Swiggy shares near 52-week low but majority analysts continue to retain their optimism

Shares of food delivery aggregator Swiggy Ltd. will be reacting to their March quarter results on Monday, May 12, after its net loss widened from the same period last year. Despite this, majority of the analysts having coverage on the stock, continued to maintain their optimism.

Swiggy reported a net loss of ₹1,081 crore, compared to a loss of ₹555 crore during the same quarter last year. Its loss on the Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) front also widened to ₹961 crore, from ₹485 crore last year.

The positives were the fact that its Gross Order Value for the food delivery business was higher than its peer Eternal, while food delivery margins widened to 2.9% from 0.5% last year.
To offset that positive could be the company’s guidance, who has pushed the contribution break-even period from Q3FY26 to a range of Q3FY26 to Q2FY27.

Brokerage firm Bernstein has maintained its “outperform” rating on Swiggy with a price target of ₹435.

Bernstein said that Swiggy’s food delivery growth was impressive along with market share gains, but quick commerce continued to be impacted by higher competitive intensity.

Citi has maintained its “buy” recommendation on Swiggy but has cut its price target on the stock to ₹425.

It said that Swiggy reiterating its guidance of 18% to 22% medium-term growth in food delivery and confidence of delivering growth in “teens” for Quick Commerce Average Order Value, may slow the store expansion going forward.

JPMorgan, which has one of the highest price targets on Swiggy, maintained its “overweight” rating, but cut its price target to ₹540. It said that Swiggy displayed relevance in Quick Commerce and impressive execution in the food delivery business.

On the other hand, Macquarie maintained its “underperform” rating on Swiggy, with a price target of ₹260, which is one of the lowest on the street for the stock.

It said that the March quarter results continued to underscore challenges for the platform and the other problem being that the contribution margin loss expanding to ₹30 per order.

Among the 20 analysts that have coverage on Swiggy, 13 of them still have a “buy” rating on the stock, three of them say “hold”, while four of them have a “sell” rating on the stock. The consensus estimates of price targets implies a potential upside of 35% for the stock.

Shares of Swiggy ended little changed on Friday at ₹314.4, closer to its 52-week low of ₹303. The stock has declined 42% so far in 2025.