Swiggy share price has crashed to a record low after an all-time high, with analysts predicting new target prices for the food delivery company. The stock recorded a new low in October 2026, just after its Q2 results were announced. This has raised concerns over continued Instamart losses, competition, and the chances of profitability.
The Swiggy share price came under intense selling pressure on October 23, 2026, falling around 15% to approximately ₹180. This has brought negative sentiment among investors, raising concerns about its quick-commerce business, Instamart. In December 2024, the stock had reached its record high of ₹617, and it has now declined to around one-third of its highest value.
The latest decline is a concern for investors. Although Swiggy’s food delivery business is generating strong profits, its quick-commerce business is leading to substantial losses, while competition and the gap with Eternal are increasing.
Swiggy was listed on the stock market in 2024 at around ₹390 and reached ₹617 after listing. Since then, there has been a prolonged period of decline. Revenue has grown, but losses remain substantial.
The first reason behind the share price decline is that Instamart losses are weighing on investor confidence. Swiggy is investing heavily to compete in the quick-commerce space, but there is no clear path to profitability. Its average order value is also lower compared with industry standards. Investors are concerned that growth is coming at a very high cost and requires additional spending to attract customers.
The second reason is that competitors have massive scale and profitability advantages. Swiggy added 69 dark stores, whereas Blinkit added 308 dark stores, and its total store count is more than double that of its rival. The industry rewards companies that expand while improving profitability rather than those that continue to incur losses.
| Brokerage | Latest reported target | Rating | Reason |
| Nuvama | ₹403 | Buy | Sees potential from the inventory-led model and improving margins |
| Jefferies | ₹330 | Buy | Food-delivery value and cash holdings offer support, but Instamart losses remain high |
| Nomura | ₹300 | Buy | Values the food-delivery business but sees uncertainty around quick-commerce execution |
| Motilal Oswal | ₹280 | Target cut | Flags slower relative growth and a longer path to Instamart profitability |
| CLSA | ₹262 | Outperform | Cites execution risks and the widening performance gap with Eternal |
| HSBC | ₹240 | Hold | Sees competition, market-share and profitability risks |