India’s food delivery leaders, Swiggy and Zomato (Eternal), have released their FY25 results. While Swiggy clocked a healthy 34.3% growth in revenue, it continued to post losses. In contrast, Zomato’s parent Eternal surged ahead with a 64.5% revenue spike and a significant growth in net profits.
Quick commerce remained the growth driver for both companies, achieving significant quarterly and annual revenue growth.
Key highlights:
- Swiggy reported a 34.3% YoY revenue growth to ₹15,623 crore in FY25.
- Eternal (Zomato's parent) outperformed with 64.5% revenue growth, reaching ₹21,320 crore
- Swiggy’s net loss widened 32.6% to ₹3,117 crore, while Eternal posted a 50.1% jump in profit to ₹527 crore during the year
- Quick commerce revenue surged 117.6% YoY for Swiggy’s Instamart and 126.2% for Zomato’s Blinkit in FY25
- Eternal’s Blinkit expanded to 1,301 dark stores, surpassing Swiggy’s 1,021 stores as of Q4 FY25
- Swiggy’s Q4 losses nearly doubled to ₹1,081 crore compared to ₹555 crore in Q4 FY24
Eternal leads the revenue growth over Swiggy
Swiggy Ltd reported 34.3% growth in revenue to ₹15,623 crore for the fiscal year ending March 2025 as compared to ₹11,634 crore in FY24. On the other hand, its rival, Zomato’s parent company Eternal, registered 64.5% YoY growth to ₹21,320 crore during FY25. In FY24, its revenue was recorded at ₹12,961 crore.
Coming to the bottom line, Swiggy continued to bleed as its losses increased 32.6% YoY to ₹3,117 crore in FY25 against ₹2,350 crore a year ago. However, Eternal’s profits surged 50.1% to ₹527 crore during the year in comparison to ₹351 crore in FY24.
| Parameters | Swiggy | Eternal |
| Total revenue in FY25 (₹ Cr) | 15,623 | 20,243 |
| Profit / (loss) after tax in FY25 (₹ Cr) | -3,117 | 527 |
| No. of Dark Stores | 1301 | 1021 |
| Monthly Transacting Users - Food Delivery (in Mn) | 20.9 | 15.1 |
| Monthly Transacting Users - Quick Commerce (in Mn) | 13.7 | 9.8 |
Source: Company filings
Also read: Zomato’s Parent Eternal Q4 Results: Revenue Grows 63%, Profit Shrinks Amid Rising Expenses
Instamark vs Blinkit: Who is winning the Quick Commerce race?
As per experts, Swiggy and Eternal are driving approximately 30-35% of their value via the quick commerce business, Instamart and Blinkit. The duo is doing capex to expand their dark store network and capture the maximum market share.
Swiggy added 316 dark stores in the last quarter to expand its network to 1,021 stores. Eternal’s Blinkit, on the other hand, added 294 dark stores, bringing the total to 1,301.
In terms of YoY growth, Swiggy-Instamart’s revenue surged 117.6% to ₹2,130 crore during FY25, while Eternal’s Blinkit achieved 126.2% growth to ₹5,206 crore during the same period.
If we compare the food delivery vertical, Swiggy marked 22.5% growth during the financial year ending March 2025 to ₹6,362 crore. Meanwhile, Zomato grew at 27% to ₹8,080 crore during the year.
Swiggy’s Q4 Results: Revenue up 44%, Losses crossed ₹1,000 Cr
Swiggy’s quarterly revenue surged 44.1% to ₹4,531 crore YoY in Q4 FY25 from ₹3,143 crore reported a year ago (Q4 FY24). Total expenditure for the company also surged on a similar line (52.9%) to ₹5,610 crore during the same period.
The rising expenditure also impacted its bottom line, as Swiggy’s losses nearly doubled to ₹1,081 crore during the quarter against ₹555 crore booked in Q4 FY24.
| Financials | Q4 FY25 (₹ Cr) | Q4 FY24 (₹ Cr) | YoY Change |
| Total revenue | 4,531 | 3,143 | 44.1% |
| Total expenses | 5,610 | 3,668 | 52.9% |
| Profit after tax | -1,081 | -555 | 94.9% |
Source: Company filings
Swiggy spent the most on the cost of materials (after adjusting stock purchases and changes in inventories). This cost surged 52.4% to ₹1,854 crore. Other major expenditures of the company are delivery and related charges, which went up 27.5% to ₹1,161 crore, while advertisement and sales promotion expenses shot up 135.5% to ₹978 crore during the quarter.
Swiggy made the largest chunk of its revenue from the supply chain and distribution vertical, accounting for 45.4% of the revenue in Q4. These collections went up 58.4% to ₹2,004 crore. The food delivery business increased 18.4% to ₹1,629 crore, while the quick commerce business grew 114.9% YoY to ₹689 crore.
Stock performance: Swiggy vs Eternal
Swiggy’s share price remained somewhat flat today at ₹314.4 with a market cap of ₹71,840 crore. Swiggy disclosed the Q4 numbers after the market hours, so the impact of the quarterly results will be seen on Monday. The company’s stock is currently trading at 49% down from its peak in December 2024.
Eternal's share price closed today at ₹228.15 with a market cap of ₹2,19,542 crore. In the last 12 months, the company has made 17% returns for investors. However, its trading 25% lower price than its all-time high made in December 2024.
Summary
Zomato’s parent company, Eternal, has widened the gap over Swiggy, which can be witnessed from their growth during the last fiscal year. Swiggy’s revenue grew 34.3% YoY to ₹15,623 crore in FY25, but losses also rose 32.6% to ₹3,117 crore. Eternal outperformed with a 64.5% jump in revenue to ₹21,320 crore and a 50.1% rise in net profit to ₹527 crore. In Q4 alone, Swiggy’s revenue rose 44.1% to ₹4,531 crore, while losses nearly doubled to ₹1,081 crore due to a 52.9% rise in total expenditure. Eternal’s Blinkit also expanded its dark store network to 1,301, ahead of Swiggy’s 1,021. While Swiggy is focused on expansion over margins, Eternal's stronger financial performance and profitability give it a clear edge in India’s evolving foodtech landscape.
Disclaimer
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. The securities are quoted as an example and not as a recommendation.This is nowhere to be considered as an advice, recommendation or solicitation of offer to buy or sell or subscribe for securities. INDStocks SIP / Mini Save is a SIP feature that enables Customer(s) to save a fixed amount on a daily basis to invest in Indian Stock. INDstocks Private Limited (formerly known as INDmoney Private Limited) 616, Level 6, Suncity Success Tower, Sector 65, Gurugram, 122005, SEBI Stock Broking Registration No: INZ000305337, Trading and Clearing Member of NSE (90267, M70042) and BSE, BSE StarMF (6779), SEBI Depository Participant Reg. No. IN-DP-690-2022, Depository Participant ID: CDSL 12095500, Research Analyst Registration No. INH000018948 BSE RA Enlistment No. 6428. Refer https://indstocks.com/pricing?type=indian-stocks; https://www.indstocks.com/page/indian-stocks-sip-terms-and-condition for further details.