UBS has reaffirmed its positive stance on India’s quick-commerce sector, raising its target price for Eternal to ₹400 and for Swiggy to ₹580, both with buy calls.
The brokerage said India’s quick-commerce evolution continues to surprise on the upside, with Eternal and Swiggy emerging as core beneficiaries. While acknowledging that competition remains intense, UBS noted that discounting among larger platforms appears broadly stable.
It has raised FY27–30 gross merchandise value (GMV) estimates for both companies by 15–30% and expects segment EBITDA to rise by 15–40%, citing stronger-than-expected demand and improving unit economics.
Disclaimer: The views and recommendations made in this article are those of UBS. This article does not constitute investment advice. Investors should consult their financial advisors before making any investment decisions.
