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HDFC Securities Report
HDFC Securities has maintained Buy rating on Swiggy Ltd. with an SOTP-based target price of Rs 460/share (including 40 times Mar-28 EV/Ebitda for food delivery and 0.6x Mar-28 net order value for Instamart).
The brokerage highlighted that although food delivery KPIs show consistent improvement, the gap in performance between Instamart and Blinkit is becoming increasingly apparent.
Quick commerce losses seem to have peaked, and at current valuations, Instamart is effectively available for free.
Our overall Adjusted Ebitda loss estimates stand revised at -Rs 15.6/-Rs 3.9 billion (earlier: -Rs 14.6/-Rs 3.7 bn) for FY27/28 respectively.
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