Buy, Sell Or Hold: Eternal, Swiggy, FSN E-Commerce Ventures, One97 Communications, Delhivery — Analyst Forecast
- September 24, 2026
- Posted by: Lakshit Sharma
- Category: Market
Sector Snapshot (24 September 2026)
| Stock | LTP (Rs) | 52W High | 52W Low | P/E vs Industry | ROE | Our View |
|---|---|---|---|---|---|---|
| Eternal | 340.55 | 368.45 | 212.60 | 760.00 / 132.48 | 1.18% | Avoid / High Risk |
| Swiggy | 272.75 | 460.90 | 235.75 | N/A (loss-making) | -22.68% | Avoid / High Risk |
| FSN E-Commerce Ventures (Nykaa) | 341.15 | 349.55 | 227.90 | 373.74 / 132.48 | 13.87% | Hold |
| One97 Communications (Paytm) | 1,777.00 | 1,855.50 | 930.60 | 175.40 / 132.48 | 4.55% | Hold |
| Delhivery | 428.95 | 524.00 | 374.45 | 346.24 / 47.80 | 1.84% | Avoid / High Risk |
Quick Answer
None of these e-commerce and app based aggregator stocks currently combines a reasonable valuation with strong profitability. FSN E-Commerce Ventures and One97 Communications both post positive, if modest, return on equity despite rich multiples, keeping them in hold territory. Eternal, Swiggy and Delhivery all trade at extreme valuations against negligible or negative return on equity, which puts all three in high-risk territory.
India’s listed new-age internet companies span food delivery, quick commerce, beauty e-commerce, fintech and logistics, businesses still prioritising growth and market share over current profitability, which keeps most of this group trading at valuations far removed from traditional earnings-based benchmarks. This piece checks five listed names on valuation and profitability.
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Eternal: Avoid / High Risk
Eternal, formerly Zomato, trades at Rs 340.55, close to its 52-week high of Rs 368.45. Its price-to-earnings ratio of 760.00 is nearly six times the already-elevated industry average of 132.48, while its return on equity of just 1.18% shows the business is barely generating a return on its equity base. That gap between an extreme valuation and negligible profitability puts this in high-risk territory among these e-commerce and app based aggregator stocks.
Swiggy: Avoid / High Risk
Swiggy is at Rs 272.75, close to its 52-week low of Rs 235.75 and down close to 41% from its high of Rs 460.90. The company is currently loss-making, with a negative return on equity of 22.68%, the weakest in this group by a wide margin. A steep price fall alone does not make a stock cheap, and until profitability improves meaningfully, this looks better avoided than bought on the correction.
FSN E-Commerce Ventures (Nykaa): Hold
FSN E-Commerce Ventures, which operates Nykaa, trades at Rs 341.15, close to its 52-week high of Rs 349.55. It posts the strongest return on equity in this group at 13.87%, but its price-to-earnings ratio of 373.74 is still well above the industry average of 132.48. With the stock trading near its highs on a rich multiple, this looks like a hold rather than a fresh buy.
One97 Communications (Paytm): Hold
One97 Communications, which operates Paytm, is at Rs 1,777.00, down close to 4% from its 52-week high of Rs 1,855.50. It posts a return on equity of 4.55% with a price-to-earnings ratio of 175.40, above the industry average of 132.48. There is a genuine path to profitability here, but the current combination of a rich multiple and modest returns keeps this in hold territory.
Delhivery: Avoid / High Risk
Delhivery trades at Rs 428.95, down close to 18% from its 52-week high of Rs 524.00. Its price-to-earnings ratio of 346.24 is more than seven times the industry average of 47.80, while its return on equity of just 1.84% is among the weakest in this group. That gap between an extreme valuation and negligible profitability puts this in high-risk territory rather than a name to add to.
What Ties These E-Commerce and App Based Aggregator Stocks Together
Every one of these e-commerce and app based aggregator stocks trades at a valuation that looks extreme by traditional standards, reflecting the market’s continued willingness to price in future growth over current profitability across India’s new-age internet sector. FSN E-Commerce Ventures and One97 Communications at least post positive return on equity, while Eternal, Swiggy and Delhivery are all still working toward consistent profitability. Quick commerce competition, delivery unit economics and take-rate trends can all move these numbers meaningfully from one quarter to the next.
Track live prices for these e-commerce and app based aggregator stocks anytime with the Univest iOS App and Univest Android App
Conclusion
E-commerce and app based aggregator stocks in India remain some of the most expensively valued names on the market relative to current earnings. FSN E-Commerce Ventures and One97 Communications are the more reasonable holds among these e-commerce and app based aggregator stocks given their positive returns, while Eternal, Swiggy and Delhivery’s extreme valuations against weak or negative profitability keep all three in higher-risk territory. As always, treat this as a starting point rather than a final word.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Stock market investments are subject to market risks. Please verify all data independently and consult a SEBI-registered investment adviser before making any investment decisions. Univest Financial Services Private Limited, SEBI Registered Investment Adviser, Registration No. INH000013776.
Frequently Asked Questions
A few common questions on these e-commerce and app based aggregator stocks, answered briefly below for quick reference on this e-commerce and app based aggregator stocks basket.
Which e-commerce and app based aggregator stocks look attractive right now?
Neither FSN E-Commerce Ventures nor One97 Communications looks cheap, but both post positive return on equity, which makes them the more reasonable holds among these e-commerce and app based aggregator stocks rather than clear buys.
Why is Eternal considered high risk despite trading near its highs?
Eternal trades at a price-to-earnings ratio nearly six times the industry average while its return on equity is just 1.18%, a combination that puts it in high-risk territory regardless of its share price momentum.
Is Swiggy profitable?
No, Swiggy is currently loss-making, with a negative return on equity of 22.68%, the weakest in this group, which is why it is rated high risk despite trading close to its 52-week low.
Why does Delhivery trade at such a high P/E?
Delhivery’s price-to-earnings ratio of 346.24 reflects very thin current profitability relative to its market valuation, with a return on equity of just 1.84%, which keeps it in high-risk territory among these e-commerce and app based aggregator stocks.
How does quick commerce competition affect these stocks?
Intensifying competition in quick commerce has pressured unit economics across food delivery and e-commerce platforms like Eternal and Swiggy, which is a key reason profitability has lagged revenue growth for much of this group.
Where can I track these e-commerce and app based aggregator stocks in real time?
You can track live prices, set price alerts, and follow quarterly results for Eternal, Swiggy, FSN E-Commerce Ventures, One97 Communications and Delhivery using the Univest iOS App and Univest Android App.