Fuel spike could clip Swiggy, Eternal FY27 EBITDA by 4-12%, Elara warns
Elara Capital flags ₹9-10/order fuel cost on food delivery; a ₹10/litre hike could trigger ₹1-2bn EBITDA hit and 4-12% FY27E downgrades. Eternal cushioned by premium mix, ad revenue and pass-through pricing; Swiggy more exposed with lower EV penetration in food delivery vs quick commerce.
Elara Capital warns rising fuel prices could squeeze Swiggy and Zomato/Eternal margins, with potential FY27E EBITDA downgrades of 4-12%. Eternal is better placed due to premium customers, ad revenue and stronger pass-through ability versus Swiggy.
Why this matters
Third Elara note in recent weeks flagging fuel-driven margin risk for Swiggy and Eternal, reinforcing earlier 10-12% FY27 EBITDA downgrade scenario for Swiggy and 4-5% for Eternal.
Retail-company theme steady at 662 signals over the trailing 90 days.