Swiggy Q1FY27: Quick commerce sees favorable setup for a re-rating. Reiterate Buy.

研报英文原文证据摘录

Swiggy Q1FY27: Quick commerce sees favorable setup for a re-rating. Reiterate Buy.

30 July 2026

Jignanshu Gor

+91 226 842 1494

India Emerging Consumer jignanshu.gor@bernsteinsg.com

Swiggy Limited Dhruv Luthra

+91 226 842 1493

Rating dhruv.luthra@bernsteinsg.com

Outperform

Price Target

SWIGGY.IN 430.00 INR

Swiggy Q1FY27: Quick commerce sees favorable setup for a re-

rating. Reiterate Buy.

Swiggy is going through the unenviable task of chartering their Instamart business through a

Close Date 30 Jul 2026

tough phase in full public view. It means having to explain every decision in much more detail, and

SWIGGY.IN Close Price (INR) 295.91

being held to answers in an industry landscape which is rapidly evolving and highly competitive.

Price Target (INR) 430.00

In contrast, it appears as if Blinkit almost appeared as a fully complete business destined to be

Upside/(Downside) 45%

the market leader. At least this was the case by the time investors started paying attention to it.

52-Week Range 474.00/235.75

A Hephaestus vs. Athena version, if you will. However, the stars seem to be aligning for Swiggy

ASIAX 1,810.56

now. The 1Q27 result was strong. The next few quarters should be stronger. News about Zepto’s

FYE Mar

IPO postponement are likely to improve the competitive environment.

Div Yield NA

Quick Commerce: Great setup. Credible strategy. New team in place. All eyes on Market Cap (INR) (M) 816,804

execution now. First, the numbers - The NOV growth came in at a still-decent 40% YoY EV (INR) (M) 769,194

(~3% QoQ) despite the continued slowdown over last few quarters. The net store addition was Performance YTD 1M 6M 12M

decent at +28. The NOV growth was due to a combination of N-AOV (INR 511) and Order Absolute (%) (23.4) 23.6 (4.5) (26.7)

volume increase.