Eternal Vs Swiggy - Deja Vu In Quick Commerce Race, But This Time Could Be Different, Says Motilal Oswal

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At the current juncture, Motilal Oswal prefers Swiggy on relative valuation comfort, sees a potential upside of 36%

04 Nov 2025, 10:37 AM IST i

04 Nov 2025, 10:37 AM IST

04 Nov 2025, 10:37 AM IST

<div class="paragraphs"><p>Dark store additions will be lower for both platforms, particularly Swiggy, which is moderating new launches after last year’s aggressive buildout.</p><p>(Photo: Mahima/NDTV Profit)</p></div>

Dark store additions will be lower for both platforms, particularly Swiggy, which is moderating new launches after last year’s aggressive buildout.

(Photo: Mahima/NDTV Profit)

Motilal Oswal believes that the food delivery business will remain a balanced duopoly between Eternal and Swiggy, with 20-22% gross order value growth over FY26–27. The brokerage values the FD business at 30x FY27E Ebitda. In quick commerce, the setup looks similar to the prior cycle, though with lower burn intensity and faster margin normalization as dark-store throughput improves.

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