Swiggy, the leading food delivery and quick commerce platform, saw its shares stage a rebound in Wednesday’s session, March 4, defying the broader market sell-off.
The stock opened the session at ₹280, which also marked a fresh all-time low, but demand picked up as the day progressed, pushing it to an intraday high of ₹300.20 apiece, up 4% from the previous close. Today’s gain came after eight consecutive sessions of losses.
The shares have remained under prolonged pressure in recent months, which intensified after the company’s net loss widened in the December quarter, prompting analysts to trim their target price estimates.
Domestic brokerage firm Motilal Oswal Financial Services Ltd (MOFSL) believes near-term growth in quick commerce could moderate for Instamart due to aggressive competition. However, improving unit economics through higher AOVs, better store utilisation, and controlled reinvestment provides visibility on gradual margin improvement.
The brokerage values Swiggy’s food delivery business at 35x FY27E EV/EBITDA and the quick commerce segment using the DCF method. It reiterated its ‘Buy’ rating on the stock while cutting the target price to ₹440 apiece.
Nuvama Institutional Equities has also lowered its quick commerce growth estimates, noting that management is prioritising higher-quality user acquisition and higher AOV orders, while revising supply chain growth projections.
Although Nuvama maintained a ‘Buy’ rating, it reduced the Swiggy share price target to ₹490 apiece from ₹510 earlier.
The company reported a₹1,065 crore”> consolidated net loss of ₹1,065 crore in the quarter ended December 2025, wider than the net loss of ₹799 crore recorded in the year-ago period. Revenue from operations in Q3FY26 rose 54% year-on-year (YoY) to ₹6,148 crore from ₹3,993 crore. Consolidated adjusted EBITDA loss stood at ₹712 crore.
Swiggy share price trend
The shares have fallen 22% over the last two months, including a 20% decline in January, followed by a further 2.6% drop in February. The recent sell-off has dragged the stock down 52% from its record high of ₹617.30 apiece, touched in December 2024.
At current levels, the stock is trading 23.6% below its IPO price of ₹390 and 34% below its listing price of ₹456 apiece.
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