Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Forensic Accounting

<ul>
<li>Swiggy's special resolution to amend its Articles of Association received only 72.36% votes in favour, failing to clear the mandatory 75% threshold under the Companies Act, 2013.</li>
<li>The failed vote blocks Swiggy's near-term path to becoming an Indian Owned and Controlled Company (IOCC) and leaves two proposed management board appointments in limbo.</li>
<li>With domestic mutual funds likely tipping the balance, Swiggy's governance overhaul faces a credibility test at a time when its stock is down over 33% from the QIP price.</li>
</ul>


Swiggy's special resolution to amend its Articles of Association received only 72.36% votes in favour, failing to clear the mandatory 75% threshold under the Companies Act, 2013.
The failed vote blocks Swiggy's near-term path to becoming an Indian Owned and Controlled Company (IOCC) and leaves two proposed management board appointments in limbo.
With domestic mutual funds likely tipping the balance, Swiggy's governance overhaul faces a credibility test at a time when its stock is down over 33% from the QIP price.


Swiggy Ltd: The Boardroom Drama, Shareholders Rejected the Resolution!

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>EBITDAM expanded 26bps QoQ to 3.3% (HSIE: 3.2%)</li><li>Meanwhile, Instamart’s NOV growth diverged significantly from Blinkit’s NOV growth, with NOV growing 3.6% QoQ to INR 56.7bn – trailing Blinkit’s 8.2% growth – as management prioritized profitable growth by rolling back the "no-fee" campaign and churning low-AOV users</li><li>CM improved by 106bps QoQ to -2.6% of NOV (HSIE: -2.8%), led by increased monetization and consumer incentive rationalization.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EBITDAM expanded 26bps QoQ to 3.3% (HSIE: 3.2%)Meanwhile, Instamart’s NOV growth diverged significantly from Blinkit’s NOV growth, with NOV growing 3.6% QoQ to INR 56.7bn – trailing Blinkit’s 8.2% growth – as management prioritized profitable growth by rolling back the "no-fee" campaign and churning low-AOV usersCM improved by 106bps QoQ to -2.6% of NOV (HSIE: -2.8%), led by increased monetization and consumer incentive rationalization.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy (4QFY26 Results Review): FD Growth Momentum Continues, QC Gap Widens.

<ul><li>Inputs (KPIs) across the anchor segments - Food Delivery (FD) and Quick Commerce (QC) - have not worsened meaningfully (at least yet), despite the recent macro headwinds (LPG shortages, elevated crude oil prices)</li><li>Meanwhile, following the ~37% stock price correction in 6M, Swiggy is now available at ~32x FY28 FD EV/EBITDA while all else (QC, OOH) is free</li><li>Note: In FD, flow from EBITDA to PAT is &gt;100%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Inputs (KPIs) across the anchor segments - Food Delivery (FD) and Quick Commerce (QC) - have not worsened meaningfully (at least yet), despite the recent macro headwinds (LPG shortages, elevated crude oil prices)Meanwhile, following the ~37% stock price correction in 6M, Swiggy is now available at ~32x FY28 FD EV/EBITDA while all else (QC, OOH) is freeNote: In FD, flow from EBITDA to PAT is &gt;100%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions-limited" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions (LENSKART IN)</a> (LS) raised around US$825m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Lenskart Solutions (LENSKART IN) (LS) raised around US$825m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Lenskart Lockup Expiry - US$6.7bn Lockup Release with Everyone Well in the Money

<ul><li>Overall B2C GOV grew 49% YoY (8.6% QoQ) to reach INR 181.2bn (in-line)</li><li>Consolidated adj EBITDA losses stood at INR7.1bn (in-line)</li><li>Food delivery (FD) GOV grew 20.5% YoY to INR 89.6bn (HSIE: INR 88bn)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Overall B2C GOV grew 49% YoY (8.6% QoQ) to reach INR 181.2bn (in-line)Consolidated adj EBITDA losses stood at INR7.1bn (in-line)Food delivery (FD) GOV grew 20.5% YoY to INR 89.6bn (HSIE: INR 88bn)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy (3QFY26 Results Review): FD Beats Expectation, QC Burn Likely Peaked. Maintain BUY

India

Swiggy Limited operates an online easy-to-use food ordering application. The Company offers platform that allows users to browse, select, order, and pay for food, grocery, and household items delivered to their doorstep through on-demand delivery partner network. Swiggy serves customers in India.

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Swiggy (SWIGGY IN)

Swiggy Ltd: The Boardroom Drama, Shareholders Rejected the Resolution!

Swiggy's bid to amend its Articles of Association falls short of required votes, hindering its path to becoming an IOCC and leaving management...

Nimish Maheshwari

Swiggy (4QFY26 Results Review): FD Growth Momentum Continues, QC Gap Widens.

CM improved by 106bps QoQ to -2.6% of NOV (HSIE: -2.8%), led by increased monetization and consumer incentive rationalization.

HDFC Securities

Swiggy: Feels like a Steal, Maintain BUY

We maintain BUY with an SOTP-based TP of INR460/sh (incl. 40x Mar-28 EV/EBITDA for FD and 0.6x Mar-28 NOV for Instamart).

HDFC Securities

Aequitas: Lenskart Lockup Expiry - US$6.7bn Lockup Release with Everyone Well in the Money

This time around softbank is looking to raise around US$300m via selling some of its stake in Lenskart. The deal is being run by GS.

Sumeet Singh

Swiggy (3QFY26 Results Review): FD Beats Expectation, QC Burn Likely Peaked. Maintain BUY

Overall B2C GOV grew 49% YoY (8.6% QoQ) to reach INR 181.2bn (in-line). Consolidated adj EBITDA losses stood at INR7.1bn (in-line)

HDFC Securities

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52-week Range

Market Cap (USDm)

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Swiggy Ltd: The Boardroom Drama, Shareholders Rejected the Resolution!

​Swiggy's bid to amend its Articles of Association falls short of required votes, hindering its path to becoming an IOCC and leaving management...

Nimish Maheshwari

Swiggy (4QFY26 Results Review): FD Growth Momentum Continues, QC Gap Widens.

CM improved by 106bps QoQ to -2.6% of NOV (HSIE: -2.8%), led by increased monetization and consumer incentive rationalization.

HDFC Securities

Swiggy: Feels like a Steal, Maintain BUY

We maintain BUY with an SOTP-based TP of INR460/sh (incl. 40x Mar-28 EV/EBITDA for FD and 0.6x Mar-28 NOV for Instamart).

HDFC Securities

Aequitas: Lenskart Lockup Expiry - US$6.7bn Lockup Release with Everyone Well in the Money

This time around softbank is looking to raise around US$300m via selling some of its stake in Lenskart. The deal is being run by GS.

Sumeet Singh

Swiggy (3QFY26 Results Review): FD Beats Expectation, QC Burn Likely Peaked. Maintain BUY

Overall B2C GOV grew 49% YoY (8.6% QoQ) to reach INR 181.2bn (in-line). Consolidated adj EBITDA losses stood at INR7.1bn (in-line)

HDFC Securities

Swiggy's bid to amend its Articles of Association falls short of required votes, hindering its path to becoming an IOCC and leaving management...