Hi

1. zsh environment (discrepancy reproduced in bash, ksh)
# echo $PATH
/usr/local/bin:/usr/bin:/bin:/usr/sbin:/sbin:/Library/TeX/texbin:/usr/local/munki:/opt/X11/bin

2. Emacs 26.1 fresh homebrew install on macOS High Sierra 10.13.3
# brew install emacs --with-cocoa --with-dbus --with-gnutls
--with-imagemagick@6 --with-librsvg --with-modules --with-mailutils
--with-ctags

M-x report-emacs-bug

In GNU Emacs 26.1 (build 1, x86_64-apple-darwin17.4.0, NS appkit-1561.20
Version 10.13.3 (Build 17D47)) of 2018-09-21 built on JayeshMacBook.bing.box
Windowing system distributor 'Apple', version 10.3.1561

Configured using:
'configure --disable-dependency-tracking --disable-silent-rules
--enable-locallisppath=/usr/local/share/emacs/site-lisp
--infodir=/usr/local/Cellar/emacs/26.1_1/share/info/emacs
--prefix=/usr/local/Cellar/emacs/26.1_1 --with-gnutls --without-x
--with-xml2 --with-dbus --with-imagemagick --with-modules --with-rsvg
--without-pop --with-ns --disable-ns-self-contained'

Configured features:
JPEG RSVG IMAGEMAGICK DBUS NOTIFY ACL GNUTLS LIBXML2 ZLIB
TOOLKIT_SCROLL_BARS NS MODULES THREADS LCMS2

Important settings:
value of $LC_ALL: en_US.UTF-8
value of $LANG: en_US.UTF-8
locale-coding-system: utf-8-unix

Major mode: IELM

Minor modes in effect:
tooltip-mode: t
global-eldoc-mode: t
eldoc-mode: t
electric-indent-mode: t
mouse-wheel-mode: t
tool-bar-mode: t
menu-bar-mode: t
file-name-shadow-mode: t
global-font-lock-mode: t
font-lock-mode: t
blink-cursor-mode: t
auto-composition-mode: t
auto-encryption-mode: t
auto-compression-mode: t
line-number-mode: t
transient-mark-mode: t

Load-path shadows:
None found.

Features:
(shadow sort mail-extr emacsbug message rmc puny seq byte-opt gv
bytecomp byte-compile cconv cl-loaddefs cl-lib dired dired-loaddefs
format-spec rfc822 mml mml-sec password-cache epa derived epg epg-config
gnus-util rmail rmail-loaddefs mm-decode mm-bodies mm-encode mail-parse
rfc2231 mailabbrev gmm-utils mailheader sendmail rfc2047 rfc2045
ietf-drums mm-util mail-prsvr mail-utils ielm easymenu pp comint
ansi-color ring elec-pair time-date tooltip eldoc electric uniquify
ediff-hook vc-hooks lisp-float-type mwheel term/ns-win ns-win
ucs-normalize mule-util term/common-win tool-bar dnd fontset image
regexp-opt fringe tabulated-list replace newcomment text-mode elisp-mode
lisp-mode prog-mode register page menu-bar rfn-eshadow isearch timer
select scroll-bar mouse jit-lock font-lock syntax facemenu font-core
term/tty-colors frame cl-generic cham georgian utf-8-lang misc-lang
vietnamese tibetan thai tai-viet lao korean japanese eucjp-ms cp51932
hebrew greek romanian slovak czech european ethiopic indian cyrillic
chinese composite charscript charprop case-table epa-hook jka-cmpr-hook
help simple abbrev obarray minibuffer cl-preloaded nadvice loaddefs
button faces cus-face macroexp files text-properties overlay sha1 md5
base64 format env code-pages mule custom widget hashtable-print-readable
backquote dbusbind kqueue cocoa ns lcms2 multi-tty make-network-process
emacs)

Memory information:
((conses 16 207399 9881)
(symbols 48 20558 2)
(miscs 40 82 219)
(strings 32 29888 2290)
(string-bytes 1 799134)
(vectors 16 35548)
(vector-slots 8 719289 10274)
(floats 8 49 244)
(intervals 56 234 11)
(buffers 992 13))

3a. Open emacs from Terminal

# open -n /Applications/Emacs.app --args -q

M-x ielm

*** Welcome to IELM ***  Type (describe-mode) for help.
ELISP> (shell-command-to-string "pwd")
" ]7;file://JayeshMacBook.local/Users/jayesh /Users/jayesh\n"

3b. Open /Applications/Emacs.app via double click on GUI icon

- M-x ielm

*** Welcome to IELM ***  Type (describe-mode) for help.
ELISP> (shell-command-to-string "pwd")
"/Users/jayesh\n"