“Maintains a 'buy' rating on Swiggy with a sum-of-the-parts target price of ₹470 per share, despite acknowledging that the company's FY31 targets for gross order value and EBITDA appear ambitious, especially in quick commerce. The brokerage believes the risk of a 'blow-up' becomes near zero by FY28 as food delivery cash flows and treasury income are expected to exceed quick commerce losses.”