Swiggy shares rise 6% after 4-session down episode; is this a relief rally or worst is over? Experts decode | Target, SL

They said that the food delivery company's business volume, profit, and revenue grew during the second quarter of the financial year 2026-27, and the company's guidance also indicates a positive outlook for its growth trajectory. Global investment bank Jefferies has set a Swiggy share price target of ₹435, while Elara Securities has set a target price of ₹300 for Swiggy shares post-Q2 2026 results.Swiggy Q2 Results 2026 reviewDecoding the Swiggy's Q2 results 2026, Elara Securities report says, “We raise revenue estimates by 3-4% for FY27E-29E and widen our FY27E EBITDA loss estimate by 32%.

We value FD at 34x Dec-28E EV/EBITDA (from 38x), as we retain a ~10% discount to ETERNAL (cut to 38x from 42x), and Instamart at ~0.2x EV/NOV.”The Jefferies India report said that Swiggy’s FD reported an in-line qtr on both topline & EBITDA. Q/C NOV QoQ growth was in D/D, although YoY moderated. Q/C adj. EBITDA losses swelled to a three-quarter high of ₹900 crore - this remains a key issue for the stock, with the current price not even factoring in the value of Food Delivery & current cash.

Performance also appears lackluster compared with the market leader, Eternal. We believe a reduction in Q/C losses is essential for true value discovery.Swiggy share price targetDespite reducing the upside target from ₹350 to ₹300, Elara Securities maintains a ‘buy’ tag for Swiggy shares, saying, “We pare our SoTP-TP to ₹300 (from ₹350) but upgrade to Buy from Accumulate, following a ~22% decline in share price over the past three months.

For FD, our EV of ₹67,600 crore, plus net cash, exceeds Swiggy’s current market cap of ₹58,400 crore by 23%, implying not just zero value for Instamart but also a discount to the standalone value of FD itself. At CMP (adjusted for net cash and Instamart), FD trades at 20x EV/ EBITDA (post-ESOP) on FY29E, below QSR company valuations, and we view the discount as unwarranted. Higher-than-expected losses in Instamart and slower margin expansion in FD are key risks.”On suggestions to stock investors regarding Swiggy's shares, the Jefferies India report says, “We make a series of changes that increase adj.

EBITDA losses over the forecast period. We also cut multiple for food delivery, as Q/C loss reduction remains critical given that this is the key investor concern and hence revise down our SOTP-based PT to ₹330.”It should be noted that the Jefferies India report has kept Swiggy shares in the list of high-risk-reward stocks. The global investment bank has reduced its Swiggy share price target from ₹435 to ₹330 following the Q2 results.Disclaimer: This story is for educational and informational purposes only.

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