Swiggy’s shares slumped after a larger-than-expected quarterly loss, with investors looking past strong food-delivery profitability to widening losses in its Instamart quick-commerce business.
Swiggy’s shares tumbled sharply on Friday after the food delivery and quick-commerce group reported quarterly results that showed revenue growth but also deepening pressure in its Instamart unit. The stock fell to a 52-week low of Rs 174.95, erasing about Rs 7,837 crore of market value and leaving the company with a valuation of Rs 50,541.34 crore. The sell-off extended a difficult year for the stock, which has lost more than half its value in 2026 and has lagged the broader mid-cap market.
The latest decline came after Swiggy posted a consolidated net loss of Rs 922 crore for the September quarter, narrower than a year earlier but still higher than analysts had expected. Revenue rose 36 per cent to Rs 7,571 crore, helped by a stronger performance in food delivery, where the company said profitability reached a record level. Even so, higher spending on customer acquisition and expansion in quick commerce weighed on the bottom line and left investors focused on the pace at which that business can improve.
Instamart remained the main source of concern. According to Livemint, the quick-commerce arm reported an adjusted EBITDA loss of Rs 895 crore in the quarter, larger than a year earlier and wider than in the previous quarter. The company has said it expects some margin improvement in the December quarter, but that will depend on continued investment in growth at a time when competition in rapid grocery delivery remains intense.
Brokerages responded by trimming price targets even as most kept their ratings intact. UBS stayed at “Buy” with a target of Rs 375, while Bernstein cut its target to Rs 350 from Rs 430. Other firms, including JPMorgan, Jefferies, Citi, HSBC, Bank of America and Macquarie, also reduced their targets, with several citing the same issue: food delivery is holding up, but the economics of quick commerce are still under strain.
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