For Swiggy, Citi has raised its price target to ₹495 from ₹465 earlier, which implies a potential upside of 18% from Wednesday’s close.
The consensus price target for Swiggy projects a 14% upside, while for Eternal, it projects no upside as the stock trades at the consensus price target level.
Eternal
Citi said the growth momentum in Blinkit remains stellar. It said the focus on user acquisition is visible in acceleration in app-traffic, continued investment in dark store expansion and the addition of new cities.The brokerage said this has further solidified Blinkit’s market leadership in the recent quarters, driving upside for growth and margins.
It now expects gross order value (GOV) growth for quick commerce to be 123% in the financial year 2026 and 57% in financial year 2025
It expects the adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) margin breakeven in the third quarter and further expansion to 1.9% and 3% of GOV in FY27 and FY28, respectively.
Citi continues to expect stable trends in food delivery, with growth in mid-high teens range and margins at 4.3% and 4.5% in FY26 and FY27, respectively.
Swiggy
Citi said Swiggy’s food delivery Gross Order Value increased by 19% in the recent quarter, revenue increased by 21% and contribution improved to 7.6% and adjusted EBITDA margin stood at 2.8% from the previous year.For quick commerce, GOV increased by 23% sequentially and 106% from the previous year, while revenue increased 26% and 111% from the previous quarter and previous year. Margins improved to negative 2.9% from negative 12.3%, Citi said.
Swiggy’s overall revenue increased 64% from the previous year, while adjusted EBITDA loss narrowed to ₹760 crore, and free cash burn improved to ₹950 crore, Citi said.
The company’s cash balance is ₹6,800 crore post the Rapido stake sale and quick commerce is nearing breakeven in the next one to three quarters.
Citi has raised its quick commerce target multiple to 1x its enterprise value/GOV from 0.9x.
Here’s the roundup of analyst coverage on Eternal and Swiggy:
| Company | Buy | Hold | Sell |
| Eternal | 28 | 0 | 4 |
| Swiggy | 20 | 2 | 4 |
Shares of both Eternal and Swiggy have opened with gains of 1% on Thursday. While shares of Eternal are up 25% so far this year, those of Swiggy are down 22%.
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