DMart vs Blinkit vs Swiggy: Jefferies reveals who wins the grocery discount battle

A recent grocery basket check by global investment bank Jefferies offers an interesting look at this. The brokerage compared the prices of everyday products across quick-commerce and e-grocery platforms in Bengaluru in September 2026.

And the gap is not small. Let’s take a look at what the report says –

Among DMart Ready, Eternal-owned Blinkit and Swiggy Instamart, the discount levels vary noticeably. According to the Jefferies report, DMart Ready offered an average discount of around 18.8% on the basket. Blinkit followed at about 15.7%, while Swiggy Instamart stood at around 13.7%.

Discounts look different when the grocery basket is compared

Jefferies created a sample basket of 45 products worth around Rs 15,000 at maximum retail price. The basket included everyday items such as milk, rice, cooking oil, biscuits, shampoo, toothpaste, detergents and beverages.

The brokerage said that “discounting remains a key acquisition lever”, although its intensity is moderating.

Now, where does each platform stand?

For DMart Ready, the advantage is visible across several categories. The report shows that it offered the highest discount in dairy products in the September check. It also remained competitive in staples and packaged food.

The picture changes for Blinkit. According to Jefferies, the platform offered the highest discount in personal care, packaged food and home care during the September check. This shows why looking only at the total basket can sometimes hide important differences between individual products.

Swiggy Instamart, meanwhile, had a lower overall discount than both DMart Ready and Blinkit in the brokerage’s sample.

Why the category matters

Imagine buying shampoo, toothpaste and face wash. The discount you get could be very different from what you see on milk or rice.

That is exactly what Jefferies found.

Personal care was the most heavily discounted category, with average discounts of about 29% across the platforms. Basic staples and packaged food followed at around 17%. Dairy products had the lowest average discount at only about 3%.

DMart Ready vs Blinkit vs Swiggy Instamart

The difference also reflects the way these companies are approaching pricing.

Jefferies noted that Blinkit and Swiggy Instamart have kept discounts broadly stable in the 14%-16% range since March 2026. According to the Jefferies report, this points towards a more disciplined pricing approach aimed at “balancing growth and profitability”.

For Swiggy Instamart, the report also pointed to limited price differences between its standard offering and Maxxsaver. Jefferies said this suggests the proposition is being used more as a “retention and basket-building tool” rather than simply offering deeper discounts.

The discount is not the final bill

There is another catch. The amount shown as a discount does not necessarily equal the final saving. Delivery, platform and handling charges can still affect the amount a customer pays.

Jefferies found that such charges continued to apply on Blinkit and Swiggy Instamart, among others, depending on the order value and customer conditions.

Jefferies report also observed “rising delivery & cashback thresholds”, another sign that platforms are becoming more selective with incentives.

Who is cheaper?

For the specific September basket checked by Jefferies, DMart Ready had the highest overall discount among the three, followed by Blinkit and Swiggy Instamart. But the answer changes when the shopping list changes.

Disclaimer: This article is based on research reports from one or more brokerage firms and is for informational purposes only. The views, target prices, and recommendations expressed are those of the respective brokerage firms and do not reflect the official policy or position of Financial Express. This should not be construed as an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor before making any investment decisions.