Investment News · 23 October 2026 · 2 min read
In short: Swiggy shares fell 15% to about ₹180 on Friday, their biggest one-day fall since the company listed in 2024. On Thursday, Swiggy reported a net loss of ₹922 crore for July to September 2026. That is smaller than the ₹1,092 crore loss a year ago, but bigger than the ₹791 crore loss in the previous quarter.
Key numbers
| Jul–Sep 2026 | Change | |
|---|---|---|
| Net loss | ₹922 crore | Narrower than ₹1,092 crore a year ago; wider than ₹791 crore last quarter |
| Revenue | ₹7,571 crore | +36% vs last year |
| Instamart order value | ₹9,230 crore | +31% vs last year |
| Instamart operating loss | ₹895 crore | Up from ₹778 crore last quarter |
Why investors sold
- Instamart is spending more to grow: its quick-commerce business grew faster, but much of that came from customer discounts. Its margin after delivery costs worsened to −1.4% from −0.3%.
- Behind its rival: brokerage Jefferies said Swiggy lags Eternal, whose Blinkit turned an operating profit this quarter.
- Food delivery is the bright spot: Swiggy said food delivery had its highest-ever profit and margins.
What brokers say now
| Brokerage | New target | Earlier |
|---|---|---|
| Goldman Sachs | ₹263 | ₹328 |
| CLSA | ₹262 | ₹312 |
| HSBC | ₹240 | ₹315 |
| JPMorgan | ₹310 | ₹360 |
| Citi | ₹330 | ₹390 |
| JM Financial | ₹200 | – |
Most brokers still rate the stock a buy, but nearly all cut their targets. The stock is now trading below JM Financial’s ₹200 target, the lowest on the Street.
Sources
- Business Today: Swiggy shares fall below lowest Street target (23 October 2026)
- Business Today: Swiggy Q2 results (22 October 2026)
- Upstox: Q2 results live updates, 22 October 2026
This is a news summary for education, not investment advice. Figures are as reported on or before 23 October 2026 and may change during the day; check official filings before making decisions.