Blinkit’s Q2NOV jumped 79.3% to ₹20,940 crore, eclipsing Instamart’s 33.3% rise to ₹6,553 crore. Eternal’s shares ticked up 3% to ₹312.90, whereas Swiggy fell 15% to ₹174.95, underscoring the divergent performance of the two quick‑commerce leaders.
Blinkit’s contribution margin rose to 5.3%, while Instamart posted a negative 1.4% margin, widening the profitability gap. Eternal posted an adjusted EBITDA margin of 5.5% on 21.5% NOPV growth, beating Swiggy’s 3.4% margin on 17.7% GSV growth.
Eternal’s dark‑store network expanded to 2,751 units, almost double Swiggy’s 1,240, supporting its scale advantage. Cash on hand stood at ₹16,475 crore for Eternal versus ₹13,662 crore for Swiggy, giving Blinkit a liquidity cushion for further expansion.
Swiggy co‑founder Sriharsha Majety said the company is prioritizing resilience over rapid expansion, noting the need to build a sustainable business before deploying capital. He contrasted Blinkit’s “strong flywheel” with Swiggy’s cautious approach amid Instamart’s challenges.
Bernstein flagged rising investor concerns over Swiggy’s Instamart turnaround, pointing to a widening performance gap. Analysts expect Swiggy to focus on cost discipline and strategic investment, while Eternal likely to continue leveraging its scale to drive higher margins. Investors should monitor Swiggy’s next earnings for signs of turning Instamart’s tide.