Swiggy Ltd. has received mixed but generally bullish ratings from leading brokerages, with ICICI Securities issuing a 'buy' rating with a target price of ₹520 and Motilal Oswal recommending a 'buy' with target price of ₹350. The latest Q1FY27 results showed net revenue of ₹68.1 billion (+6.8% YoY, +37.5% QoQ) versus estimates of ₹65.5 billion, though the food delivery business contribution margin dipped 20bp QoQ to 7.6%. The momentum has carried into Q2, starting strong with management expressing more confidence on growth prospects given early trends of July 2026, which showed up 10% month-on-month and month-to-date growth.
The management change with CEO Nandita Sinha continues to be viewed positively by experts, with investors taking the recent leadership transition at Instamart positively given the stellar execution record of the new leadership. Management has guided for adding ~75 stores in existing cities in Q2FY27, aimed at redistributing the load for super mature polygons (>2,500 orders/day) to improve customer experience and gain high-value customers. The experts noted that markets are giving positive signals, but investors need to monitor how the new leadership will improve profitability.
Swiggy's Q1FY27 results showed strong top-line growth with net revenue of ₹68.1 billion significantly beating estimates of ₹65.5 billion, though the food delivery business contribution margin declined 20bp QoQ to 7.6%. The food delivery business GOV grew 17.4% YoY, while adj. EBITDA as a % of GOV margin decreased 20bp QoQ to 3.1% versus estimates of 3.0%. Motilal Oswal values the FD business at 30x FY28E EV/EBITDA and 1x FY28E EV/Sales for out-of-home, platform, and supply chain businesses, with the revised target price of ₹350 implying 18% upside.
Delhivery Ltd. (current market price: ₹472.20) received a 'hold' recommendation from experts. According to NDTV Profit reports, the experts would recommend holding the counter without averaging at the current price level. The price target for Delhivery is set at ₹520, indicating potential upside from current levels.
Waaree Energies Ltd. (current market price: ₹2,607.00) received a 'hold' recommendation from Shahina Mukadam, who noted that the market is disappointed with Q1 numbers but the stock will bounce from current levels due to attractive valuations. Nestle India Ltd. (current market price: ₹1,517.70) received a 'hold' recommendation with a stop loss suggested at ₹1,475, while Sai Silks (Kalamandir) Limited (current market price: ₹88.70) was recommended as a 'buy' opportunity with potential targets of ₹95-102 levels. Motilal Oswal Financial Services Ltd. (current market price: ₹841.85) received a 'sell' recommendation from Kush Bohra, who cited the stock's volatile nature and significant selling volumes as reasons to exit.
