Shares of Swiggy lifted 0.7% to ₹277.85, still 30% off year‑open, while Kotak keeps a ₹360 target—about a 30% upside from Thursday's close.
Q4 revenue surged 37.3% to ₹6,812 crore, pushing GOV to ₹9,460 crore—a 17.4% rise that fell short of the 18.19% consensus. Net loss narrowed to ₹791 crore from ₹1,197 crore YoY, and EBITDA loss eased to ₹650 crore from ₹945 crore.
Kotak warns Instamart's valuation may stay muted as competition heats up. It says Swiggy must recover GOV growth to 14‑15% sequentially, up from 3.1% in the June quarter, and deliver material margin expansion by FY27's Q4.
Of the 30 analysts covering the stock, 21 endorse a buy, six hold, and three sell, reflecting a cautious consensus.
Looking ahead, Kotak stresses that the next quarterly guidance will hinge on achieving the projected GOV trajectory and trimming losses, with a focus on margin expansion—expect guidance release in the coming weeks.