Blinkit widens its lead over Instamart as Swiggy shares hit a record low

what happened

According to TradingView, the performance gap between Eternal's Blinkit and Swiggy's Instamart grew wider in the second quarter of fiscal 2027. Eternal's food delivery net order value reached ₹11,445 crore, up 21.5% year on year, with an adjusted margin of 5.5%. Swiggy's food delivery gross order value rose 17.7% to ₹10,054 crore, and its adjusted EBITDA margin was 3.4%.

The divergence is even sharper in quick commerce. Eternal's segment posted net order value of ₹20,940 crore, more than triple Swiggy's ₹6,553 crore. Blinkit's order value climbed 79.3%, while Instamart's rose 33.3%. Blinkit's contribution margin stood at 5.3%, whereas Instamart's was negative at 1.4%. Eternal operated 2,751 dark stores against 1,240 at Swiggy and held ₹16,475 crore in cash, compared with Swiggy's ₹13,662 crore.

Swiggy co-founder and Group CEO Sriharsha Majety said the company wants to strengthen its model before spending its cash on opening new locations. Bernstein said Swiggy faces a hard task in pulling Instamart out of a difficult phase and must explain its strategy more clearly, adding that the widening gap is testing investor patience. On Friday Swiggy shares dropped more than 15% to a record low of ₹174.95, while Eternal traded nearly 3% higher at ₹312.90.

why it matters

Swiggy shares are down about 54% so far in 2026 and more than 57% over the past twelve months. Eternal is up over 10% year to date, though it has lost nearly 5% over the last year. The market is currently separating the two stocks based on profitability, and Instamart's weak numbers remain the main risk for Swiggy.

market impact

Eternal и Swiggy: weaker Instamart margins weigh on Swiggy shares

tags

instruments