Swiggy shares gained 3% over two trading sessions following the approval of the Indian Owned and Controlled Company (IOCC) resolution at the annual general meeting on Tuesday. According to The Economic Times, the stock has been in focus due to recent corporate announcements regarding the company's long-term financial projections and investor presentations. As of August 18, 2026, the stock has fluctuated between ₹272.6 and ₹277.8, with the company achieving a return of -30.27% over the past year and 0.69% in the last month alone. The stock's market capitalization stands at ₹75,398 crore as of the latest trading session.
Swiggy shareholders approved a proposal to cap aggregate foreign ownership at 49.5% with overwhelming support, achieving 99.9996% of votes in favor at the August 18 annual general meeting. As reported by CNBC TV18, this represents a significant improvement from the 72.36% support secured in May, which had fallen short of the required 75% threshold. To become an Indian owned and controlled company, foreign ownership must be less than 50% and the majority board representation has to be of resident Indian individuals. With foreign investors such as SoftBank surrendering the right to nominate directors, board representation will remain Indian. The company can now approach the Reserve Bank of India to seek approval for a ceiling on its foreign ownership.
Macquarie maintains 'Underperform' ratings on both Eternal and Swiggy despite acknowledging that Blinkit has emerged as the stronger quick-commerce business. The brokerage has raised Eternal's price target to ₹225 from ₹190 while Swiggy's target remains at ₹230. Macquarie's concerns center on whether scale alone can deliver the profitability currently priced into these businesses, stating it 'disagrees with the thesis that the overall QC portfolio will achieve top-10% economics simply as a function of time; micro-market dynamics matter'. The brokerage expects competition to remain intense for years with Zepto, Amazon Now and Flipkart Minutes adding pressure even as both companies expand their dark-store networks.
The operational gap between Blinkit and Instamart is substantial according to Macquarie's latest assessment. Blinkit processed 917 million orders and generated $5.5 billion in net order value in FY26, compared with 414 million orders and $3.2 billion of gross order value for Swiggy's Instamart. The gap widens significantly on profitability metrics, with Macquarie estimating Blinkit's adjusted EBITDA margin at -0.6% against -12.5% for Instamart. Blinkit had nearly twice the number of orders and dark stores in FY26, while its adjusted EBITDA loss was far smaller. Macquarie expects Blinkit's NOV to increase from $5.5 billion to $13 billion by FY29, with adjusted EBITDA margin improving from -0.6% to 1.7%, while Instamart's adjusted EBITDA margin is expected to improve only from -12.5% to -7% over the same period.
Macquarie projects Instamart's GOV to rise to $6.5 billion by FY29 from $3.2 billion in FY26, though the business is expected to remain loss-making with adjusted EBITDA margin improving only from -12.5% to -7% over the forecast period. The brokerage's model points to adjusted EBITDA losses of around $400 million in FY29, despite rapid expansion. For food delivery, Eternal's food-delivery GOV is estimated to rise to $6 billion by FY29 from $5.2 billion in FY26, while Swiggy's food-delivery GOV is expected to increase from $3.9 billion to $5.6 billion. Macquarie estimates around $2 billion of value is already being assigned to Instamart, despite a street assessment of zero or negative value, making the valuation debate particularly challenging.
