{
  "id": 16164037,
  "title": "Swiggy Shares Plunge 17% To 52-Week Low After Q2, Brokerages Cut Price Targets",
  "url": "https://urgent.news/2026/10/23/swiggy-shares-plunge-17-to-52-week-low-after-q2-brokerages-cut-price",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-23T06:22:28.000Z",
  "source": {
    "name": "Inc42",
    "slug": "inc42",
    "url": "https://inc42.com/buzz/swiggy-shares-plunge-17-to-52-week-low-after-q2-brokerages-cut-price-targets/"
  },
  "original_language": "en",
  "account": "Swiggy's shares dropped 17.23% to ₹174.90, marking its lowest point in 52 weeks, following a Q2 FY27 performance that revealed expanding losses in its quick commerce arm, Instamart. The stock later recovered slightly to ₹181.50, down 14.10%, at 11:21 IST. The company's market value fell to ₹50,099.69 Cr ($5.2 Bn). Numerous brokerages reduced their price targets in response to the results, citing elevated quick commerce losses and doubts about Instamart's growth and execution. However, most maintained their current ratings. Swiggy's net loss in Q2 FY27 declined 16% year-over-year to ₹922 Cr, but rose 17% from the previous quarter to ₹791 Cr. Revenue from operations increased 36% year-over-year to ₹7,571 Cr. Instamart's adjusted EBITDA loss widened to ₹895 Cr from ₹849 Cr in the previous year and ₹778 Cr in Q1 FY27, negating gains in food delivery profitability. Brokerages lowered price targets, with Citi setting a new target of ₹330, CLSA to ₹262, Nomura to ₹300, and Jefferies to ₹330. UBS retained its 'Buy' rating with a target of ₹375, while HSBC lowered its target to ₹240 from ₹315. Instamart's adjusted EBITDA loss grew to ₹895 Cr, while food delivery revenue grew 36% YoY to ₹7,571 Cr. Instamart's NOV increased 13% sequentially, below estimates, and losses exceeded expectations. Swiggy anticipates double-digit NOV growth in Q3 FY27 and a 100 basis point improvement in adjusted EBITDA margin. The company expects Instamart's adjusted EBITDA losses to hit a peak in Q2 FY27 and is transitioning Instamart to an inventory-led model by mid-Q3 FY27.",
  "summary": "Foodtech major Swiggy’s shares plunged as much as 17.23% to a 52-week low of ₹174.90 on the BSE today, a…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}