Swiggy Share Price Analysis 2025
Complete Investment Guide & Market Outlook
SWIGGY (NSE/BSE)
Current:
₹381-388
52W High:
₹617
52W Low:
₹297
Market Cap:
₹94,833 Cr
Key Takeaway
Swiggy shares are trading 38% below their IPO price of ₹390, but analysts see 12-62% upside potential with average target price of ₹533. The stock has struggled due to heavy losses in quick commerce (Instamart) but shows strong revenue growth and improving market position.
381
Current Price (Jul 2025)
533
Average Target Price
₹3,117 Cr
FY25 Net Loss
₹15,227 Cr
FY25 Revenue
Market Overview & Current Position
Swiggy Stock Performance Since IPO
IPO (₹390) → Peak (₹617) → Current (₹381)
Stock down 38% from IPO, 51% from peak
Business Segments Performance
₹7,347 Cr
Food Delivery GOV (Q4 FY25)
₹3,907 Cr
Instamart GOV (Q3 FY25)
1,021
Dark Stores (Instamart)
700+ Cities
Food Delivery Presence
Swiggy’s lock-in period ended recently, releasing 189.75 crore shares worth ₹62,000 crore for trading. This has created short-term pressure but also presents buying opportunities for long-term investors.
Financial Performance Analysis
FY25 Financial Highlights
| Metric | FY25 | FY24 | Growth % |
|---|---|---|---|
| Revenue | ₹15,227 Cr | ₹11,247 Cr | +35.4% |
| Net Loss | -₹3,117 Cr | -₹2,350 Cr | -32.7% |
| Food Delivery GOV | ₹7,347 Cr | ₹6,249 Cr | +17.6% |
| Instamart GOV | ₹15,560 Cr | ₹8,265 Cr | +88.3% |
Quarterly Trends (Q4 FY25)
44.8%
Revenue Growth YoY
₹212 Cr
Food Delivery Adj. EBITDA
-₹528 Cr
Instamart Loss (Q3)
316
New Dark Stores Added
Key Insight
While Swiggy shows strong revenue growth (35% YoY), losses have widened primarily due to aggressive expansion in quick commerce (Instamart). The food delivery business has achieved positive EBITDA, indicating the core business model works.
Swiggy vs Zomato: Battle of Food Tech Giants
| Metric | Swiggy | Zomato | Winner |
|---|---|---|---|
| Market Cap | ₹94,833 Cr | ₹1,74,000 Cr | Zomato |
| FY25 Revenue | ₹15,227 Cr | ₹20,000+ Cr | Zomato |
| Profitability | Loss: ₹3,117 Cr | Profit: ₹351 Cr | Zomato |
| Food Delivery Share | 42-45% | 55-58% | Zomato |
| Quick Commerce Share | 25% (Instamart) | 46% (Blinkit) | Zomato |
| QC Daily Orders | 12.15 lakh | 15.74 lakh | Zomato |
| QC Average Order Value | ₹527 | ₹665 | Zomato |
| Dark Stores | 1,021 | 1,301 | Zomato |
| Stock Performance YTD | -32.7% | +21.5% | Zomato |
Competition Analysis
Zomato dominates across most metrics, but Swiggy offers better value for investors seeking exposure to India’s food tech growth. Swiggy’s integrated platform approach and recent focus on profitability could help narrow the gap.
Investment Analysis & Recommendations
Analyst Consensus: BUY
₹533
Average Target Price (39% upside potential)
Risk Level: Medium-High | Investment Horizon: 12-18 months
Analyst Ratings Breakdown
10
Buy Ratings
1
Hold Ratings
0
Sell Ratings
₹740
Highest Target
Investment Thesis
Bull Case
- Market Leadership: #2 in food delivery, growing quick commerce presence
- Revenue Growth: Consistent 35%+ revenue growth across segments
- Path to Profitability: Food delivery already EBITDA positive
- Valuation Opportunity: Trading at significant discount to Zomato
- Mega Trends: Beneficiary of digitization and convenience economy
Bear Case
- Heavy Losses: ₹3,117 Cr loss in FY25, widening from previous year
- Competition: Losing market share to Zomato in quick commerce
- Capital Intensive: Requires significant investment for dark store expansion
- Lock-in Expiry: Potential selling pressure from early investors
- Profitability Timeline: Break-even still 2-3 quarters away
Best suited for growth investors with high risk tolerance. Consider dollar-cost averaging given the volatility. Target allocation: 2-5% of equity portfolio for diversified investors.
Latest News & Market Updates
July 31, 2025
Q1 FY26 Results Announcement
Swiggy to announce Q1 FY26 results. Key focus on Instamart profitability timeline and dark store expansion progress.
July 2025
Analyst Upgrades Continue
IIFL initiates BUY rating with ₹535 target. Morgan Stanley maintains Overweight with ₹405 target citing strong execution.
June 2025
Lock-in Period Ends
189.75 crore shares worth ₹62,000 crore become eligible for trading as lock-in period expires for pre-IPO investors.
June 2025
Rapido Competition Intensifies
Rapido’s entry into food delivery with lower commission rates creates additional competitive pressure in the market.
May 2025
Quick Commerce Expansion
Swiggy adds 316 new dark stores in Q4 FY25, highest ever quarterly addition. Plans to double store count by March 2026.
April 2025
ESOP Allocation
Company allots 36.32 lakh equity shares to employees under ESOP plans, indicating confidence in long-term growth prospects.
Frequently Asked Questions
Swiggy offers a compelling long-term opportunity for growth investors. With 10 BUY ratings vs 1 HOLD and 39% average upside potential, analysts are bullish. However, consider the high losses and competition. Best approach: Start with small position and add on dips.
Analysts have set an average target price of ₹533 for Swiggy, with the highest target at ₹740 and lowest at ₹260. This represents 39% upside from current levels. Morgan Stanley’s ₹405 target and IIFL’s ₹535 target are among the most recent.
Zomato’s Blinkit leads with 46% market share vs Swiggy’s Instamart at 25%. Key factors: Blinkit has more dark stores (1,301 vs 1,021), higher average order value (₹665 vs ₹527), and achieved better unit economics. However, Swiggy is rapidly expanding and could close the gap.
Swiggy’s food delivery business is already EBITDA positive. Management expects Instamart to reach contribution break-even by Q3 2025-26 and adjusted EBITDA break-even by Q2 2026-27. Overall company profitability likely by FY27.
Yes, for growth investors. India’s food delivery and quick commerce markets are projected to grow at 25-30% CAGR. Swiggy’s #2 position, integrated platform, and improving execution make it a strong play on these mega trends. However, expect volatility in the near term.
Key risks include: Heavy cash burn (₹3,117 Cr loss in FY25), intense competition from Zomato and new entrants like Rapido, regulatory changes in gig economy, and execution challenges in quick commerce expansion. Lock-in expiry could also create selling pressure.
Zomato is currently ahead in most metrics – profitability, market share, and stock performance. However, Swiggy trades at a significant discount and offers higher potential upside. Zomato is better for stability-seeking investors, while Swiggy suits those betting on a turnaround story.
Bottom Line Investment Recommendation
BUY for aggressive growth portfolios, HOLD for conservative investors. Swiggy offers compelling exposure to India’s booming food tech sector at attractive valuations. The 39% analyst upside target seems achievable given the strong secular growth drivers, but investors must be prepared for volatility and patience for profitability inflection.
Target Allocation
2-5% of portfolio
Investment Horizon
12-24 months
Risk Level
High
Next Catalyst
Q1 FY26 results
Post Comment