Shares of Swiggy dropped on today, May 11 after the food delivery giant reported net loss of Rs 800 crore in the fourth quarter of the fiscal year 2025-26.Swiggy shares fell 6.88% intraday to Rs 261.2  apiece. The scrip was trading 4.55% lower at 10:53 a.m. The benchmark NSE Nifty 50 was down 1.28%.The net loss in the quarter narrowed compared to a loss of Rs 1,081 crore in the -year ago period. However, revenue from operations surged 44.7% to Rs 6,383 crore from Rs 4,410 crore. while the adjusted EBITDA loss narrowed to Rs 697 crore from Rs 962 crore a year earlier.The food delivery firm's January to March quarter for the previous fiscal drew a mixed response from brokerages, with strong momentum in the core food delivery business offset by a sequential slowdown in quick commerce.Food delivery continued to outperform, with order growth aided by new offerings such as Bolt and One BLCK, but Instamart's growth moderated and losses in the quick commerce business are expected to remain elevated. Management reiterated its long-term target of 18–20% growth and a medium-term goal of Rs 1 trillion in gross order value with a 3–4% EBITDA margin.ALSO READ: Swiggy's Tale of Two Businesses: Brokerages Split Between Strong Food Delivery, Instamart Concerns In Q4Should You Buy Or Sell?Borkerages including Citi, UBS, Jefferies and Nomura maintained 'Buy' rating on the stock. Here's what they said -Nomura on SwiggyNomura maintains a Buy rating but cuts the target price to Rs 473 from Rs 546.Food delivery delivered a strong performance, while quick commerce margins improved gradually.The company remains well funded to navigate near-term challenges.Growth is being supported by innovations such as Bolt, One BLCK and the 99-store model.Quick commerce growth has slowed as management avoids irrational competition.Food delivery is expected to generate Rs 1,400–2,200 crore of free cash flow in FY27–28.The medium-term target is Rs 1 trillion of GOV with 3–4% EBITDA margins.Nomura believes the stock undervalues the quick commerce opportunity, though profitability execution remains critical.UBS on SwiggyUBS maintains a Buy rating with a target price of Rs 390.Q4FY26 results were mixed, with strong food delivery offset by weaker quick commerce.Food delivery GOV grew 23% YoY, ahead of expectations.Management reiterated food delivery growth guidance of 18–20% and a medium-term EBITDA margin target of around 5%.The company expects contribution margin breakeven in quick commerce by Q1FY27.Capex is likely to decline in FY27 after significant investments over the last two years.Citi on SwiggyCiti maintains a Buy rating and cuts the target price to Rs 415 from Rs 450.Execution remains on track, with steady improvement in core operating metrics.Contribution margins improved sequentially across businesses.Food delivery momentum remains strong, supported by operating leverage and better execution.Quick commerce metrics and dark store economics continue to improve.Cash burn remained stable.Jefferies on SwiggyJefferies maintains a Buy rating and cuts the target price to Rs 415 from Rs 440.The positive stance is based primarily on valuation comfort.Food delivery growth exceeded management guidance.The company reiterated 18–20% GOV growth guidance and around 5% adjusted EBITDA margins for food delivery.Management did not provide clear EBITDA breakeven guidance for quick commerce given uncertainty around market structure.Instamart is operating 1,143 stores at roughly 40% utilisation.The stock may remain range-bound until there is clearer visibility on quick commerce profitability.