Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>The channel now clears 9.5mn orders/day across six platforms. Blinkit leads at 3.4-3.6mn, with Zepto (2.4-2.6mn) now ahead of Swiggy Instamart (1.3-1.45mn) on daily volume.</li>
<li>Maharashtra's FDA suspended food licences at Blinkit and Zepto dark stores in Mumbai over hygiene and storage violations, the first real compliance overhang for the sector.</li>
<li>Swiggy shareholders approved a 49.5% foreign-ownership cap (IOCC status), clearing the path for Instamart to move marketplace to inventory-led.</li>
</ul>


The channel now clears 9.5mn orders/day across six platforms. Blinkit leads at 3.4-3.6mn, with Zepto (2.4-2.6mn) now ahead of Swiggy Instamart (1.3-1.45mn) on daily volume.
Maharashtra's FDA suspended food licences at Blinkit and Zepto dark stores in Mumbai over hygiene and storage violations, the first real compliance overhang for the sector.
Swiggy shareholders approved a 49.5% foreign-ownership cap (IOCC status), clearing the path for Instamart to move marketplace to inventory-led.


India Quick Commerce Monthly - August 2026

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Foreign investors sold shares in <a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> in the last quarter of 2025. The increase in foreign room should result in buying from global index trackers in February.</li>
<li>Estimated passive buying is 214m shares (US$700m; 7.8x ADV; 13.5x delivery volume) and there appears to be minimal positioning in the stock.</li>
<li>
<a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> has outperformed <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> in the last week and that could continue over the near-term.</li>
</ul>


Foreign investors sold shares in Eternal (ETERNAL IN) in the last quarter of 2025. The increase in foreign room should result in buying from global index trackers in February.
Estimated passive buying is 214m shares (US$700m; 7.8x ADV; 13.5x delivery volume) and there appears to be minimal positioning in the stock.

Eternal (ETERNAL IN) has outperformed Swiggy (SWIGGY IN) in the last week and that could continue over the near-term.


Eternal (ETERNAL IN): Foreign Selling Will Lead to Large Passive Buying

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Blinkit’s Q1 FY27 NOV grew 86% YoY with 0.6% adjusted EBITDA margin, while Instamart contribution margin improved 440 bps YoY to -0.2% and Zepto’s orders/store/day surged 50% YoY. .</li>
<li>The operating debate is shifting from delivery speed and gross store additions to customer density, per-store throughput, advertising income, assortment depth and contribution per order.</li>
<li>Zepto has the strongest throughput momentum but the largest disclosed loss pool. Instamart is making credible margin progress, although recent volume and store-productivity growth is less aggressive.</li>
</ul>


Blinkit’s Q1 FY27 NOV grew 86% YoY with 0.6% adjusted EBITDA margin, while Instamart contribution margin improved 440 bps YoY to -0.2% and Zepto’s orders/store/day surged 50% YoY. .
The operating debate is shifting from delivery speed and gross store additions to customer density, per-store throughput, advertising income, assortment depth and contribution per order.
Zepto has the strongest throughput momentum but the largest disclosed loss pool. Instamart is making credible margin progress, although recent volume and store-productivity growth is less aggressive.


Quick Commerce in India: The Shift Towards Sustainable Growth

<ul>
<li>The five largest players added 900 dark stores between April-July 2026, but unique pin codes served rose just 152, the expansion is now about density and overlap, not new geography</li>
<li>Blinkit turned adjusted EBITDA positive in Q1 FY27 (INR 1,020 million) while Swiggy Instamart's contribution margin reached near breakeven at -0.2% of GOV; profitability is finally converging with scale.</li>
<li>Zepto deferred its IPO by two quarters on valuation pushback and is raising INR 1,000cr pre-IPO at a US$4.5 billion mark, below its US$5bn last round.</li>
</ul>


The five largest players added 900 dark stores between April-July 2026, but unique pin codes served rose just 152, the expansion is now about density and overlap, not new geography
Blinkit turned adjusted EBITDA positive in Q1 FY27 (INR 1,020 million) while Swiggy Instamart's contribution margin reached near breakeven at -0.2% of GOV; profitability is finally converging with scale.
Zepto deferred its IPO by two quarters on valuation pushback and is raising INR 1,000cr pre-IPO at a US$4.5 billion mark, below its US$5bn last round.


India Quick Commerce Monthly - Economics Takes Center Stage

Equity Bottom-Up

<ul>
<li>Eternal Ltd’s Q2FY26 revenue surged 183% YoY to INR 135B, driven by Blinkit’s shift to an owned-inventory quick commerce model, a major operational transformation.</li>
<li>The new model boosts revenue and gross margins but pressures profits amid higher marketing costs, dark store expansion, and increased working capital needs.</li>
<li>Eternal is prioritizing scale over near-term profits, investing heavily to strengthen its long-term leadership in Q-commerce and digital retail.</li>
</ul>


Eternal Ltd’s Q2FY26 revenue surged 183% YoY to INR 135B, driven by Blinkit’s shift to an owned-inventory quick commerce model, a major operational transformation.
The new model boosts revenue and gross margins but pressures profits amid higher marketing costs, dark store expansion, and increased working capital needs.
Eternal is prioritizing scale over near-term profits, investing heavily to strengthen its long-term leadership in Q-commerce and digital retail.


Eternal: Blinkit Leads Scale-Up as Inventory Model Lifts Margins

India

Eternal is an Indian multinational technology and consumer-services holding company, operating various digital platforms. Its core businesses include Zomato for food delivery and dining, Blinkit for quick-commerce grocery delivery, Hyperpure for business-to-business food supply, and District for live events and online ticketing. The company was founded on January 18, 2010, as DC Foodiebay Online Services and is headquartered in Gurugram, Haryana, India.

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Eternal (ETERNAL IN)

India Quick Commerce Monthly - August 2026

India q-comm hits 9.5mn orders/day; Maharashtra food-safety crackdown hits Blinkit/Zepto dark stores. Swiggy clears IOCC vote to go inventory-led....

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