Swiggy Q2 Review— Inline Food Delivery Print; Instamart Beats Burn Expectations; HDFC Securities Maintains Add

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HDFC Securities Institutional Equities

While Swiggy Ltd.'s food delivery remains stable; quick commerce continues to face stiff competition. The company’s planned fundraise aims to strengthen its cash reserve amidst competitive pressure.

We largely maintain our FY27/28 adjusted Ebitda estimates and our SOTP-based target price of Rs 450/share (implying 4x Sep-27 EV/sales (includes 43x Sep-27 EV/Ebitda for food delivery; 0.9x Sep-27 net order value for Instamart – a 55% discount to Blinkit). Add rating stays.

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