Synopsis: As Eternal’s Q4 results approach, focus is on the quick commerce battle between Zomato and Swiggy. Both are growing but facing competition and profit pressure. The results may show which company is currently ahead and managing its business better.
Zomato has informed the exchanges that a meeting of its Board of Directors is scheduled on April 28, 2026, to consider and approve its standalone and consolidated financial results for the quarter and full year ended March 31, 2026. The company will also host an earnings conference call later the same day at 5:00 PM IST to discuss its performance and outlook.
As the results approach, the main question for investors is simple — which quick commerce company is expected to perform better this quarter? Both Zomato and Swiggy are dealing with growth, competition, and profits at the same time, and the results could give a clearer idea of who is doing better right now.
What Are The Expectations For Zomato?
According to estimates from Motilal Oswal, ICICI Securities, and Anand Rathi, Zomato (Eternal) is expected to deliver a mixed but improving performance in Q4FY26. Growth across food delivery and quick commerce remains strong, supported by scale and execution, but profitability is likely to remain volatile due to rising competition, discounting intensity, and continued investments in newer segments.
Motilal Oswal highlights that food delivery continues to see a gradual recovery, with order growth and market share gains supporting steady expansion. Blinkit has reached EBITDA breakeven, driven by better product mix and supply chain improvements, while Hyperpure has also turned profitable, indicating improving ecosystem strength. However, the brokerage expects this profitability improvement in quick commerce to be short-lived, as competition intensifies and discounting rises. It also flags that increased investments in quick commerce and the going-out business could weigh on margins, while the shift to NOV reporting may limit visibility on discounting levels.
ICICI Securities takes a relatively positive view, noting that profitability in quick commerce has improved faster than expected, supported by operational changes such as the inventory-led model. Food delivery growth has also come in ahead of expectations, with signs that the company has stabilized its market share. Additional positives include Hyperpure reaching breakeven and early traction in newer initiatives like Bistro. While the leadership transition was unexpected, the brokerage remains comfortable with the new structure and sees a clear path to profitability in the going-out segment over the next few quarters.
Anand Rathi also remains constructive, pointing to strong execution across segments, with Blinkit achieving profitability while maintaining high growth despite intense competition. Food delivery and Hyperpure performance further reinforce operational discipline and strategy execution. The brokerage does not expect leadership changes to materially impact operations, given the decentralized structure. However, it highlights key risks including rising competition from multiple players in quick commerce, potential cost pressures from network expansion, and any prolonged slowdown in consumption that could affect demand in the food delivery business.
What Are The Expectations For Swiggy?
According to estimates from Motilal Oswal, Swiggy is expected to deliver steady performance in Q4FY26, supported by stable food delivery growth and gradual scaling in quick commerce. However, high competitive intensity in quick commerce, driven by aggressive discounting and incentives, is likely to remain a key overhang, impacting growth visibility and delaying profitability.
Motilal Oswal notes that Swiggy has avoided low-value, discount-led orders, which has helped maintain discipline but also moderated user growth, with customer switching remaining high across platforms. While management continues to guide for contribution breakeven in quick commerce by Q1FY27, this remains dependent on competitive behaviour. In food delivery, growth remains steady with improving margins supported by better utilization, higher order values, and operating leverage, despite some pressure on take rates due to Swiggy One expansion.
Overall, the brokerage remains cautiously positive, highlighting that Swiggy’s valuation offers some comfort. It expects gradual improvement in unit economics through better store utilization and controlled reinvestment, but notes that sustained competition could delay industry-wide profitability and keep near-term growth under pressure.
What Are The Estimates For Zomato?
On the financial front, Motilal Oswal expects Zomato to report revenue of Rs. 17,252.8 crore in Q4FY26, reflecting a growth of 5.7 percent quarter-on-quarter and a sharp increase of 195.8 percent year-on-year. EBITDA is estimated at Rs. 311.2 crore, down 15.4 percent sequentially but up 332.2 percent year-on-year, with margins at 1.8 percent. Net profit is expected at Rs. 115.4 crore, rising 13.1 percent QoQ and 195.9 percent YoY.
ICICI Securities estimates revenue at Rs. 17,806.1 crore, implying a growth of 9.14 percent quarter-on-quarter and 205.1 percent year-on-year. EBITDA is projected at Rs. 469.9 crore, up 27.7 percent QoQ and 552.6 percent YoY, with margins at 2.6 percent. Net profit is expected at Rs. 440 crore, indicating a sharp increase of 331.4 percent sequentially and 1,028.2 percent year-on-year.
Anand Rathi expects revenue of Rs. 16,322.5 crore, largely flat with a marginal growth of 0.05 percent QoQ and up 179.8 percent YoY. EBITDA is estimated at Rs. 399.3 crore, growing 8.5 percent sequentially and 454.6 percent year-on-year, with margins at 2.44 percent. Net profit is expected at Rs. 55.9 crore, declining 45.2 percent QoQ but increasing 43.3 percent YoY. Overall, the estimates indicate strong revenue momentum but differing views on profitability across brokerages.
What Are The Estimates For Swiggy?
On the financial front, Motilal Oswal expects Swiggy to report revenue of Rs. 6,266 crore in Q4FY26, reflecting a growth of 1.9 percent quarter-on-quarter and 42.1 percent year-on-year. EBITDA is estimated at a loss of Rs. 819 crore, compared to a loss of Rs. 782 crore in Q3FY26 and Rs. 961.8 crore in Q4FY25. This implies a widening of losses by 4.7 percent sequentially, but an improvement of 14.9 percent year-on-year. EBITDA margins are expected at -13.1 percent.
Net loss is expected at Rs. 1,019.6 crore, narrowing slightly from Rs. 1,065 crore in the previous quarter and Rs. 1,081.2 crore in the corresponding quarter last year. This reflects an improvement of 4.3 percent QoQ and 5.7 percent YoY. Overall, while revenue growth remains strong, profitability is expected to stay under pressure, with losses continuing due to high investments and competitive intensity across key segments.
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