Eternal, Swiggy up over 5% on huge volume; what's driving.

Thus far in July 2026, the market price of Eternal and Swiggy outperformed the market, gaining 12 per cent and 11 per cent, respectively.

Eternal, Swiggy shares price movement

Shares of food delivery (FD) and quick commerce (QC) platform companies Eternal (Zomato) and Swiggy rallied up to 6 per cent on the BSE in Monday’s intra-day deals amid heavy volume. In comparison, the BSE Sensex was up 0.84 per cent at 76,701 at 12:05 PM.

Eternal surged 6 per cent to ₹295.70 in intra-day trade. A combined 23.55 million equity shares of the company changed hands on the NSE and BSE.

Swiggy’s share price soared 5 per cent to ₹264.45 on the back of over two-fold jump in the average trading volume. A combined 13.45 million equity shares changed hands on the NSE and BSE.

Thus far in the month of July 2026, the market price of Eternal and Swiggy outperformed the market, gaining 12 per cent and 11 per cent, respectively. However, thus far in the calendar year 2026, the stock price of Swiggy tanked 33 per cent, while Eternal rose 4 per cent. The BSE Sensex slipped 10 per cent during the same period.

Why are food delivery, quick commerce stocks in focus?

As India’s digital economy expands, consumers are becoming more comfortable with app-led commerce, and convenience is moving from being a premium proposition to an everyday expectation.

According to Swiggy, India’s retail market remains digitally underpenetrated. Quick commerce is still early in its evolution. Food delivery continues to have meaningful headroom as more consumers and meal occasions move online. Dining out, events, household essentials, personal care and other everyday needs are all being reshaped by digital access, reliable fulfillment and wider choice.

Quick commerce has emerged as one of the fastest growing segments within India’s retail landscape, supported by rising consumer preference for convenience, faster fulfillment and high-frequency digital purchasing behaviour.

The market expanded significantly from approximately ₹400 crore (~$0.05 billion), representing nearly 0.01 per cent of total retail in FY20, to around ₹52,700 crore (~$6.2 billion) and approximately 0.63 per cent of total retail in FY25. The market is projected to scale further to ₹4.5 trillion-6.02 trillion (~$53-71 billion) by FY30, accounting for nearly 4 per cent of India’s retail market and implying a compound annual growth rate (CAGR) of 54-63 per cent between FY25 and FY30.

Within India’s online retail ecosystem, quick commerce witnessed a sharp increase in market penetration, with its share rising from approximately 0.23 per cent in FY20 to around 8.86 per cent in FY25. The segment is projected to contribute nearly 30-33 per cent of India’s online retail market by FY30, Swiggy said in its FY26 annual report released on Friday, July 24, 2026.

Brokerages view on Eternal post Q1 results

Eternal’s food delivery business remains stable, while Blinkit continues to offer a long runway to participate in the structural shift in retail, grocery, and e-commerce. Analysts at Motilal Oswal Financial Services (MOFSL) trimmed their FY27E EPS estimate by 7 per cent largely driven by a higher than-expected tax in Q1, while keeping FY28E estimates unchanged. While competitive intensity remains elevated, competition is becoming more predictable, and the business model appears established, with a clearer path to structurally higher margins, the brokerage firm said in the Q1 result update.

Analysts said they continue to factor in management’s long-term growth trajectory of 60 per cent plus net order value (NOV) growth and $1 billion earnings before interest, taxes, depreciation, and amortization (EBITDA) by FY29, led by gradual margin expansion through store maturity and operating leverage. The brokerage firm expects Eternal to report profit after tax margins of 2.2 per cent/3.0 per cent in FY27/28E. MOFSL reiterated a ‘BUY’ rating on Eternal with a target price of ₹400 per share, this implies a 35 per cent upside from the current price.

Analysts at JM Financial Institutional Securities broadly maintained FD NOV estimates over FY27–29E, while increasing Adjusted EBITDA by 2–3 per cent driven by better than-expected margin in Q1. For Blinkit, analysts raised FY27–29E NOV by 1–9 per cent on the back of sharp increase in order volume /MTU base. However, the brokerage firm moderated the profitability assumptions by ~30–40bps to account for the structural impact of minimum wage hikes across a few states and higher rental payouts associated with the accelerated network expansion (dark store + mother hubs).

“Our near-term consolidated earnings are also impacted by higher depreciation assumptions and tax normalisation in the food delivery business. As a result, we revise down our FY27E/FY28E EPS by 42 per cent/10 per cent. We continue to value Eternal at 65x Jun’28E EPS and revise our target price to ₹400,” the brokerage firm said. Eternal remains preferred pick in the listed Internet space given its superior execution, leadership across hyperlocal commerce and long runway for profitable growth, it added, reiterated the ‘BUY’ rating on the stock.

Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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