Sudip Bandyopadhyay on why profits, not just growth, will decide winners in consumer and platform stocks

As earnings season gathers momentum, market participants are closely tracking performance updates from new-age consumer and platform businesses. Eternal announced its Q3 results yesterday while Swiggy results will come out on January 29. Eternal posted strong growth during the December quarter, supported by Blinkit and continued momentum in the quick commerce segment. According to market expert Sudip Bandyopadhyay, profitability commentary will emerge as the key differentiator for food delivery and quick commerce players.

Food delivery trends improve; focus shifts to quick commerce losses

Speaking to ET Now, Bandyopadhyay said food delivery volumes are likely to show healthy growth across listed players like Eternal and Swiggy. However, investor attention will be firmly on the quick commerce segment.

“Volumes may have gone up, but what really matters is whether losses have reduced and how managements outline the path to profitability,” he said. Eternal, which operates the food delivery platform Zomato and quick commerce arm Blinkit, on Wednesday reported a 73% year-on-year (YoY) rise in consolidated net profit to Rs 102 crore. Revenue from operations surged 201% YoY to Rs 16,315 crore.


Bandyopadhyay added that commentary around dark store expansion and execution strategy will be closely analysed, especially after the industry’s pivot away from the earlier 10-minute delivery positioning.

IndiaMART outlook remains neutral despite near-term momentum

On B2B marketplace IndiaMART, which saw a sharp rally following recent developments and investor interest, Bandyopadhyay maintained a neutral stance.

He pointed out that the festive third quarter and the ongoing fourth quarter typically see a pickup in consumption across middle-India, benefitting value retail and related platforms. While IndiaMART is expected to post healthy numbers, he cautioned that current optimism is largely seasonal in nature.

“The incremental investor interest is positive, but from our side, the view remains neutral for now,” he said.

ITC Hotels looks attractive after sharp correction

Bandyopadhyay was more constructive on ITC Hotels, noting that the stock’s sharp correction has already factored in near-term concerns.

At current levels, he believes the risk-reward appears favourable, supported by steady domestic travel demand and sector-wide momentum in hospitality.

“The hospitality sector continues to do well, and global headwinds are unlikely to materially impact domestic hotel chains,” he said, adding that diversified offerings and strong local tourism provide a cushion against any slowdown in foreign tourist inflows.

Market takeaway
According to Bandyopadhyay, while earnings visibility is improving across select consumer and platform businesses, markets will increasingly differentiate between volume-led growth and credible progress toward profitability. Stocks that combine operational discipline with sector tailwinds are likely to attract sustained investor interest in the current environment.