Why are investors rewarding Eternal over Swiggy?

Eternal Ltd has outpaced Swiggy Ltd over the past month, clawing back about 5% and trimming its year-to-date decline to roughly 5%, while Swiggy remains down nearly 38% this year. In the March quarter, Eternal's net order value jumped 95% year-on-year to ₹14,386 crore versus Swiggy's 60.3% growth to ₹5,675 crore, with analysts attributing the divergence to Blinkit's superior execution, dark-store productivity, and head-start on profitability. Brokerages remain constructive on both stocks: Anand Rathi has a buy on Eternal with a ₹400 target and a hold on Swiggy with a ₹310 target, while Emkay Global has buy ratings on Eternal (₹370) and Swiggy (₹350).