Swiggy vs Eternal shares | Stocks to buy after Q2 Results 2026: After falling for the three straight sessions, Eternal shares witnessed some value buying on Friday, defying the weak trends on Dalal Street. However, Swiggy’s share price crashed 15% after the announcement of Q2 results 2026 on Thursday. So, both stocks witnessed a heavy sell-off after the announcement of Q2FY27 earnings. Eternal declared its Q2 earnings on 21st October 2026, and it witnessed sharp selling on both 21 and 22 October 2026. However, its founder drew global investors’ attention to Eternal by launching Dark AI.
Looking at the rebound in Eternal shares post-Q2 results, bets are high on whether there will be a strong bounce-back in Swiggy shares. The Jefferies India report has an answer. The Jefferies India believes both stocks possess a strong upside potential. The global investment bank has given a ‘buy’ tag to both Eternal and Swiggy shares. The Jefferies India report has set a Swiggy share price target of ₹435 apiece following the announcement of Q2 2026 results. Likewise, the Jefferies India report has predicted an Eternal share price target of ₹430 per share after the announcement of Q2 2026 results. The global investment bank predicted a 38% upside in the Eternal share price after the announcement of Dark AI, whereas it predicted a 48% upside in the Swiggy share price after the announcement of Q2FY27 results on Thursday, reducing the target price from ₹435 to ₹330.
Jefferies India | Swiggy Q2 Results 2026 review
Decoding Swiggy’s Q2FY27 earnings, the Jefferies India report said that Swiggy’s FD reported an in-line qtr on both topline & EBITDA. Q/C NOV QoQ growth was in D/D, although YoY moderated. Q/C adj. EBITDA losses swelled to a three-quarter high of ₹900 crore – this remains a key issue for the stock, with the current price not even factoring in the value of Food Delivery & current cash. Performance also appears lackluster compared with the market leader, Eternal. We believe a reduction in Q/C losses is essential for true value discovery.
On suggestions to stock investors regarding Swiggy’s shares, the Jefferies India report says, “We make a series of changes that increase adj. EBITDA losses over the forecast period. We also cut multiple for food delivery, as Q/C loss reduction remains critical given that this is the key investor concern and hence revise down our SOTP-based PT to ₹330.”
It should be noted that the Jefferies India report has kept Swiggy shares in the list of high-risk-reward stocks. The global investment bank has reduced its Swiggy share price target from ₹435 to ₹330 following the Q2 results.
Jefferies India | What Dark AI means for Eternal?
The Jefferies India says that Deepinder Goyal frames dark.ai around a simple constraint: AI becomes less useful when users cannot comfortably share their most valuable information. Founders may withhold proprietary ideas, researchers’ work, & enterprises’ confidential information from conventional assistants. dark.ai seeks to address this with a general-purpose AI assistant in which conversations remain private, even from Eternal itself. The initial target is privacy-sensitive power users.
The report went on to add that, rather than training a frontier LLM from scratch, dark.ai plans to use frontier open-weight models, fine-tuned by Eternal to provide better responses to users, and deploy them on owned infra to have end-to-end control. Eternal would effectively adapt the intelligence layer while building privacy, memory, infra (servers, GPUs, etc.), and product layers around it. This should materially reduce model development requirements compared with developing a frontier foundation model from scratch. Mgmt. also claims its fine-tuned models deliver the best answer quality it has seen across LLMs, with benchmarks to be revealed soon.
The global investment bank has given a target price of ₹430 to Eternal shares, saying, “While the outcome could be binary, even by management’s own admission, we like experiments & believe that management will be disciplined on capital allocation.”
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
