CLSA on Swiggy ; O-P, TP cut to Rs 262

In 2QFY27, Instamart’s net order value (NOV) growth accelerated QoQ to 13.4%, but lagged expectations, as did losses, which were wider. Food delivery adj Ebitda was in line with our estimate but missed consensus. Overall, gap with Eternal widened in both businesses on growth and even more on profits While Swiggy remains confident of a turnaround in growth and profitability for Instamart, believe rebuilding investor confidence will require a steady improvement over next few quarters. While investor expectations remain low, believe categories offer significant opportunities

SWIGGY LIMITED

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