Eternal’s growth rate, risk-reward make it the preferred qcom bet

Competitive pressure in quick commerce to intensify in 2026

- RAM PRASAD SAHU

Shares of Eternal and Swiggy have been under pressure over the past three months, falling between 17 per cent and 19 per cent.

They have underperformed the benchmarks and the broader indices, which have gained 1-1.5 per cent during this period. Higher competitive intensity and losses in the quick-commerce businesses have weighed on the outlook of the two e-commerce majors. But even as brokerages are cautious, Eternal has emerged as the better bet, given higher growth rate and better risk-reward equation.

In the near term, key parameters would be growth rate and losses in the quick-commerce space and competitive intensity.

Bernstein Research expects the industry to grow at 80 percent in 2026, with more stores, discounts, and categories. Goldman Research, too, sees limited hurdles to expansion of the total addressable market for quick commerce, given its advantages on pricing, assortment and convenience. It estimates quick commerce has only about 5 per cent penetration of the underlying market.