ICICI Securities gives Swiggy ₹400 target, QC NOV up 13.4%
Business
Swiggy just got a thumbs up from ICICI Securities, which set a ₹400 target price.
Quick commerce (QC)'s NOV grew 13.4% QoQ, fueled by 1.3 million MTUs and smart moves like better pricing and expanding their delivery network.
Instamart adds 69 new stores
Swiggy isn't slowing down: Instamart added 69 new stores recently to boost urban service, and food delivery margins improved too.
Even though the target price was lowered from ₹520 to ₹400 because of a 100bps rise in WACC and the move to a fully diluted share count (including unvested shares held by the employee trust), analysts remain upbeat about Swiggy's focus on efficiency and expansion, expecting more profitability ahead.