Nomura on Swiggy : Buy, TP cut to Rs 300

Food Delivery (FD) business continues on a steady path Continue to believe that FD remains a cash cow for Swiggy & expect it to generate Rs13-19bn of EBITDA in FY27-28F. Quick Commerce (QC) – Execution continues to fall short of expectations Value FD business at 40x FY28F EBITDA (unchanged, in line with Eternal) but assign no value to QC business & its cash Balances Are in a wait-and-watch mode and hence lack conviction to ascribe a positive value to QC. Disappointment on QC is well reflected in share price, making risk-reward favorable

SWIGGY LIMITED

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