UBS Lowers EBITDA Estimates for Eternal and Swiggy Amid Rising Quick Commerce Discounts

UBS has lowered adjusted EBITDA estimates for Zomato-owner Eternal and Swiggy over the next two to three years due to intensified competition and rising discounting in India's quick commerce sector. Aggressive pricing by Amazon and Zepto has widened discounts by 200-300 basis points since September 2025, delaying margin recovery and pushing Blinkit's breakeven to FY27. Despite these challenges, UBS remains optimistic about long-term growth driven by new platforms and category expansion.