Eternal vs Swiggy Share Price: Growth Accelerates, Profits Decline in Q4FY25

Eternal and Swiggy's share price battle intensified after their Q4FY25 earnings reports were released. While both companies continue to expand rapidly in India’s growing e-commerce market, rising costs have weighed heavily on their profitability.

Market Performance: Expansion Fuels Growth, but at a Cost

India’s leading food delivery players—Eternal (formerly Zomato) and Swiggy—significantly ramped up their store count in the March 2025 quarter.

• Eternal added 294 stores in Q4FY25, up from 216 in Q3 and 152 in Q2.
• Total active store count reached 1,301.
• Target remains 2,000 active stores by the end of CY25, focusing mainly on Tier-2 and Tier-3 cities.

Meanwhile:

• Swiggy added 316 dark stores in the quarter, surpassing additions in the last 8 quarters combined.
• 33% of new stores were launched in 80 new cities, the rest in metros and Tier-1 cities.

Company Highlights: Quick Commerce, the Growth Engine

Eternal (Zomato)

• Its quick commerce arm, Blinkit, led the charge and delivered strong performance.
• Gross Order Value (GOV) jumped 134% YoY and 21% Qoq to ₹94.2 billion.
• Monthly Transacting Users (MTUS) grew to 13.7 million, up from 10.6 million in Q3 and 6.4 million in Q4FY24.

Swiggy

• It's a quick commerce business, and Instamart saw slower momentum despite growth.
• GOV rose 101% YoY and 19.5% Qoq to ₹46.7 billion.
• MTUS increased to 9.8 million, from 7.0 million in Q3 to 4.7 million in Q4FY24.

Financial Overview

Eternal

• Net Profit: Dropped 78% YoY to ₹31 crore (from ₹141 crore) due to higher investments in Blinkit.

Swiggy

• Net Loss: Widened to ₹1,081 crore, up from ₹555 crore in Q4FY24, as quick commerce expenses surged.

Summary: Eternal vs Swiggy Share Price – Who Leads?

Despite robust expansion, both Eternal and Swiggy faced significant pressure on margins. While Eternal’s Blinkit outpaced Swiggy’s Instamart in growth and user engagement, profit figures for both companies remained under strain.

In the Eternal vs Swiggy share price discussion, Eternal currently appears better positioned due to stronger order volume growth and deeper penetration across city tiers. However, continued expansion and rising costs could keep margins under pressure for both players.

The coming quarters will determine whether this aggressive growth will translate into sustainable profitability and share price stability.