Macquarie has maintained an ‘Underperform’ rating on Swiggy, revising down its forecasts and setting a target price of ₹260, which implies a 17.2% downside from the current market price of ₹313.85.
Following a softer-than-expected Q4, the brokerage has trimmed its FY26E, FY27E, and FY28E projections across key business lines. Macquarie sees downside risk to Instamart’s contribution margin breakeven target, which the company had earlier guided to achieve within 3–5 quarters.
In the core food delivery segment, growth trends appear slower, further weighing on the near-term outlook.
While acknowledging Swiggy’s scale, Macquarie stated that, on a relative basis, it continues to regard Zomato’s U-P (UrbanPiper) Eternal as the better operator in terms of execution and operational efficiency.
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