India’s online food delivery space has become a two-player battlefield dominated by Zomato and Swiggy. Both companies have diversified significantly in FY25, expanding into quick commerce, B2B supplies, and more. With both firms vying for market dominance, their latest financials offer key insights into who might be pulling ahead in this competitive race.
Both Zomato and Swiggy released their Q4 and full-year FY25 results during April and May. While neither company delivered standout performances, investors are now left weighing their options amid mixed financials.
This article presents a comparative snapshot of Eternal and Swiggy based on their latest FY25 revenue segmentation, shedding light on which platform may be gaining a competitive edge in India’s food delivery market.
Eternal – FY25 Revenue Breakdown
In FY25, Eternal (formerly known as Zomato) reported a total consolidated revenue of Rs. 20,243 crores. The primary contributor to its revenue was the food ordering and delivery segment, bringing in Rs. 8,080 crore, which accounted for 39.9 percent of the total.
The Hyperpure supplies (B2B business) followed closely with Rs. 6,196 crores, contributing 30.6 percent. Blinkit, Eternal’s quick commerce vertical, generated Rs. 5,206 crore, amounting to 25.7 percent of the revenue.
The Going Out segment, which includes dining-out and events-related services, added Rs. 737 crores or 3.6 percent. The remaining Rs. 24 crores came from other residual segments, making up a minimal 0.12 percent of the total revenue.
Swiggy – FY25 Revenue Breakdown
Swiggy, on the other hand, posted a total consolidated revenue of Rs. 15,236 crore in FY25. Its top revenue contributor was the Supply Chain and Distribution segment, which brought in Rs. 6,417.5 crores, contributing 42.1 percent to the total.
The food delivery business generated Rs. 6,361.7 crores, making up 41.8 percent of revenue. Swiggy Instamart, the quick commerce vertical, contributed Rs. 2,129.6 crores or 14.0 percent.The Out of Home Consumption category added Rs. 238.45 crores (1.6 percent), and Platform Innovations accounted for Rs. 88.3 crore, contributing 0.6 percent.
Price Movement
With a market cap of Rs. 2.37 lakh crores, shares of Eternal Limited moved up by 2 percent on BSE to Rs. 247.25 on Friday. The stock has delivered positive returns of around 26 percent in one year, as well as over 10 percent returns in one month.
Meanwhile, shares of Swiggy Limited surged nearly 3.5 percent on BSE to Rs. 327.15 on Friday, with a market cap of Rs. 80,083.5 crores. The stock has delivered negative returns of around 41 percent, so far in 2025.
Financial Performance
Eternal’s revenue from operations rose by around 67 percent YoY, increasing from Rs. 12,114 crore in FY24 to Rs. 20,243 crore in FY25. Its net profit surged nearly 50 percent YoY, jumping from Rs. 351 crore to Rs. 527 crore in Q2 FY25, during the same period.
Swiggy also posted positive operating revenue, increasing by 35 percent YoY, rising from Rs. 11,247 crore in FY24 to Rs. 15,227 crore in FY25. However, its net loss widened by around 33 percent YoY from Rs. 2,350 crores to Rs. 3,117 crores, over the same period.
In a Nutshell
FY25 marked a significant year for both Eternal and Swiggy, with notable growth in revenue driven by their core business segments. Eternal outpaced Swiggy in total revenue, largely fueled by strong performance across its food delivery, Hyperpure, and Blinkit verticals, while also achieving a substantial rise in net profit. In contrast, Swiggy demonstrated steady revenue growth, particularly from its supply chain and food delivery divisions, but continued to grapple with widening net losses.
The contrasting financial trajectories highlight Eternal’s improving profitability and diversified growth, whereas Swiggy faces ongoing challenges in balancing expansion with financial sustainability.
Written by Shivani Singh
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