Swiggy Ltd | Asia Pacific Balanced risk reward

Research evidence excerpt

Swiggy Ltd | Asia Pacific Balanced risk reward

Update

July 31, 2026 02:17 AM GMT

Morgan Stanley India Company Private Limited+MSwiggy Ltd | Asia Pacific Gaurav Rateria

Equity Analyst

Balanced risk reward Gaurav.Rateria@morganstanley.comSulabh Govila, CFA +91 22 6118-2237

What’s Changed Sulabh.Govila@morganstanley.com +91 22 6118-2249

Sakshi Rana

Swiggy Ltd (SWIG.NS) From To Research Associate

Price Target Rs322.00 Rs328.00 Sakshi.Rana@morganstanley.com +91 22 6118-1002

Shreshtha Chopra

Highlights: 1) Slight relative market share loss based on GOV ResearchShreshtha.Chopra@morganstanley.comAssociate +91 22 6118-2227

metrics of FD in 1Q, 2) QC growth likely to see some

acceleration from 2Q onwards.

Our view on 1QF27: We see negatives offset by some positives in results: a) food

delivery relative market share loss vs Eternal (Swiggy's GOV growth QOQ was at

5.4% QoQ vs Eternal's NOV growth QoQ 10.4% QoQ), b) Losses in other verticals Swiggy Ltd (SWIG.NS, SWIGGY IN)

(platform innovation) was much higher than our expectations thereby driving India Technology | India

concerns around new businesses remaining in heavy investment phase, c) QC adj Stock Rating Equal-weight

Industry View In-Line

EBITDA losses were higher than our expectations in 1QF27. Price target Rs328.00

Up/downside to price target (%) 11

We see the following positives offsetting the negatives in near term: a) Mgmt taking Shr price, close (Jul 30, 2026) Rs295.91

52-Week Range Rs474.00-235.75

more flexible approach in CM margins (0 to -100bps) to drive growth acceleration in Sh out, dil, curr (mn) 2,443

QC business (store count additions accelerating in 2Q, increased focus on improving Mkt cap, curr (mn) Rs722,836

EV, curr (mn) Rs600,316

density).