Swiggy stock: JPMorgan maintains overweight call, cites growth in quick-commerce market

Shares of Swiggy Ltd were trading on a flat note on Monday even as global brokerage JPMorgan maintained an Overweight call on Swiggy with a target price of Rs 360. India's quick-commerce market growth is likely to accelerate from Q2FY27, while Instamart focuses on private brands and assortment.

The brokerage said food delivery growth guidance remains at 18-20% YoY, with Toing’s traction and repeat users key to assessing its potential

The brokerage said Swiggy is expanding the Total Addressable Market (TAM) by bringing in new or dormant users.

In Q1 of the current fiscal, Swiggy reported narrowing of net loss for the June 2026 quarter. Net loss fell to Rs 791 crore in the June quarter against Rs 1197 crore loss in the year ago period.

Swiggy's revenue from operations rose 37% to Rs 6812 crore in Q1 against Rs 4961 crore on a year on year basis. EBITDA loss fell to Rs 650 crore in Q1 against Rs 945 crore in Q1 of the previous fiscal.

Swiggy said Food Delivery business Gross Order Value (GOV) grew 17.4% YoY to Rs 9,490 crore. Adjusted EBITDA rose by Rs 100 Cr YoY to reach Rs 292 crore.

Food delivery monthly transacting user (MTUs) grew 17.8% YoY to reach 19.2 million. Q1 also saw a seasonal impact on margins which will normalise through the year and annual hike during the quarter, said Swiggy.

Swiggy has outlined its FY31 vision of setting up its goal to build a Rs 10,000 crore adjusted EBITDA business. This would involve more than tripling consolidated Gross Order Value (GOV) to nearly Rs 2.5 lakh crore from Rs 67,734 crore in FY26, implying a 30% plus GOV CAGR through 2031 alongside expanding profitability.