SWIGGY (+) : Food delivery accelerates; quick commerce slows

研报英文原文证据摘录

SWIGGY (+) : Food delivery accelerates; quick commerce slows

EQUITIES

INTERNET & MEDIA

SWIGGY OUTPERFORMPRICE* INR280.5  TARGET PRICE INR380 (UPSIDE 35%) TARGET -5%PRICE EPS 03/27e-2% EPS -31%03/28e

Food delivery accelerates; quick commerce slows

Swiggy’s aggregate numbers were largely in-line with our estimates. Food delivery, which is the11 MAY 2026

Securities Research Report profitable part of the business, reported revenue and EBITDA ahead of our estimates. However,

Production time: 02:53* (London time)

quick-commerce’s NOV growth was 4% below our estimate and loss was 3% higher vs our estimate.

Research Analysts & Publishing Entities

Swiggy continues to focus on improving its QC profitability metrics and the management expects to

Kunal Vora, CFA achieve contribution breakeven in 1QFY27. Swiggy laid out its medium-term target of getting to INR1tBNP Paribas Securities India Private

Limited in NOV with 4-5% EBITDA margin in QC, which seems ambitious to us. We have lowered our QC

+91 22 6196 4384 NOV growth assumptions, and this results in a cut in our SOTP based fair value by 5%. We find

kunal.d.vora@asia.bnpparibas.com

Swiggy attractive as food delivery and cash account for bulk of its current valuation.

Food delivery: acceleration in growth while maintaining focus on profitability

Swiggy saw an acceleration in its GOV growth to 22.6% y-y which was ahead of its medium-term

growth guidance of 18-20% y-y. Its transacting user base increased by 21% y-y. Growth was aided

by a series of innovative offerings which addressed consumer needs such as speed, convenience,

health and value for money. Swiggy managed to deliver a strong growth while continuing the margin

improvement trend. Its adjusted EBITDA margin was up 41bps y-y to 3.3%. Its contribution margin