Your late-night biryani order may still show up in 30 minutes, but Swiggy’s shareholders had a rough Friday. The food delivery and quick commerce company watched its stock lose about a sixth of its value in a single session, the worst one-day fall since it listed.
On Friday, October 23, 2026, Swiggy shares closed 16.75% lower at ₹176 on the exchanges after touching a fresh low of ₹174.95, according to Fortune India. The trigger was its September-quarter (Q2 FY27) results: the loss was bigger than analysts expected, and its quick commerce arm Instamart burned more cash. Brokerages responded by cutting their target prices. The sell-off came on a day when the wider market was already weak, with crude oil near $114 a barrel.
Quick Facts
- Who: Swiggy, the Bengaluru-based food delivery and Instamart quick commerce company
- What: Shares fell nearly 17%, the stock’s biggest single-day fall, after Q2 FY27 results
- When: Friday, October 23, 2026
- Closing price: ₹176, against a previous close of ₹211.30 and an IPO price of ₹390
- Key numbers: Net loss ₹922 crore; revenue ₹7,571 crore, up 36% year-on-year
Swiggy Q2 Results: Growth Is Strong, Losses Are the Problem
On paper, some of the numbers look fine. Revenue from operations rose 36% from a year ago to ₹7,571 crore, which Business Standard said was about 2.8% ahead of consensus estimates.
The loss is where things went wrong. Swiggy’s consolidated net loss came in at ₹922 crore. That is smaller than the ₹1,092 crore it lost in the same quarter last year, but larger than the ₹791 crore it lost in the June quarter. Motilal Oswal Financial Services had pencilled in a loss of about ₹850 crore.
At the operating level, the EBITDA loss was around ₹770 crore. Nirmal Bang had expected ₹547 crore, so the actual figure was roughly 41% worse than its estimate.
Instamart Losses Widen as Quick Commerce Race Heats Up
Most of the pain came from Instamart, Swiggy’s 10-minute grocery delivery service. Its adjusted EBITDA loss widened to roughly ₹895 crore, Fortune India reported. That is a lot of money spent on dark stores, delivery fleets and discounts to keep customers ordering milk and chips in a hurry.
Orders are still growing. Instamart’s gross order value (GOV) was ₹9,230 crore, up 31.4% year-on-year and a little above Motilal Oswal’s estimate. But its contribution margin was negative 1%, which means each order still loses money before fixed costs are counted.
Management told analysts it expects a 100-basis-point improvement in Instamart’s margin in Q3, plus about 80 basis points more over later quarters as it moves to an inventory-led model. Nirmal Bang described the quick commerce reset as “deliberate and quality led”.
The food delivery business, the older and steadier half of the company, grew GOV 17.7% year-on-year. Its contribution margin edged up to 7.7%.
Brokerages Cut Swiggy Share Price Targets
Several brokerages lowered their targets after the results, according to Business Standard:
- Jefferies: cut its target to ₹330 from ₹435, saying lower quick commerce losses are key to “true value discovery”. It still calls Swiggy a high risk-reward stock.
- Nirmal Bang: kept a Buy rating but trimmed its target to ₹340 from ₹355, and lowered its FY27 and FY28 EBITDA estimates.
- Motilal Oswal: revised its target down to ₹280, saying a clear path to quick commerce profitability is needed for a meaningful re-rating.
Analysts also pointed out that Swiggy is now growing more slowly than its listed rival Eternal (the parent of Zomato and Blinkit) in both food delivery and quick commerce. Eternal shares rose 4.25% on the same day and were the top Nifty 50 gainer.
Sensex, Nifty Fall for Fourth Day as Crude Nears $114
Swiggy did not fall alone. The Sensex slipped 125.56 points to 73,123.83, and the Nifty 50 lost 87.65 points to end at 22,600. It was the fourth losing session in a row, and it ended a two-week winning streak.
Rising tension in West Asia pushed Brent crude to around $114 a barrel. That hurts India, which imports most of its oil. Smaller stocks took the biggest hit. The Nifty Smallcap 100 fell 2.94% on Friday and about 7.3% for the week, while the Midcap 100 lost about 5.6% for the week. Fortune India said both indices had their worst week in 20 months.
For the holiday-shortened week (markets were shut on Tuesday for Dussehra), the Nifty fell 2.36% and the Sensex 2.15%. CNBC-TV18 reported that six stocks fell for every one that rose on the NSE on Friday.
What We Don’t Know Yet
- Whether Instamart’s margin improves in Q3 by as much as management expects.
- How quickly the move to an inventory-led model will happen, and what it will cost.
- Whether competition in quick commerce will push discounts and delivery spending higher again.
What This Means for You
If you use Swiggy: nothing changes right away. Your orders, Swiggy One membership and Instamart deliveries carry on as normal. Over time, though, a push to cut losses usually means fewer deep discounts and possibly higher delivery or platform fees.
If you own the stock: the shares are now well under half their IPO price. Brokerages disagree on how far they could recover, as their different targets show. This article is not investment advice. Speak to a registered financial adviser before you buy or sell.
You can read the company’s own Q2 filings on Swiggy’s investor relations page and follow the live price on the NSE website.
Our Take
The market isn’t saying Swiggy has stopped growing. A 36% rise in revenue shows people are still ordering. What investors are saying is that they’ve lost patience with losses. Quick commerce wins customers but costs a lot of money, and in this quarter Swiggy spent more and earned less than expected. The next two or three quarters of Instamart margins will probably decide whether Friday was a reset or the start of a longer slide.
FAQs
Why did Swiggy shares fall today?
Swiggy shares fell nearly 17% on October 23, 2026, after its Q2 FY27 loss and its Instamart losses both came in worse than analysts expected, and several brokerages then cut their target prices.
What was Swiggy’s Q2 FY27 net loss?
Swiggy reported a consolidated net loss of ₹922 crore, down from ₹1,092 crore a year earlier but up from ₹791 crore in the June quarter.
What is Swiggy’s share price compared with its IPO price?
Swiggy closed at ₹176 on October 23, 2026, less than half its IPO price of ₹390 per share.
What are the new Swiggy target prices?
Jefferies cut its target to ₹330, Nirmal Bang to ₹340 and Motilal Oswal to ₹280, Business Standard reported. These are the brokerages’ own views, not recommendations from News Bunkers.
How did Sensex and Nifty close on October 23?
The Sensex closed at 73,123.83, down 125.56 points, and the Nifty 50 ended at 22,600, down 87.65 points, as crude oil climbed to around $114 a barrel.
Based on reporting by Fortune India, Business Standard and CNBC-TV18.
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