Eternal vs Swiggy: Why is Macquarie still bearish despite Blinkit’s $5.5 billion scale

Eternal’s Blinkit processed 917 million orders and generated $5.5 billion in net order value in FY26, compared with 414 million orders and $3.2 billion of gross order value for Swiggy’s Instamart. The gap gets wider on profitability: Macquarie estimates Blinkit’s adjusted EBITDA margin at -0.6%, against -12.5% for Instamart.

However, the brokerage remains cautious on both stocks. Macquarie has retained its ‘Underperform’ rating on Eternal and Swiggy, even while raising Eternal’s price target was raised 18% to Rs 225 from Rs 190. Its price target for Swiggy remains at Rs 230.