Eternal vs Swiggy: Revenue rises, but profitability dips; find out who dominated Q2 earnings

Food delivery aggregators Swiggy and Eternal (erstwhile Zomato Ltd) have released their Q2 earnings. Swiggy announced its earnings on Thursday, October 30, while Zomato Q2 numbers were declared earlier this month on October 16. Both companies reported a substantial rise in revenue. However, profitability has taken a hit during the quarter.

Here’s a brief comparison of Swiggy and Eternal’s Q2 earnings:

Revenue rises, but profitability takes a hit

Swiggy posted ₹5,561 crore in revenue, up 54% YoY, with losses widening to ₹1,092 crore. Eternal outpaced on revenue at ₹13,590 crore (up 183% YoY), though net profit declined 63% YoY to ₹65 crore from ₹176 crore in Q2FY25.

Slower-than-expected growth in the food delivery business amid headwinds like soft discretionary consumption, the impact of quick commerce growth, and increasingly volatile weather conditions (extreme heat, extended rains), which continue to weigh on near-term growth. Besides this rapid investment in expanding the quick commerce store network impacted the profitability for both companies.

Eternal continues to report profitability, but its bottonline has been declining on a yearly basis, while Swiggy continues to prioritise expansion, even at the cost of short-term losses.

Food delivery Q2 business snapshot

Swiggy’s Gross Order Value (GOV) in food delivery reached ₹8,542 crore, rising 18.8% YoY, while its adjusted revenue stood at ₹1,921 crore, up 22% YoY. Meanwhile, its adjusted EBITDA margins improved to 2.8%, a significant uplift from 1.6% last year and adjusted EBITDA improved to 240 crore from 112 crore in the same quarter last year.

Eternal reported ₹9,423 crore in net order value (NOV), rising 14% YoY and 5% QoQ, while adjusted revenue stood at ₹2,863 crore, up 22% YoY and 8% QoQ. The company saw 2.41 crore monthly transacting users in the food delivery segment. Meanwhile, adjusted EBITDA rose 162% YoY and 52% QoQ to ₹503 crore.

Quick commerce: The bright spot

Swiggy’s Instamart GOV more than doubled to ₹7,022 crore compared to GOV of ₹3,382 crore in the same quarter of FY25. Adjusted revenue came at ₹980 crore, while adjusted EBITDA losses rose from 359 crore to ₹849 crore. Average Order Value (AOV) rose 39.6% to ₹697, while it delivered 10.08 crore orders during the quarter.

Eternal’s Blinkit NOV rose to ₹11,679 crore, up 137% YoY, while adjusted revenue stood at ₹9,891 crore, rising 756% YoY. Adjusted EBITDA losses increased by 148% YoY and improved 6% QoQ to ₹156 crore. The company delivered over 22.2 crore orders, while AOV improved by 5% YoY to ₹693.

Swiggy added 40 dark stores (total 1,102), while Eternal added 272 (total 1,816), which is an indicator of sustained infrastructure build-outs despite margin stress.

Eternal and Swiggy stock performance

So far in 2025, Eternal shares have gained over 17.5%, while Swiggy shares are down over 21%. Shares of Eternal are currently trading around 10% lower than their all-time high level of ₹368.4 touched on October 16, 2025. Swiggy shares are down 30% from its recent high of 617.30 set on 23 December 2024.