Swiggy Share Price Target 2025: JM Financial has maintained a Buy rating on Swiggy (NSE: SWIGGY) with an unchanged target price of Rs 500, implying an upside of 56 percent. On Friday, Swiggy closed 5.64 percent lower at Rs 321.40 apiece from the previous close of Rs 340.60. In comparison, the BSE Sensex was down 0.74 percent at 79,212.53. Over the last one year, Swiggy has underperformed the sector, Nifty 50, Sensex, and industry.
Swiggy is a mid-cap company with a market cap of Rs 780.012 billion, operating in the e-commerce sector. Swiggy’s key products/revenue segments are food delivery, Instamart, Dineout, Genie, and Minis.
Investment Rationale: Swiggy stock may see volatility following the lock-in expiry of non-promoter, pre-IPO investors on 12 May 2025. Approximately 83 percent of shares (valued at Rs 660 bn at the current market price) will be tradable from 13 May, and if just 15 percent of that stake hits the market, it could generate trading turnover of around Rs 120 bn, roughly equal to the IPO size. Many pre-IPO investors sit on multi-fold unrealized gains, and even though the stock is trading about 12 percent below its Rs 390 listing price, they may choose to sell. Long-term investors may see this as an entry opportunity, especially since the market appears to value only Swiggy’s food-delivery business while giving little credit to Instamart and other segments.
Operationally, Swiggy’s quick-commerce losses are expected to widen in the near term. Instamart’s Adj. EBITDA loss is forecast to rise from Rs 5.8 bn in 3Q to Rs 7.8 bn in 4Q, driven by aggressive dark-store expansion and high competitive intensity. Although losses should start to ease from 1Q FY26, consensus expects EBITDA break-even only by FY29. In food delivery, JM Financial estimates a 1.7 percent sequential dip in GOV (17 percent YoY), offset by a modest take-rate increase to 22.2 percent, resulting in flat QoQ revenue and a slight margin uptick. JM Financial maintains a BUY rating with a target price of Rs 500, applying a 45× EV/FY27E Adj. EBITDA multiple for food delivery, 1× EV/FY27E GOV for Instamart, and appropriate multiples for other segments.
In other recent news, Swiggy stock fell 5.64 percent to Rs 321.40 on Friday, its largest single-day decline since February, due to concerns over the lock-in expiry for pre-IPO investors. Swiggy also partnered with the Cooperation Ministry to market cooperative dairy and organic products on its Instamart platform to improve accessibility for modern customers.
Swiggy Share Price Target
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