Swiggy shares came under heavy selling pressure on October 23, 2026, hitting the 15% lower circuit at Rs 179.65 on the BSE after the food delivery and quick commerce company reported its second-quarter results for the financial year 2026-27. The decline followed concerns over rising losses in its Instamart business and growing competition in the quick commerce market.

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Swiggy reported a consolidated net loss of Rs 922 crore for the July-September quarter, compared with Rs 1,092 crore in the corresponding period last year. However, the loss widened from Rs 792 crore in the preceding quarter. Revenue from operations increased 36% year-on-year to Rs 7,571 crore.

The company's food delivery business continued to show improvement, with gross order value rising 17.7% year-on-year to Rs 10,054 crore. However, Instamart remained a key concern for investors as its adjusted EBITDA loss widened to around Rs 895 crore during the quarter, reflecting continued spending on growth and expansion.

Swiggy added 69 dark stores during the quarter, taking its total network to 1,240. Despite this expansion, analysts expressed concerns about profitability, execution and the company's ability to compete effectively with rivals.

Several brokerages lowered their target prices following the results. HSBC reduced its target to Rs 240 from Rs 315 while maintaining a Hold rating. CLSA cut its target to Rs 262 but retained its Outperform rating. Nomura lowered its target to Rs 300 while maintaining a Buy recommendation, and Jefferies reduced its target to Rs 330, also retaining a Buy rating.

The revised targets reflect differing assessments of Swiggy's growth prospects, with analysts closely monitoring Instamart's losses and the performance of its core food delivery business.

The results have brought the company's path to profitability into sharper focus as competition intensifies across India's rapidly expanding quick commerce sector.