Mumbai, July 3 -- Food-delivery stocks have staged an uneven recovery over the past month. While Eternal Ltd has clawed back about 5%, trimming its year-to-date decline to over 5%, Swiggy Ltd continues to trail. The stock is down nearly 38% this year and 7% over the past month.

Eternal has maintained a lead over Swiggy because of the superior scale and execution of its quick-commerce business, said market participants. During the March quarter, Eternal's net order value (NoV) jumped 95% year-on-year to Rs.14,386 crore, while Swiggy saw a 60.3% rise, bringing its NoV to Rs.5,675 crore.

Pranav Kshatriya, senior research analyst-institutional equities at Emkay Global, explained that Eternal-owned Blinkit's key strengths lie in its market l...