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International brokerage firm HSBC has reiterated its “Buy” call on Eternal, raising its target price to Rs 390 per share from Rs 340, citing clear scale and profitability leadership in both food delivery and quick commerce, while maintaining a “Hold” and Rs 430 target on Swiggy due to continued execution risk and slower margin progress in its quick commerce business. The new target price for Eternal forecasts an upside potential of 21% from the last close on the NSE.Eternal, which consolidates Zomato and Blinkit, continues to outperform Swiggy on both operational and financial metrics. In quick commerce, Blinkit’s net order value (NOV) surged by 125% year-on-year in Q1 FY26, far ahead of Swiggy’s Instamart, which rose by 75%. Blinkit also maintains a significant margin advantage—with contribution margins at 3% in Q1 FY26 compared to Instamart’s negative 4.6%.Operational leverage remains firmly on Blinkit’s side, with Instamart’s store throughput still only about 70% of Blinkit’s. Despite Swiggy’s improvement in average order values, HSBC notes that marketing and acquisition costs are likely to continue weighing down Swiggy’s QC margins over the next few quarters, limiting any near-term rerating potential for the shares.Balance sheet strength is another key differentiator in HSBC’s view. Blinkit and Eternal’s combined businesses sit on a cash surplus of about $2.2 billion, while Swiggy’s cash had dropped to $620 million by Q1 FY26, placing greater pressure to close the margin and cash-burn gap quickly. HSBC estimates that even in a bullish scenario, Swiggy’s quick commerce arm Instamart will only achieve EBITDA-level profits by FY31, whereas Blinkit is set to reach profitability much sooner. Material outperformance for Swiggy stock now hinges on significant execution improvement and rapid cash burn reduction.Financial projections from HSBC reflect these concerns. Eternal’s food delivery business is valued at a 45x forward EV/EBITDA multiple on an FY27 EBITDA estimate of roughly $276 million, while Swiggy’s food delivery is pegged at a 40x multiple on FY29 estimates of $260 million. For QC, Blinkit receives a 45x multiple on projected FY30 EBITDA of $880 million, significantly higher than Instamart’s 40x multiple.These differences drive HSBC’s strong preference for Eternal, where ongoing user growth, margin expansion, and robust cash reserves look set to reinforce its leadership in both food delivery and the faster-growing quick commerce market. For Swiggy, an attractive valuation is outweighed by concerns over rising competition, lagging margins, and cash burn worries, leaving its shares in “hold” territory for now.Eternal shares closed at Rs 323, lower by nearly 3% on the NSE. Swiggy shares also ended lower at Rs 419, down almost 2%. Eternal shares have risen 17% on a year-to-date basis, while Swiggy is down more than 20% over the same duration.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

India and Pakistan will face off in the final of an Asia Cup for the first time in the tournament's 41-year history at the Dubai International Cricket Stadium on Sunday.Also Read- Ind vs Pak Live India has entered the final unbeaten, winning each of their six matches, including two comfortable victories against Pakistan in the group stage and the Super Fours. Meanwhile, Pakistan's only two defeats in the tournament have come against the arch-rival.The clash between the two teams has been marred by controversies this year, with Pakistani pacer Hairs Rauf and Indian captain Suryakumar Yadav being fined 30 per cent of their match fees. The Pakistani player was fined for provocative gestures, while his teammate Sahibzada Farhan was spared with a warned. The Indian skipper was penalised for dedicating the first win to the Indian armed forces. The emotions are high with the memories of Pahalgam terror attack and the following Operation Sindoor still fresh. There were boycott calls by fans and the opposition parties at the start of the tournament. While this is the third time India and Pakistan will face off within three weeks, such an occurrence is a rarity, especially with the two teams not engaging in bilateral series ever since 2013. The clashes are usually in multilateral events, including the World Cup, the T20 World Cup, the Champions Trophy and the Asia Cup. India vs Pakistan Asia Cup Rivalry historyThe rivalry between India and Pakistan in the Asia Cup goes back to 1984, which was the inaugural season of the tournament, India sealed a comfortable 54-run victory. It was only in 1995 that Pakistan first beat India with a massive 97-run win. The first T20 Asia Cup was played in 2016, where India won a slow-scoring match, while Pakistan's only win the format's Asia Cup came in 2022, when they registered a five-wicket win. India vs Pakistan Asia Cup: Head to head record India and Pakistan have played 20 matches against each other in the Asia Cup. India has won 12 of them, while Pakistan has emerged victorious six times. Two matches have had no result due to rain. In the T20I format of the Asia Cup, India has beaten Pakistan four times in five matches. Meanwhile, in the T20I format itself, India has dominated the rivalry with 12 wins out of 15 matches. A match in 1997 had been abandoned. Key Matches in Ind vs Pak Asia Cup key matches and timelineHere are some of the most memorable India vs Pakistan matches in the Asia Cup.2010: Pakistan entered the match against India in a must win situation. The Shahid Afridi-led side started will with 71-run partnership and ending with 267 runs as India kept chipping away with wickets. Praveen Kumar picked up three wickets, but it was Ravindra Jadeja’s left-arm spin that kept Pakistan in check.India were on track in the chase with Gautam Gambhir and captain MS Dhoni registering half centuries before facing a finding themselves in trouble at 219/6 with 49 runs required off 29 balls.Suresh Raina was batting alongside Harbhajan Singh when drama unfolded. Shoaib Akhtar and Afridi were seen exchanging words in the heat of the moment. However, the Indian duo held their nerves ad brought the target down to eight runs in the las over. The Indian spinner swung a length ball, clearing midwicket for a huge six to seal India's win. He then turned towards Akhtar and let out a loud roar as the Indian dressing room celebrated.2014: India and Pakistan had one loss and a defeat each and both needed a win to bolster their chances for a spot in the final. Rohit Sharma Sharma held one end, while India kept losing wickets form the other. Eventually, the Men in Blue ended with 245 runs, riding on the late hits by Ambati Rayudu and Jadeja.Pakistan's Mohammad Hafeez gave Pakistan a great start but Indian spinners R Ashwin and Amit Mishra inflcted a collapse. Pakistan was reduced to 203/6 off 45 overs. Afridi, who was the last recognised batter, was joined by Gul with 43 runs needed in 30 balls.Afridi swung his bat hard, collecting regular boundaries even as he lost partners from the other end. The last over was given to Ashwin, who had bowled brilliantly until then. With one wicket to win for India after a wicket in the final over, Afridi was finally on strike with nine needed in four balls. Afridi stepped back and swung hard on a shorter ball and the power sent it over the ropes. Afridi again gave himself room and swung hard again to give Pakistan a stunning win.2016: This was the first time the tournament was being played in the T20 format. Batting first, Pakistan got off to a poor start and were eventually reduced to just 83 runs. Mohammad Amir was firing in, giving Pakistan a perfect start with a toe crushing yorker to Mohammad Amir. He soon took the wickets of Ajinkya Rahane and Suresh Raina as India found themselves in deep trouble.Virat Kohli and Yuvraj Singh played out the remaining spell with singles and dots but were soon rewarded with a flurry of boundaries.Kohli led India with a top knock of 49 runs, with Dhoni and Singh taking India home with an over to spare in a thrilling low-scoring contest. India won by five wickets, but the match could have had a nervy finish were it not for Kohli’s brilliance.