Swiggy shares declined 1.78 per cent to ₹410.50 on October 31, 2025, despite the company announcing plans to raise ₹100 billion and reporting better-than-expected second quarter results. The stock, which opened at ₹430, fluctuated between ₹434 and ₹407.10 during trading hours.
The food delivery and quick commerce platform posted consolidated adjusted EBITDA loss of ₹695 crore for the quarter ended September 30, 2025, improving by ₹118 crore sequentially. Platform gross order value surged 48 per cent year-on-year to ₹16,683 crore, with monthly transacting users increasing 34 per cent to 22.9 million.
Swiggy’s food delivery business recorded 18.8 per cent GOV growth to ₹8,542 crore with adjusted EBITDA margin improving to 2.8 per cent. Instamart, the quick commerce arm, posted 108 per cent year-on-year GOV growth to ₹7,022 crore, though it recorded a loss of ₹849 crore for the quarter.
JM Financial Institutional Securities upgraded Swiggy’s rating from Reduce to Add with a target price of ₹460. The brokerage noted that the proposed fund-raise would provide crucial flexibility to compete in the quick commerce segment and potentially enable a shift from marketplace to inventory-led model after reclassification from foreign-owned to Indian-owned company status.
However, JM Financial cautioned that Swiggy’s execution in quick commerce remains unproven, with adjusted EBITDA breakeven unlikely before FY29. The stock recorded traded volume of 13.7 million shares worth ₹577.65 crore, with 54.16 per cent deliverable quantity.
Published on October 31, 2025
