Swiggy Shares Plunge 7% After Q3 Loss; Brokerages Divided on Outlook

• Swiggy shares dropped 7% on January 30 after reporting a wider net loss for the December quarter.
• CLSA downgraded Swiggy to 'Hold' and cut its price target to ₹335, citing missed Q3 revenue and Ebitda estimates, particularly in quick commerce.
• Nomura maintained a 'Buy' rating with a ₹546 target, highlighting strong food delivery momentum and a strategic shift away from irrational quick commerce competition.
• Jefferies reiterated 'Buy' but reduced its target to ₹440, noting strong food delivery but disappointing quick commerce losses and high subsidies.
• Swiggy reported 49% B2C GOV growth, with food delivery GOV up 20.5% and Instamart GOV up 103%, while maintaining Q1FY27 contribution breakeven guidance for quick commerce.

Why It Matters: Swiggy's Q3 loss led to a 7% share drop, with brokerages split on its quick commerce future.