“Jefferies maintains a 'Buy' rating on Swiggy with a price target of ₹435 per share, as the company moves closer to IOCC status. The proposed 1P model at Instamart could drive an 80 basis points margin upside. However, the brokerage flags a potential near-term overhang from passive fund outflows of over $400 million from MSCI and FTSE indices if the foreign ownership cap of 49.5% is breached, which could happen quickly.”

Jefferies Analysis’s track record: 3 graded calls · 95% CI 44–100%