01
Eternal: Blinkit
Blinkit's net order value was ₹17,132 crore (+86% YoY) with 2,443 stores. Consolidated revenue from operations was ₹20,211 crore and net profit ₹92 crore.
The analysis notebook · Day 12
Zomato vs Swiggy.
Food delivery economics.
Both connect customers, restaurants and delivery partners. Their latest quarterly results show how much money the food delivery business keeps from each order.
The simple answer: both run a marketplace. What matters is growth in orders and how much margin each earns on order value.
01 / The model
A three-sided marketplace.
CUSTOMEROrders foodPays for food, delivery and platform fees.
RESTAURANTGets ordersPays the platform, typically a commission, and may buy advertising.
DELIVERY PARTNEREarns per deliveryPaid per order by the platform.
Zomato is operated by Eternal Ltd, which also owns Blinkit. Swiggy also runs Instamart (quick commerce). This notebook compares the food delivery businesses.
02 / Food delivery, Q1 FY27
The June 2026 quarter.
| Measure | Eternal (Zomato) | Swiggy |
|---|---|---|
| Order value | Net order value ₹10,769 cr (+20% YoY) | Gross order value ₹9,490 cr (+17.4% YoY) |
| Adjusted EBITDA | ₹606 cr (+34% YoY) | ₹292 cr (+₹100 cr YoY) |
| Margin on order value | 5.6% | 3.1% |
| Users | Not compared here | Food delivery MTUs 19.2 million (+17.8%) |
Warning: Eternal reports net order value (NOV) and Swiggy reports gross order value (GOV). The definitions differ, so I compare the trend and the margin, not the raw order values. Figures are from each company's own results; Eternal's food delivery detail is as reported by The Economic Times and Fortune India from its shareholder letter.
03 / Beyond food
Both are also quick commerce businesses.
02
Swiggy: Instamart
Instamart GOV was ₹7,907 crore (+39.8% YoY) across 1,171 dark stores. Swiggy said quick commerce reached contribution break-even in May 2026. Quick commerce posted a loss of ₹778 crore for the quarter.
03
Revenue streams
Marketplaces earn from commissions, advertising and customer fees. Zomato's per-order platform fee is ₹14.9 in most major cities (Inc42).
04
Budget options
Swiggy's Toing is a standalone budget food delivery service, now in 50 cities, aimed at new and dormant users.
04 / What I learned
Same business, different margin.
My biggest lesson: growth in orders is only half of the story. The margin kept from each order shows whether the model works. Eternal's food delivery margin is higher; Swiggy's is improving.
I also learned to be careful with definitions: NOV and GOV are not the same, so I should never compare them directly.
A commerce student's learning notebook. Not investment advice or a recommendation to buy or sell any share.
Source notes
The receipts behind the numbers.
- Eternal: Q1FY27 shareholders' letter and results · Official results page: B2C NOV, adjusted revenue, adjusted EBITDA.
- The Economic Times: 5 things to know from Eternal's shareholder letter · Food delivery NOV, margin, Blinkit figures (secondary source).
- Fortune India: Eternal Q1 results · Revenue from operations, net profit, food delivery details (secondary source).
- Swiggy: Q1 FY27 press release · Food delivery GOV and adjusted EBITDA, Instamart, Toing. Published 30 July 2026.
- Inc42: Inside Zomato's monetisation stack · Platform fee (secondary source).