Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

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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

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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.

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Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>The channel now clears 9.5mn orders/day across six platforms. Blinkit leads at 3.4-3.6mn, with Zepto (2.4-2.6mn) now ahead of Swiggy Instamart (1.3-1.45mn) on daily volume.</li>
<li>Maharashtra's FDA suspended food licences at Blinkit and Zepto dark stores in Mumbai over hygiene and storage violations, the first real compliance overhang for the sector.</li>
<li>Swiggy shareholders approved a 49.5% foreign-ownership cap (IOCC status), clearing the path for Instamart to move marketplace to inventory-led.</li>
</ul>


The channel now clears 9.5mn orders/day across six platforms. Blinkit leads at 3.4-3.6mn, with Zepto (2.4-2.6mn) now ahead of Swiggy Instamart (1.3-1.45mn) on daily volume.
Maharashtra's FDA suspended food licences at Blinkit and Zepto dark stores in Mumbai over hygiene and storage violations, the first real compliance overhang for the sector.
Swiggy shareholders approved a 49.5% foreign-ownership cap (IOCC status), clearing the path for Instamart to move marketplace to inventory-led.


India Quick Commerce Monthly - August 2026

<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.

<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 is an Indian online food ordering and delivery company. It also operates quick-commerce services under Instamart for grocery and household items, and offers restaurant reservation services through Dineout. The company is headquartered in Bengaluru, India, and was founded in 2013.

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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

India Quick Commerce Monthly - August 2026

India q-comm hits 9.5mn orders/day; Maharashtra food-safety crackdown hits Blinkit/Zepto dark stores. Swiggy clears IOCC vote to go inventory-led....

GSBR Research

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

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

India Quick Commerce Monthly - August 2026

India q-comm hits 9.5mn orders/day; Maharashtra food-safety crackdown hits Blinkit/Zepto dark stores. Swiggy clears IOCC vote to go inventory-led....

GSBR Research

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

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...