Swiggy’s shares plunged 16% after the company posted a Q2 net loss of ₹922 crore, a sharp improvement from the ₹1,092 crore loss a year earlier, while revenue climbed 36.1% to ₹7,571 crore.
Food‑delivery revenue jumped 21.6% YoY, pushing the segment margin to 14.9% from 13.1%; quick‑commerce EBIT widened to ₹764 crore from ₹739 crore, and the overall EBITDA loss held steady at ₹770 crore.
Motilal Oswal slashed its price target to ₹280 from ₹360, citing slower Instamart growth and intensified competition, yet kept a buy call. Citi trimmed its target to ₹330, noting expanding serviceable TAM in food delivery but uncertain quick‑commerce gains. HSBC cut its target to ₹240, expressing doubts over the company’s long‑term guidance.
Analysts highlight that the Q2 performance still falls short of the 18‑20% growth guidance, and the quick‑commerce arm’s EBITDA loss is a key hurdle. Swiggy’s next earnings are due on December 15, 2026, when it will need to demonstrate a clearer path to EBITDA profitability to lift investor sentiment.