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Swiggy Share Price Today: Shares of food delivery and quick commerce major Swiggy came under sharp selling pressure on Friday, falling as much as 7.4 per cent on the BSE to an intra-day low of Rs 1,075.3 per share, after the company reported mixed December-quarter (Q3FY26) results. The stock later recovered part of the losses and was trading around Rs 1,049.1 per share at 9:47 AM. In comparison, the benchmark BSE Sensex was down 0.58 per cent at 82,424.42.

The weakness in the stock followed Swiggy’s earnings announcement after market hours on Thursday, which highlighted a widening of losses despite strong topline growth.

In the December quarter, Swiggy’s consolidated net loss widened to Rs 1,065 crore, compared with a loss of Rs 799 crore in the same quarter last year, as the company continued to invest aggressively in its quick commerce business amid intense competition.

On the revenue front, Swiggy posted strong growth, with consolidated revenue from operations rising 54 per cent year-on-year to Rs 6,148 crore, from Rs 3,993 crore in the year-ago period. The food delivery segment remained resilient, delivering healthy gross order value (GOV) growth and stable margins, while quick commerce continued to weigh on overall profitability.

Brokerage reactions to Swiggy’s Q3 performance were mixed, with most firms cutting their target prices, citing concerns around growth moderation and profitability in the quick commerce segment.

Nomura maintained a Buy rating but cut its target price to Rs 546 from Rs 560, factoring in a lower gross order value growth rate in quick commerce. The brokerage said the market currently does not appear to be ascribing any value to Swiggy’s quick commerce business and added that improved execution towards profitability is critical for the stock’s performance. Continued intense competition remains a key risk, which could push contribution margin breakeven beyond FY27.

CLSA downgraded the stock to Hold from Accumulate and slashed its target to Rs 335 from Rs 493, after Swiggy missed Q3 revenue and EBITDA expectations. While food delivery saw better growth and in-line EBITDA, quick commerce disappointed across metrics, with lower growth and weaker profitability. CLSA said the path to contribution margin breakeven now looks steeper than earlier.

Morgan Stanley maintained an Equalweight rating and reduced its target to Rs 375 from Rs 414. The brokerage said Swiggy’s focus on quality and unit economics in quick commerce could weigh on growth in the near term, even as food delivery execution on growth and margins remains steady. Limited visibility on easing competitive intensity may keep any near-term re-rating in check.

JP Morgan maintained an Overweight rating while cutting its target to Rs 430 from Rs 520, factoring in higher losses in the quick commerce segment.

Jefferies retained a Buy rating but lowered its target price to Rs 440 from Rs 500. It said food delivery performance was strong, but rising quick commerce losses were disappointing, as subsidies failed to deliver the desired outcomes. Jefferies noted that management’s acceptance that order per day is a “vanity metric” signals a pragmatic shift, though competition remains intense and the timeline for quick commerce EBITDA breakeven remains uncertain.

Citi maintained a Buy rating and trimmed its target to Rs 450 from Rs 485, saying Swiggy is now charting its own path. The brokerage added that quick commerce contribution margin breakeven guidance has been reaffirmed and underlying unit economics are gradually improving.