Eternal旗下的Blinkit与Swiggy旗下的Instamart之间的差距正变得越来越明显，两家公司在2027财年第二季度公布的增长和盈利指标截然不同。在Eternal的外卖和即时零售业务继续规模化扩张的同时，Swiggy正专注于建立更具韧性的业务，以应对Instamart充满挑战的阶段。
The gap between Eternal's Blinkit and Swiggy's Instamart is becoming more pronounced, with the two companies reporting sharply different growth and profitability metrics in Q2FY27. While Eternal's food delivery and quick commerce businesses continue to scale, Swiggy is focusing on building a more resilient business as it navigates a challenging phase for Instamart.
在2027财年第二季度，Eternal的外卖业务净订单价值为1144.5卢比（注：原文应为11,445亿卢比，但按原文直译保留数字），同比增长21.5%，调整后利润率为5.5%。Swiggy的外卖总订单价值增长17.7%，达到1005.4亿卢比，其调整后EBITDA利润率为3.4%。在即时零售领域，这种对比更加鲜明，Blinkit的规模和盈利能力明显领先于Instamart。
Eternal's food delivery business reported a net order value of ₹11,445 crore, growing 21.5% year on year, with an adjusted margin of 5.5% in Q2FY27. Swiggy's food delivery gross order value grew 17.7% to ₹10,054 crore, while its adjusted EBITDA margin stood at 3.4%.The contrast is sharper in quick commerce, where Blinkit's scale and profitability are significantly ahead of Instamart.
Blinkit在增长、规模和利润率方面领先在9月结束的季度中，Eternal的即时零售净订单价值为2094亿卢比，超过Swiggy的655.3亿卢比的三倍。Blinkit的净订单价值同比增长79.3%，而Instamart的增长率为33.3%。
Blinkit leads on growth, scale and marginsEternal's quick commerce NOV stood at ₹20,940 crore in the September quarter, more than three times Swiggy's ₹6,553 crore. Blinkit's NOV grew 79.3% year on year, compared with 33.3% growth for Instamart.
盈利能力也突显了这种分化。Blinkit的贡献利润率为5.3%，而Instamart报告的贡献利润率为负1.4%。
Profitability also highlights the divergence. Blinkit's contribution margin stood at 5.3%, while Instamart reported a negative contribution margin of 1.4%.The difference extends to infrastructure and financial resources.
这种差距延伸到了基础设施和财务资源上。截至该季度末，Eternal拥有2751家暗仓（dark store），而Swiggy拥有1240家。Eternal报告的现金为1647.5亿卢比，Swiggy则为1366.2亿卢比。Swiggy优先考虑韧性而非扩张Swiggy联合创始人兼集团首席执行官斯里哈沙·马杰蒂（Sriharsha Majety）表示，公司专注于构建更具韧性的业务，而不是仅仅因为有资本可用就加速扩张。
“Blinkit享有多年来不断复合增长的相当强大的飞轮效应。这就是他们能够建立更具韧性业务的原因。对我们而言，下一步实际上是去构建那个更具韧性的业务，而不是仅仅因为银行里有现金就去插上新旗帜盲目扩张，”马杰蒂说。
Eternal had 2,751 dark stores at the end of the quarter, compared with Swiggy's 1,240. Eternal reported cash of ₹16,475 crore, against Swiggy's ₹13,662 crore. Swiggy prioritises resilience over expansionSwiggy co-founder and Group Chief Executive Officer Sriharsha Majety said the company was focused on building a more resilient business rather than accelerating expansion simply because capital was available.“Blinkit enjoys a pretty strong flywheel that has been compounding over the years. That is the reason why they’ve been able to build a more resilient business. For us, the next step is actually going to build that more resilient business before just using cash because it exists in the bank to set up new flags,” Majety said.
这些言论表明，Swiggy在Instamart经历艰难阶段之际，正着重于加强其商业模式。伯恩斯坦指出投资者日益增长的担忧全球投资银行伯恩斯坦指出，无论是在运营表现还是管理层的表态上，Swiggy与市场领头羊Blinkit之间的鲜明对比都在日益加剧。
The comments point to Swiggy's emphasis on strengthening its business model as it works through a difficult phase for Instamart. Bernstein flags growing investor concernsGlobal investment banking firm Bernstein highlighted the increasingly stark contrast between Swiggy and market leader Blinkit, both in operating performance and management commentary.
该行表示，Swiggy面临着“引领Instamart度过艰难阶段这一吃力不讨好的任务”，并被迫对其战略决策进行更详细的解释。
It said Swiggy faced the “unenviable task of chartering Instamart through a tough phase” and was being forced to explain its strategic decisions in greater detail.
伯恩斯坦还指出，不断扩大的业绩差距正在考验投资者对Swiggy扭转Instamart局势能力的耐心，同时也对其外卖业务引发了新的质疑。股价表现周五，Swiggy股价下跌超过15%，创下174.95卢比的历史新低，而Eternal股价上涨近3%，报312.90卢比。
Bernstein also noted that the widening performance gap was testing investor patience over Swiggy's ability to turn around Instamart, while raising fresh questions about its food delivery business. Stock performanceShares of Swiggy fell more than 15% to a record low of ₹174.95 on Friday, while Eternal shares were trading nearly 3% higher at ₹312.90.
2026年迄今，Swiggy股价已下跌约54%，在过去12个月里跌幅超过57%。相比之下，Eternal今年迄今上涨超过10%，但在过去一年里下跌了近5%。
Swiggy shares have declined about 54% so far in 2026 and more than 57% over the last 12 months. Eternal, on the other hand, is up more than 10% year-to-date, but has fallen nearly 5% over the last one year.
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