Swiggy Vs Eternal: Jefferies sees 40% upside potential in one stock; calls it a high-risk, high-reward opportunity

Two of India’s largest food delivery companies delivered their Q1 FY27 numbers. The June quarter reinforced that execution, rather than growth alone, is becoming the biggest differentiator.

A comparison by Jefferies shows Eternal has steadily widened its lead over Swiggy across food delivery and quick commerce over the past nine quarters through stronger execution, higher profitability and consistent market share gains. Swiggy, however, has narrowed the profitability gap in food delivery and could emerge as a higher-risk, higher-reward opportunity if it can replicate that turnaround in Instamart.