Swiggy Shares Plunge 17% To 52-Week Low After Q2, Brokerages Cut Price Targets
Swiggy's consolidated net loss narrowed 16% YoY to ₹922 crore but widened QoQ as Instamart's adjusted EBITDA losses increased to ₹895 crore from ₹849 crore YoY. While food delivery showed 18% GOV growth with margin improvements, Instamart's sequential NOV growth of 13.4% fell short of expectations. Multiple brokerages including Citi and CLSA retained buy/outperform ratings but lowered price targets citing higher-than-expected quick commerce losses.
Key points
- Stock fell 17% on Q2 results with widening consolidated net losses QoQ
- Instamart EBITDA loss increased to ₹895 crore despite food delivery gains
- Instamart NOV growth of 13.4% missed broker expectations of 16%
- Brokerages cut price targets while maintaining buy ratings
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