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Swiggy Share Price Today: Shares Plunge 15% After Q2 Results; Check New Broker Targets

Posted on 23rd Oct 2026 04:54 pm by rohit kumar

Swiggy share price came under heavy selling pressure on October 23, 2026, with the stock falling as much as 15% and touching a fresh 52-week low after the company announced its Q2 FY27 results. Investors reacted to concerns about profitability, particularly at its quick-commerce business, Instamart, despite strong year-on-year revenue growth.

 

Several brokerage firms lowered their Swiggy share price targets following the September-quarter earnings report. While some analysts retained their Buy or Outperform ratings, they highlighted execution challenges, intensifying competition and the time required for Instamart to move towards profitability.

 

Swiggy Share Price Today: Why Did the Stock Fall?

 

Swiggy shares plunged following the company's latest quarterly results, as investors focused on the widening losses in its quick-commerce business and the company's path to sustainable profitability.

 

The sharp decline also reflected concerns about competition in India's food delivery and quick-commerce markets. Swiggy faces pressure to expand its Instamart business while improving operating efficiency and controlling costs.

 

According to Reuters, the stock fell to around ₹179.90 on October 23 amid concerns over Instamart's losses and cash burn. The precise intraday decline varied during the session. Source: Reuters

 

Swiggy Q2 FY27 Results: Net Loss at ₹922 Crore

 

Swiggy reported a consolidated net loss of ₹922 crore for the July–September quarter of FY27, compared with a loss of ₹1,092 crore in the corresponding quarter last year. However, the loss increased from approximately ₹791 crore in the preceding June quarter.

 

The company's revenue from operations rose 36% year-on-year to ₹7,571 crore, compared with ₹5,561 crore in Q2 FY26.

 

Key financial highlights include:

 

Consolidated net loss: ₹922 crore, compared with ₹1,092 crore a year earlier

 

Revenue from operations: ₹7,571 crore, up approximately 36% year-on-year

 

Total expenses: ₹8,703 crore, compared with ₹6,711 crore in Q2 FY26

 

Adjusted EBITDA loss: ₹760 crore, compared with ₹695 crore a year earlier

 

The figures present a mixed picture. Revenue continued to grow, and the year-on-year net loss narrowed. However, the sequential increase in the consolidated loss and the widening adjusted EBITDA loss raised concerns about the company's near-term profitability. Source: Moneycontrol

 

Instamart Losses Remain a Key Concern

 

Instamart's profitability remains a central issue for investors tracking Swiggy shares. Quick-commerce companies are investing in dark stores, delivery infrastructure and customer acquisition to compete for market share.

 

According to Reuters, Instamart's adjusted core loss widened to approximately ₹895 crore in the September quarter, from ₹849 crore a year earlier. Swiggy added 69 dark stores during the quarter, taking its total to 1,240.

 

The investment supports expansion but also puts pressure on operating costs. Investors will be watching whether higher order volumes and improved efficiency can gradually reduce losses.

 

Competition is another challenge. Swiggy must demonstrate that its quick-commerce business can grow without allowing losses to remain elevated for an extended period.

 

HSBC: HSBC maintained its Hold rating but cut its target price from ₹315 to ₹240. The brokerage cited concerns around competition, food delivery market share and the challenges facing Instamart as it works towards EBITDA breakeven.

 

CLSA: CLSA retained its Outperform rating while reducing its target to ₹262. It noted that Instamart's quarter-on-quarter growth was not as strong as expected and that losses had widened.

 

Nomura: Nomura maintained its Buy rating but reduced its target price to ₹300. The brokerage highlighted continued execution challenges in quick commerce, while retaining a positive view of the risk-reward profile.

 

Jefferies: Jefferies retained its Buy rating but lowered its target price from ₹435 to ₹330, pointing to persistent losses and the need for Instamart to improve profitability.

 

These are brokerage estimates, not guaranteed future share prices. Target prices can change as new financial results and market conditions emerge. Sources: Moneycontrol and Reuters

 

Will Swiggy Shares Fall Further?

 

The next direction of Swiggy's share price will depend on several factors, including Instamart's growth, quick-commerce margins, competitive intensity and the company's ability to control costs.

 

Investors may monitor the following indicators:

 

Instamart profitability: Whether operating losses begin to narrow in upcoming quarters.

 

Order growth: Whether Swiggy can sustain demand and improve order economics.

 

Food delivery performance: Whether the core business continues to generate stronger operating profits.

 

Competition: Whether aggressive investment by rival platforms puts additional pressure on growth and margins.

 

Management guidance: Whether the company provides a clearer timeline for improving quick-commerce profitability.

 

A sharp price decline does not, by itself, establish that further losses are inevitable. Similarly, lower brokerage targets do not guarantee that the share price will recover. Investors should assess the company's fundamentals, valuation and risk tolerance rather than relying on a single trading session.

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