Swiggy and Eternal: Q4 Outlook for New-Generation Technology Companies

Technology Firms to Report Mixed Bag of Earnings in Q4FY26

Analysts predict that new-age technology firms will likely report a mixed bag of earnings for the fourth quarter of fiscal year 26, influenced by rising macroeconomic uncertainties and increasing competition. Brokerage house, Nuvama Institutional Equities anticipates that companies such as Eternal and Swiggy will drive revenue growth during this quarter, while Info Edge (India) and IndiaMART InterMESH are expected to deliver comparatively modest performance.

In the Elara Capital Internet ecosystem, food delivery services are anticipated to achieve solid Gross Order Value (GOV) growth, with Swiggy and Eternal Ltd projected to see approximately 19-20% year-on-year increases. This stability persists despite disruptions related to LPG, bolstered by a shift in demand toward QSRs and non-LPG venues.

Q4 Results Preview

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According to preview estimates by Nuvama Institutional Equities, Eternal Ltd and Swiggy are expected to deliver strong growth in Q4FY26, with improving operating metrics. Eternal is likely to report revenue of around ₹17,600 crore, up 7.9% QoQ and a sharp 201.7% YoY. EBITDA is estimated at ₹478 crore, reflecting a strong 30% sequential growth and a multi-fold jump YoY, while EBITDA margins are expected to expand to 2.7%. Adjusted PAT is projected at ₹124.9 crore, rising 22.4% QoQ and over 220% YoY.

Swiggy, meanwhile, according to Nuvama is expected to post revenue of about ₹6,555 crore, up 6.6% QoQ and 48.6% YoY. EBITDA losses are likely to narrow to around ₹(675.6) crore from ₹(782) crore in the previous quarter, with EBITDA margins improving to -10.3% from -12.7%. Adjusted losses are estimated at ₹(814.8) crore.

According to preview estimates by Elara Securities, both Eternal Ltd and Swiggy are expected to report strong year-on-year growth in Q4FY26, albeit with differing margin trajectories. Eternal is likely to post revenue of around ₹17,598 crore, reflecting a robust 203.4% YoY growth, while EBITDA is estimated at ₹474 crore, up sharply from ₹72 crore a year ago. EBITDA margins are expected to improve to 2.7%, with recurring PAT projected at ₹124.9 crore, marking a significant jump of over 438% YoY, indicating strong operating leverage.

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Swiggy, on the other hand, is expected to report revenue of about ₹6,421 crore, up 45.6% YoY. However, profitability remains under pressure, with EBITDA losses estimated at ₹(758) crore, though narrowing on a sequential basis. EBITDA margins are likely to improve to -11.8%, while recurring losses are expected at ₹(814.8) crore, showing a modest improvement year-on-year.