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

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Eternal continues to remain a lap-up over peers across segments</li><li>In FD, we suspect (on a low base) MTU additions/order/NOV growth are likely to improve (20/24/18% YoY respectively) as the impact of an aggressive Gold membership program (in Q2FY26) starts to bear fruit in terms of MTU recruits</li><li>The recent LPG shortages have caused menu restrictions</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eternal continues to remain a lap-up over peers across segmentsIn FD, we suspect (on a low base) MTU additions/order/NOV growth are likely to improve (20/24/18% YoY respectively) as the impact of an aggressive Gold membership program (in Q2FY26) starts to bear fruit in terms of MTU recruitsThe recent LPG shortages have caused menu restrictionsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eternal: Eternal Remains a Lap-Up on Peers, Upgrade to BUY

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Market Performance - Broader Market Continues to Outperform:</li><li>Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.</li><li>Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market Performance - Broader Market Continues to Outperform:Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Top Picks for the month of September 2026

<ul><li>Overall, B2C NoV grew ~55% YoY (11.1% QoQ) to INR 257.3bn in Q3FY26 (in-line)</li><li>Zomato’s food delivery (FD) sustained its recovery momentum with NOV rising 16.6% YoY to INR98.5bn (vs 13.8% in Q2), while CM/adj</li><li>EBITDAM (as % of NoV) remained largely stable QoQ at 10.4/5.4% (HSIE: 10.2/5.3%)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Overall, B2C NoV grew ~55% YoY (11.1% QoQ) to INR 257.3bn in Q3FY26 (in-line)Zomato’s food delivery (FD) sustained its recovery momentum with NOV rising 16.6% YoY to INR98.5bn (vs 13.8% in Q2), while CM/adjEBITDAM (as % of NoV) remained largely stable QoQ at 10.4/5.4% (HSIE: 10.2/5.3%)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eternal (3QFY26 Results Review): FD Recovery Continues, Blinkit in the Black. Maintain ADD

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

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....

GSBR Research

Eternal: Eternal Remains a Lap-Up on Peers, Upgrade to BUY

In FD, we suspect (on a low base) MTU additions/order/NOV growth are likely to improve (20/24/18% YoY respectively) as the impact of an aggressive...

HDFC Securities

Axis Top Picks for the month of September 2026

Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.

Axis Direct

Eternal (3QFY26 Results Review): FD Recovery Continues, Blinkit in the Black. Maintain ADD

Zomato’s food delivery (FD) sustained its recovery momentum with NOV rising 16.6% YoY to INR98.5bn (vs 13.8% in Q2), while CM/adj

HDFC Securities

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

An increase in foreign room should see global index passive trackers buying Eternal in February. Open interest and positioning have been stable....

Brian Freitas

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