Zomato and Swiggy Post Mixed Q4 Results: Analyzing Investment Prospects

Earnings Season Heats Up as Food Delivery Firms Report Mixed Results

The ongoing earnings season has seen a mixed bag of results from two major food delivery platforms, Eternal (Zomato) and Swiggy. While both companies have reported decent financial numbers for the fourth quarter of the financial year ended March 2026, their margin trajectories and business mixes have diverged.

Eternal Posts Sharp Revenue and Profit Growth

Eternal's profit surged 346% year-on-year (YoY) to ₹174 crore from ₹39 crore in the same quarter last year. The company's revenue growth was largely driven by its quick commerce arm, Blinkit, which recently transitioned to an inventory-led model. Blinkit posted a 95% YoY rise in net order value (NOV) to ₹14,386 crore across 2,243 stores, while turning EBITDA positive at ₹37 crore compared to ₹4 crore in the previous quarter.

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Swiggy Reports Steady Expansion in Food Delivery

Swiggy reported its strongest food delivery performance in nearly four years, with GOV rising 22.6% YoY to ₹9,005 crore and adjusted EBITDA increasing 39.8% YoY to ₹297 crore. Annual food delivery adjusted EBITDA crossed ₹1,000 crore for the first time, with margins reaching a record 3.3% of GOV. The platform's monthly transacting users (MTUs) grew 27.2% YoY to 25.2 million, while food delivery MTUs climbed 21% YoY to 18.3 million.

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Analysts Weigh In

According to Seema Srivastava, Senior Research Analyst at SMC Global Securities, risk-tolerant investors may prefer Swiggy for higher food/QC growth and potential margin catch-up, but Eternal is the safer long-term compounder given scale, positive quick commerce unit economics, and superior capital efficiency today.

Sugandha Sachdeva, Founder of SS WealthStreet, while picking Zomato, said that the company reported a strong set of Q4 FY26 results, reflecting robust operational momentum; however, the stock continues to face technical resistance near the ₹265 zone.

Market Outlook

For the long term, Eternal offers a clearer path to consolidated profitability with food delivery already at 5.5% EBITDA margins, Blinkit turning positive, and a ₹17,972 crore cash cushion to fund expansion. Swiggy has stronger food delivery GOV growth at 22.6% vs Zomato's 19% and profitable OOH, but Instamart's ₹858 crore EBITDA loss means group-level breakeven is further away.