Every listed Indian internet platform company covered here — Eternal — against Swiggy, on the same numbers from the same filings. Click a column to rank by it. Tick up to three and press Compare for the full side-by-side.
| Company | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | ₹350.5k Cr | 709.4× | 168.6% | 2.2% | 2.5% | 1.3× | 0.2× | 18.8% | |
| vs | 2Swiggy | ₹52.8k Cr | — | 51.4% | -14.0% | -24.1% | — | 0.2× | -52.7% |
Market cap, P/E and the 12-month return move with the market and are dated to the last close. Every other column is the last full financial year. n/m — loss-making, so the multiple means nothing. A dash means not recorded, which is not the same as nil.
| Metric | SWIGGY | ETERNAL |
|---|---|---|
| What you pay6 Nov 2026 | ||
| Share price | ₹191.17 | ₹363.15 |
| Market cap | ₹52,769 Cr | ₹3,50,454 Cr |
| P/E | — | 709.41× |
| P/B | 2.88× | 11.31× |
| P/S | 2.29× | 6.45× |
| 12-month return | -52.7% | 18.8% |
| SizeFY26 | ||
| Revenue | ₹23,053 Cr | ₹54,364 Cr |
| PAT | ₹-4,154 Cr | ₹366 Cr |
| Net worth | ₹18,314 Cr | ₹30,980 Cr |
| Gross block | ₹4,558 Cr | ₹12,675 Cr |
| GrowthFY26 | ||
| Revenue growth | 51.4% | 168.6% |
| Revenue CAGR (3y) | 40.8% | 97.3% |
| PAT CAGR (3y) | — | — |
| What it keepsFY26 | ||
| EBITDA margin | -14.0% | 2.2% |
| PAT margin | -18.0% | 0.7% |
| ROCE | -24.1% | 2.5% |
| ROE | -22.7% | 1.2% |
| CFO / PAT (3y) | — | 1.27× |
| What it owesFY26 | ||
| Net debt | ₹-1,492 Cr | ₹3,069 Cr |
| Debt / equity | 0.15× | 0.18× |
| CWIP | — | ₹136 Cr |
| Debtor days | 64 days | 12 days |
| Who owns itFY26 | ||
| Promoter holding | 0.0% | 0.0% |
| Institutional holding | 43.4% | 69.2% |
Every figure comes from the same filings the company pages are built from. A dash means the figure is not recorded, which is not the same as nil.
Swiggy runs food delivery, bringing meals from 2.66 lakh restaurants to 1.98 crore customers a month, and Instamart, quick commerce from 1,240 dark stores in 133 cities, alongside Dineout for table bookings and local events and a business selling goods in bulk to shops. Food delivery earned ₹341 crore in Jul–Sep 2026, its best quarter yet on the company's own measure; Instamart lost ₹895 crore. Nearly half of reported sales is the bulk supply business.
Eternal is the company behind Zomato. It runs food delivery through Zomato, quick commerce through Blinkit (groceries, electronics and everyday goods in about 10 minutes from 2,751 small stores), going out through District (table bookings and tickets for movies, concerts and sports) and Hyperpure, which supplies about 85,000 restaurants. Blinkit is now the largest by far, but food delivery earns the profit: ₹627 crore in Jul–Sep 2026 on the company's own measure, against ₹184 crore at Blinkit.
By building, and by trimming what it does not need. It sold its Rapido stake for ₹2,399 crore and part of its supply business to Udaan, and raised ₹10,000 crore of new shares at ₹375 in December 2025, which leaves ₹13,662 crore of cash and no bank loans. Instamart is betting on goods you cannot get elsewhere: its own clean-food brand, No!ce, is in 1 in 8 orders, and from Oct–Dec 2026 Instamart starts owning the goods it sells. New bets include Toing, a budget-meals app bringing in new users, and Crew, a helper for everyday tasks.
Two purchases shaped it — Blinkit in August 2022, and the ticketing businesses behind District — and the rest it built. Blinkit is heading for about 3,500 stores by March 2027 and 5,000 by March 2028, and by choice sells no brand of its own, so it never competes with the brands on its shelves. It keeps starting new things: Bistro; Nugget, AI customer support it built for itself and now sells to other businesses; and dark.ai, a private AI assistant due to launch worldwide within 2026. It holds ₹16,475 crore of cash and has no bank loans.
Co-founder Sriharsha Majety is managing director and group chief executive, and owns 4.58%. There are no promoters: Prosus is the largest holder at 21.06% and SoftBank holds 6.26%, and Indian funds have been buying as Swiggy moves to Indian ownership. Nandita Sinha has run Instamart since August 2026. Share awards to the top managers cost ₹420 crore in FY26, against ₹11 crore of salaries.
Albinder Dhindsa, who founded Blinkit, has run all of Eternal as chief executive since 1 February 2026. Deepinder Goyal, who co-founded Zomato in 2008, stepped down as CEO that day and is now vice chairman with no executive role; he owns 4.40%. There are no promoters: Info Edge is the largest holder at 12.38%. Staff share awards cost ₹819 crore in FY26, more than twice the year's profit.
“As speed and price become table stakes, we believe differentiated assortment will decide the winners.”
Sriharsha Majety · Q2 FY27 shareholders' letter
“We believe the Adjusted EBITDA losses to have peaked out in Q2FY27.” — on Instamart.
Q2 FY27 shareholders' letter
On competition: “Competitive intensity in the sector remains high, and we do not expect it to ease in the near-term.”
Q2 FY27 shareholders' letter
On discounts: “We could add customers much faster by leaning on price, but those customers usually leave when the discount ends.”
Albinder Dhindsa · Q2 FY27 shareholders' letter
On why Blinkit has no brand of its own: “We don’t want to become both the platform and a competitor to the brands on the platform.”
Albinder Dhindsa · Q2 FY27 shareholders' letter
On dark.ai, its private AI assistant: “Dark is in the business of keeping you and your thoughts safe.”
Deepinder Goyal · Q2 FY27 shareholders' letter
Closing prices to 6 Nov 2026, adjusted for bonuses and splits. Dividends are not counted. This is what happened, not what will.
A sector, read end to end, and the companies as they are published. Roughly monthly. Nothing else, and one click to stop.