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.
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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).
123 Views
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)
157 Views
Swiggy (2QFY26): FD Print In-Line, Instamart Beats Burn Expectations. Maintain ADD
On the Q2 print, overall B2C GOV grew 47.6% YoY (12.7% QoQ) to reach INR 166.8bn (in-line). Food delivery (FD) GOV grew 18.8% YoY to INR 85.4bn
485 Views
Consumer Discretionary (Q4FY26 Results Preview): Q4FY26 – green shoots emerging across segments
Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand...
149 Views