Online food delivery and quick commerce platform Swiggy Ltd experienced a substantial block deal on the National Stock Exchange (NSE) on Friday, October 30, 2026. Shares valued at Rs 982 crore changed hands in the transaction, representing 1.87 percent of the company's total equity.
A total of 5,43,47,662 shares were traded at a price of Rs 180.65 apiece. This price reflected a 2.48 percent discount compared to Thursday's closing price of Rs 185.25. The identities of the buyers and sellers involved in this significant Swiggy block deal were not disclosed at the time of reporting.
Context of the Block Deal
This major share transaction occurred just days after Swiggy Ltd announced a surprise loss of Rs 922 crore for its September quarter. The unexpected financial downturn prompted several brokerages to revise their target prices for Swiggy's stock.
Brokerage Reactions and Concerns
Following the quarterly results, various financial institutions adjusted their outlook on Swiggy:
- Goldman Sachs reduced its target to Rs 263 from Rs 328, maintaining an 'Equalweight' rating.
- HSBC lowered its target to Rs 240 from Rs 315.
- CLSA retained an 'Accumulate' rating but cut its target to Rs 262 from Rs 312.
- Bernstein slashed its target to Rs 350 from Rs 430.
- JPMorgan decreased its target to Rs 310 from Rs 360.
- Citi trimmed its target to Rs 330 from Rs 390.
JM Financial notably expressed ongoing concerns regarding the profitability of Swiggy's quick commerce division, Instamart, and the strategic rationale behind its Toing service. Despite Instamart's net order value (NOV) growth accelerating to 13.4 percent quarter-on-quarter, its contribution margin deteriorated to minus 1.4 percent from minus 0.3 percent in the previous quarter. This was attributed to increased customer incentivization to drive growth.
"This, along with expanding fixed costs led to widening of adjusted Ebitda losses to Rs 895 crore from Rs 778 crore, highlighting the persistent dilemma of growth versus profitability," JM Financial stated, underscoring the challenges Swiggy faces in balancing expansion with financial viability.
Despite these revisions, the stock generally remained a consensus 'Buy' among analysts, with target prices ranging from Rs 200 (JM Financial) to Rs 403 (Nuvama Institutional Equities).