Macquarie has issued an ‘Underperform’ call on Swiggy, setting a target price of ₹260, citing persistent losses in the Quick Commerce segment, which the brokerage believes are overshadowing gains in the food delivery vertical.
According to Swiggy’s Q4FY25 results, the company reported a net loss of ₹1,081 crore, while EBITDA loss widened to ₹961 crore. While food delivery EBIT jumped to ₹220 crore with margins at 13.5%, QC remained the weak link.
Macquarie flagged that QC EBIT losses deepened to ₹771 crore, compared to ₹273 crore a year ago. The brokerage estimated a contribution margin loss of ₹30 per order in QC, calling the economics “unfavourable in the current competitive setup.”
Swiggy’s management expects QC to break even in the next 3–5 quarters, but Macquarie believes the high capex intensity and cash burn are likely to persist longer. “While food delivery execution is commendable, the aggressive QC expansion raises questions on capital discipline and return on investment,” it said.
