Kotak retains 'Buy' on Eternal, Swiggy; Blinkit stays best placed in quick commerce
Kotak Institutional Equities keeps 'Buy' on Eternal and Swiggy, citing Blinkit's NOV of Rs 17,277 cr (+88% YoY) outpacing Instamart. Blinkit added ~225 dark stores to ~2,470 and posted adj EBITDA of ~Rs 102 cr, while Instamart still runs a ~Rs 730 cr adj EBITDA loss. Fair values: Eternal Rs 385, Swiggy Rs 370.
Kotak retains 'Buy' on Eternal and Swiggy, expecting a stronger June quarter for Eternal, with Blinkit outpacing Instamart in quick commerce via faster NOV growth, dark-store expansion, and improving profitability.
Why this matters
Reinforces the widening quick-commerce gap flagged by JM Financial, with Blinkit outpacing Instamart on growth and profitability even as Blinkit's CEO warns of a possible quick-commerce bubble and sudden correction.
Retail-company signals accelerating, up 467300% QoQ.
Also reported by
- Entrackr — Same time