹440 apiece for September 2026.
MOFSL has a ‘Buy’ call and Eternal share price target of ₹420 apiece, and a ‘Buy’ rating on Swiggy shares with a target of ₹550.
Technical Outlook
According to Anshul Jain, Head of Research at Lakshmishree Investments, among the two food delivery players, Eternal shares clearly stand out on the charts with superior relative strength, strong price action, and firm momentum.
“Eternal share price recently broke out above the ₹300 mark on the weekly timeframe, confirming a bullish setup that projects a potential move toward ₹500 — a target yet to be tested. While Swiggy share price may see sentiment-driven swings around earnings, Eternal’s technical structure looks far stronger. For traders looking to position ahead of Q2 results, Eternal remains the stock to buy,” Jain said.
Eternal share price has gained 28% in 2025 so far, while Swiggy share price has declined 19% during the same period.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
