Pending — not yet graded
“Maintains a Buy rating on Swiggy, lowering its target price to ₹435, implying a 47% upside. Instamart is prioritizing growth over margins and is adequately funded, despite Nomura raising its adjusted EBITDA loss estimates for Instamart to ₹3,100 crore for FY27 and ₹2,300 crore for FY28. Swiggy is well-positioned to absorb these losses, supported by cash generation from its food delivery business and a ₹14,300 crore cash balance.”
Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%
SwiggyBullishCalled 11 Aug 2026
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